With data explosion, companies have found innovative ways to generate, transmit, store, analyze, and make relevant information and insights available to users (or machines) just when they need it. Here are some of the mega trends that would enable easier consumption of data and help in taking informed business decisions over the next five years.
data quality management
It is not only important to gather as much information as possible. The quality and the context in which data is being used and interpreted also serves as the main focus for the future of business intelligence. Therefore, master data management (MDM) continues to be of utmost importance, and the quality and completeness of master data will determine the effectiveness of any system.
The ubiquity of the cloud is nothing new in the data management space. In the next five years, more and more companies will move towards it as a result of the proliferation of cloud-based tools available in the market.
We have been hearing about blockchain in the context of cryptocurrencies. But blockchain as a type of distributed ledger is now being adopted as a way to capture and store information by enabling trust, providing transparency, and reducing friction across business ecosystems—potentially lowering costs, reducing transaction settlement times, and improving cash flow.
perceptive and cognitive intelligence
Cognitive intelligence is mainly used for predictive analytics—the practice of extracting information from existing data sets in order to forecast future probabilities. Applied to business, it is used to analyze current data and historical facts in order to better understand customers, products, and partners and to identify potential risks and opportunities.
Empowerment of business users to know what data is available has become very important, and tools are emerging to make it consistent.
It requires understanding the relationship between data in the form of data preparation, visual analysis, and guided advanced analytics. Interactive visualization enables decision-makers to see, within an instant, major trends as well as spot outliers. Using data visualization tools to perform those actions is becoming an invaluable resource to gain relevant insights and create a sustainable decisionmaking process.
AI and machine learning
Any trend report today is incomplete without mentioning the proliferation of AI. AI and machine learning are revolutionizing the way we interact with our analytics and data management. We are evolving from static, passive reports of things that have already happened to proactive analytics with live dashboards, helping businesses to see what is happening at every second.
importance of CDO, CAO, and dataops
Data and analytics are getting to the core of every business. Almost every company has had a chief information officer who supervised all the information management assets and security issues. However, given the importance of data and analytics, new positions have emerged: chief data officer (CDO) and chief analytics officer(CAO). A CDO’s role is to create a system that ensures data usage across all business units within a company.
A CDO needs to empower all the users with trusted, clean, and ready-to-use data.
With the focus of companies now shifting to projecting an image of having clean and secure data—that brings decision-making closer to where the action is, both in time and distance—these trends are clearly to watch out for.