3 Big Data predictions businesses should know about in 2016
In an increasingly data-driven economy, the one with the capability of collecting, extracting, and analyzing data to further their own corporate goals and objectives is the true victor. In lieu of this, big data presents enormous opportunities for businesses to be able to harness significant competitive advantages over their rivals and establish relationships with customers in a manner not thought before.
In fact, data is growing at an explosive rate, to the extent that by 2020, approximately 1.7 megabytes of data will be generated for every person at every second in the world. According to IDC, the total data universe of our world will grow to around 44 zettabytes, which are equivalent to 44 trillion gigabytes.
The scale of benefits of Big Data has remarkable applications for businesses, both today and in the future. However, businesses should know the specific trends and opportunities that they need to take hold of and not invest in anything that can be attributed to big data. For this reason, we present 5 big data predictions businesses should look forward to in 2016.
Rise in demand for Chief Data Officer (CDO)
In lieu of the rising demand for employees to have expertise in managing vast datasets for converting raw numbers into long-term business strategies, the role of the Chief Data Officer (CDO) will see a large rise in demand this year.
The CDO will be responsible for overseeing enterprise-wide data governance and architectural considerations, including data mining, information trading, and analysis functions. They will report directly to the CTO (Chief Technology Officer), CIO, CMO, or CSO (Chief Strategy Officer).
“Chief data officers will gain power, prestige, and presence … for now,” wrote Forrester Researcher analyst, Brian Hopkins, in a blog post, “But the long term viability of the role is unclear. Certain types of businesses, like digital natives, won’t benefit from appointing a CDO.”
Analytics functions will be embedded in application software programs
Another trend that has been witnessed recently is the growth of application software containing analytics features. Owing to the immense benefits of analytics, many organizations have begun developing application programs that are embedded with analytics features. According to IDC, half of all analytics software programs will consist of prescriptive analytics by the year 2020.
Garner has also detailed about this phenomenon to what is calls ‘autonomous agents and things”.
“Over the next five years we will evolve to a post-app world with intelligent agents delivering dynamic and contextual actions and interfaces,” Gartner VP, David Cearley. “IT leaders should explore how they can use autonomous things and agents to augment human activity and free people for work that only people can do.”
Machine learning algorithms to grow substantially
Machine learning involves self-learning algorithms that have tremendous applications for security and threat intelligence solution purposes. They are also eyed for the need to automate jobs, as well as for predictive analytics and data preparation requirements in 2016.
In addition, machine learning will also become part of a key strategic trend including neural nets. These will develop systems that will be reminiscent of artificial intelligence systems, with the ability to learn the world without any human involvement or interaction.