Data plays an increasingly dominant role in business, technology, business processes, applications, and more. Large tech companies are rampantly exploiting the opportunities that exist as new start-ups jump on the bandwagon, lead, and/or innovate. Existing enterprises and traditional industries, meanwhile, scramble to harness the power of data to stay competitive and in the hunt. Big data is a sector that is still in the early stages of development, though, so what can we expect in 2017.
For a start, we already use and experience data extensively. That happened long before the fireworks announced the arrival of the new year. We also know that emerging technologies, such as the IoT, are going to make the use of data even more widespread and substantial.
Two other things are for certain:
1. Managing data is the key ingredient for business success over the coming years
2. The big challenge that businesses face is in extracting real value from the raw data they collect
Big Data Predictions
These are some of the topics explored in an article published on the Health Data Management website. It also looks at five ways big data will make an impact in 2017:
· Intelligent networks managing clouds of data will take over - replacing on-premises data silos. These networks will configure themselves, creating more efficient connections and delivering data to where it needs to be.
· There will be increasing use of machine learning, artificial intelligence, deep learning, and analytics at the edge - this will enable smart devices to understand each other and work better together
· The rise of pre-emptive analytics - currently analytics is reactive, even when it is collected and analysed in real-time, i.e. optimisations cannot take place until after an event occurs. New innovations will, however, make pre-emptive analytics possible. We will see a start to this in 2017. It will mean businesses can take decisions to drive conversions before a customer has taken an action.
· Modern data applications will become more connected - connected at rest, in motion, and on various platforms, including those on the premises. This will be a game-changer.
· Data will offer new product opportunities in places you least expect it - tractor manufacturers selling data analysis on seed planting and other farming related activities is just one example of how data is changing industries.
Most enterprises are only scratching the surface of what is possible with big data. Here is a summary of the what you can expect in 2017. Understanding these and moving with them will help businesses of all sizes and experience exploit the potential while also minimising the risk of focusing resources in areas that will become increasingly unimportant:
· Smart devices will start working together more efficiently, as will business processes, with the increasing use of technologies like data clouds, intelligent networks, machine learning, and more
· New technologies will completely change the way business operates. Examples include pre-emptive analytics and seamlessly connected data applications
· Unless you look at your company's data, and also look at ways you can monetise it (including offering it for sale), you risk losing that data and also losing a potentially lucrative opportunity