Have you noticed that the amount of data added to the Internet is making cyber space burst out of its seams? That universe is about to explode, making it rather difficult for everyone to analyse all the information that is released day after day. All that data, also referred to as “Big Data” is important. It is the key to keeping a business growing and competitive. How can you work through this increasing volume of facts and details to stay an industry-leader, and one step ahead of the competition? How can you find that golden ticket that can bring your business to new heights in 2014?
Hype Is Out and Pervasive Adaption Is In
Currently, Big Data is being crushed under the weight of more hype than any promising technology should ever have to bear. Is all this publicity good? Tech-experts are starting to have their doubts, as they are noticing a shift. Are pervasive adaption and pervasive data integration the next best thing? Will there be an expectation across c-suite members, to mine information from a variety of data sources in a better and faster way in order to help them make more educated decisions? Analytics leaders predict that organisations will move to adopt data analytics at scale in 2014.
According to Alec Gardner, the industry consulting director at Teradata Australia and New Zealand, more companies will be deploying analytics pilots in 2014. During an interview, he said that more companies will be rolling up their sleeves soon to bring in new technology and data sources to answer critical business questions. These solutions are necessary to gain much-needed insight.
This is a service model in which parts of the data analytics procedure is provided through a private or public cloud. The applications are usually offered under a utility pricing or subscription-based model. Utility pricing means that subscribers “pay per use.” Shifting from hype to action can be realized by boosting offerings around analytics in the cloud. This approach allows entities to focus on core business without taking any risks. Whether or not these entities use software as a service solution, they can act fast and achieve record-breaking results. Elements of analytics that can be implemented in the cloud include data models, analytic models computing power, data sources, and processing applications. Let us not forget the ability to share or store results. Vendors are already offering cloud-based technologies designed to support these elements. Do your homework before considering one of these products. Finding the right one for your specific situation eliminates a lot of confusion and frustration.
Cognitive Computing Developments
Cognitive computing systems are modelled after the workings of the human brain. Once known as artificial intelligence, researchers switched to a more appropriate term in the 1990s. They wanted to indicate that this part of science was dedicated to developing computers that could think like a human mind. Cognitive computer systems can be beneficial to organisations who want to utilize Big Data to the fullest. Yes, it can be achieved. For instance, IBM has taking big bold steps by introducing their Watson Customer Engagement Advisor. This system cannot only analyse and process complex data, but is also able to learn and interact.
Shelving Traditional Analytics
The analytics market is evolving rapidly, always keeping an eye on Big Data developments. Ambitious organisations have to give up their old habits if they want to become or remain leaders and frontrunners in their industry in 2014. If you want to survive and excel, improve fan engagement, and optimize your team performances, learn as much as you can about the role of analysts in Big Data. In other words, pack up the familiar analytics applications, stick them in a box, and store them up in the attic.
Moving from a Siloed to a Cross-Enterprise Approach
The culture within an organisation will change drastically in 2014. It will move from a siloed data and insight ownership to a versatile cross-enterprise approach. Insights will now be shared and applied throughout the entire company. IT functions are no longer solely responsible. Everyone will work closely together, including the HR department, the marketing team, sales personnel, and the division in charge of finances.
Bold and Aggressive Leadership
The most innovative technology in Australia will be useless if leaders are unwilling to move forward. Look around! Everyone is embracing the technological advancements that were made in the last years. Who does not have a mobile phone, computer, and knows about cloud computing? If ordinary citizens use the applications they have at their disposal, why would business owners and managers be against progress and ground-breaking analytic solutions that can help them further their business? Be bold, learn, move quickly, test, and be willing to evolve.
There is an overall shortage of skills within most companies. Many organisations have come to realize this past year that there is a huge advantage to enhancing their staff’s capabilities. Having more members with a thorough understanding of data analytics opens up a higher level of opportunities. Are you on board? Know that better industry-specific decisions will be made, solutions will be tailored to your unique needs; your reputation will progress, and customers can count on improved services. Big Data analytic solutions are real. They are here, and will revolutionize the digital economy in years to come.