“Any enterprise CEO really ought to be able to ask a question that involves connecting data across the organization, be able to run a company effectively, and especially to be able to respond to unexpected events. Most organizations are missing this ability to connect all the data together.”—Tim Berners-Lee
The power of Big Data to transform enterprise operations and customer relationships has been phenomenal, but we may simply be touching the tip of the iceberg when it comes to using analytics to optimize some business practices. Forecasts of a 10% increase in enterprise budgets for technology indicate that companies that want to stay relevant will need to invest resources—and make serious investments in change. What does that mean for companies interested in using analytics to help drive success? Here are some of the top trends related to analytics that are expected in 2016:
1. New, data-driven business models
One of Gartner’s top trends for 2016 is the evolution of the business model. This change is brought about by the massive quantities of data now within the reach of most enterprises. Companies will revise and optimize their approaches to sales, marketing, operations, and many other processes due to new insights elucidated through information. “Datafication”, or the use of data to transfigure and improve a business, will result in both small and large changes throughout an organization—for the better.
2.Machine learning
Machine learning is bringing automation to processing data: computers are aggregating and synthesizing information in novel, useful ways. Algorithms will allow for the analytics programs to offer up suggestions about other beneficial data sets and analyze how statistically useful a correlation might be. While enterprises are unlikely to be scooping up Google’s self-driving cars (brought to you by machine learning), they will be interested in the information offered up by a system that constantly adapts to the desires of the enterprise’s evolving customer base. Machine learning will also play a starring role in combatting enterprise security threats, no mean feat, as threats to companies are expected to be strong—and costly—in 2016.
3. Privacy
Big Data delivers a world of opportunity, and datafication promises new avenues of insight and revenue. However, 2016 is the year companies will need to begin to address the tough questions about data and analytics. Customers may want specialized services, but may not be ready to be easily identified by an unknown third party. Data collection and analysis elucidate new information about a customer, which might be helpful in the hands of your marketing team, but devastating in the clutches of a hacker. Allocating resources to data protection and privacy enhancements may ding budgets, but protecting consumers will greatly enhance a company’s own security and prestige.
4. Demand for analysts
Data analysts will be in high demand, from those who are examining feedback from customer interactions for your marketing department to the security expert who will use Big Data to catch corporate saboteurs. The need for skilled individuals with an agile approach to technology and data management will likely outstrip the current applicant pool. Enterprises may also need to provide more analytics training to current employees to ensure a competitive edge.
Fast-moving tech trends often pull companies in new directions, and 2016 promises to be full of opportunities for savvy enterprises who can ride the wave of Big Data. Whether you are investing in new employees and technologies to make your business more efficient or harvesting the results from a prior tech move, Resolute Technologies can provide support in the new year. Our experienced developers, access to quality applicants skilled in a variety of technologies, and solid background in enterprise concerns make us an ideal partner for your company’s success.
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