The Future of Data and Analytics
Many have come to the consensus that big data has revolutionized the business world, but what comes next? Will data and analytics continue to grow and evolve? What technologies will develop around it? Or will big data quickly become a relic just like many trends before it? Well, let’s take a look at the expert predictions of what will come in the future for data and analytics.
There is no question that in the future larger and larger volumes of data will be generated, especially with the increasing use of handheld and internet connected devices. Along with growing volumes of data, ways to analyze data will improve. New tools are being generated and will continue to grow. Many are working on tools that allow data to be analyzed without the need for an analyst.
Prescriptive analytics will be built into business analytics software. In the future, many of the business analytics software out there will include intelligence where it is needed. In addition, real-time streaming insights into data will be a big advantage for many. Users will want to make use data in real time to make decisions instantly.
With the uprise of data and analytics, there will be huge challenges surrounding privacy. Privacy controls and procedures will have to be clearly laid out and explained. More companies will begin to appoint a chief data officer (CDO). Autonomous agents including robots, autonomous vehicles, virtual personal assistants, and smart advisers may also emerge.
In the future, more companies will begin to drive value and revenue from their data. Businesses who do catch on to the power of data and analytics are projected to see billions in productivity benefits over their competition.
Only time will tell how data and analytics will evolve in the future. The most important take away is that the future of data and analytics is indeed growing bigger and brighter. With this exponential growth, those companies that ignore the importance of data will be left further and further behind.
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