Companies across the world are already leveraging Big Data and Data Analytics to drive better business decisions, understand customers, find patterns between their sales figures vis-a-vis revenue and gain a plethora of other valuable insights. Irrespective of how impressive and fascinating this may sound, the reality is that this is just the tip of the iceberg.
The future beholds massive opportunities and astounding possibilities for businesses, underpinning new waves of efficiency, and fundamentally transforming the way the enterprises interact with the customers as well as with each other. With the emergence of real-time insights and sophisticated technologies, Big Data will definitely get bigger than before!
But then, the question arises, how big is big? Let’s have a quick look.
Data will continue to grow at a very, very fast pace
At the moment, there is an enormous amount of data on the planet. However, the growing usage of social media coupled with the increase in handheld & internet-connected devices will further boost the generation of more and more data. In a broader aspect, it is the Internet of Things that will be responsible for fueling an exponential growth in data volumes. According to the Digital Universe Study by IDC, data volumes will shoot up to 44 zettabytes in 2020 from 4.4 ZB in 2014. That’s almost a 10-fold increase over a period of 6 years!
Predictive analytics will dominate
Presently, much of the analysis revolves around activities that are taking place or have already taken place across an organization. In the foreseeable future, the trend would shift towards looking forward and building forecasts based on real-time & historical data. Predictive analytics will be used in a much expanded and enhanced form, thereby enabling companies to undertake proactive actions to avoid potential issues. Instead of reacting to insights, enterprises would become empowered to predict what will happen, months, weeks, or even hours before the event actually occurs. It would also position the companies to win and retain customers in a better fashion as compared to their lagging competitors.
Not just data, but fast and actionable data
Experts have already declared that rather than just data, it is the quality of data that facilitates better decision making. In fact, the real essence lies in human interpretation & analysis, asking the right questions, and revealing big-picture insights that would impact the bottom lines of a business. The idea is to churn big data into fast data, which would render real-time suggestions to enterprises, thereby enabling them to react instantly to evolving market conditions and producing superior outcomes. The future will see a rise in prominence of this notion, with companies making use of professional expertise to glean prized, relevant, and actionable information from their data troves.
The swing from Centralized Data to Distributed Data
At present, most companies are diverting their energies on centralized data lakes. There are several benefits of this approach, the primary ones being lesser data duplication and easy management. However, in the near future, owing to the rapid increase in the use of devices, corporate houses will gradually shift towards distributed data processing, so that they are well-equipped to manage the data emitted from these multiple devices. It will become imperative for organizations to embrace a converged data platform, which would enable them to process the data locally, but leverage it on a global scale.
It is clear that going forward Big Data will surely impact and revolutionize the manner in which companies conduct their businesses. Those who have already started moving in that direction will gain a competitive advantage in more ways than one while those sitting on the sidelines will be left behind. In other words, the future of big data will arrive faster for early adopters as compared to those who never took the plunge.
Acer Innovation is a leading edge data analytics firm providing consulting services across a diverse range of industries. For more information on its use of technology and services provided, one may visit http://www.acerinnovation.com/