data man­age­ment

The Smart Manager - - Contents Jan- Feb 2019 - Dr Su­mit Chowd­hury is a tech­ni­cal ad­vi­sor for BARC (Broad­cast Au­di­ence Re­search Coun­cil) In­dia and is also as­so­ci­ated with Atal In­no­va­tion Mis­sion as a Men­tor of Change.

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.

con­nected clouds

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.

blockchain

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.

data dis­cov­ery

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.

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