“Data is a new form of capital,” said Neil Mendelson, Oracle’s vice president of Big Data and Advanced Analytics. Such a proclamation isn’t hyperbole. In a few short years we’ve developed an increasing number of tools and platforms to manage the massive amounts of information we create everyday. We have the ability to quickly process complex information, and create predictive models that help with decision-making.
2015 will take this idea further.
Here’s a glimpse of what we have to look forward to with big data in 2015:
Internet of Things
The Internet of Things (IoT) refers to a community of everyday objects connected to the Internet. These objects can identify themselves, and exchange information to and from other objects connected on a network. Consumers are always online, and looking for a more integrated approach to their technology. That’s why we’re starting to see everything from our appliances to our cars all being made with tracking technology.
Experts predict that in Canada alone, IoT could be worth over $500 billion. Companies like Cisco and Telus are working to launch a number of technologies that connect and control machines via the Internet. Whatever the device, this network of interconnected objects will transform big data into HUGE data.
Deeper Customer Insights
If big data provides us with greater user insights, then the further we move ahead, the deeper those insights become. Data never sleeps. Every minute there are over 680,000 shares on Facebook, 100,000 tweets and 571 new websites. We can expect those numbers to continue to grow as more people gain access to the internet, and technology improves.
Each additional piece of information adds to the puzzle, allowing us to create more predictive models and more accurate analyses. These customer insights could lead to improved B2B campaigns, like a better grasp of purchasing trends to improved target marketing. In addition, new technology, such as wearable devices, will allow metrics to be tracked across a greater number of areas, providing new insights previously unavailable to us.
One of the more pressing problems facing big data is the growing talent shortage. The industry has grown so rapidly, there aren’t enough experts available. One of the solutions we’re most likely to see is companies calling and training current talent to step up. Of course, there’ll always be a need for experts, but we’re likely to see new tools and platforms created for those with beginners’ skills in this area. That way, even non-experts can still collect, analyze and make decisions, without having to rely on too few staff, or outsourced consultants.
For the most part, companies have been interested in using big data to improve different functions of their business, like marketing or sales. However, heading into the new year, companies may begin using big data analytics for internal use as well.
One area where this is likely to occur is HR. Using employee information, companies could develop tools, processes and policies that could help optimize workflow or track employee satisfaction at work.
More Cloud Involvement
Right now, a majority of organizations are running their big data applications in-house. However, we’ll start to see a shift towards more cloud computing for big data needs. Organizations are continually looking to speed up processes and improve agility, which fits well with what cloud services can offer. Not to mention, there’s a greater need for disaster recovery, meaning more firms will opt for external support. 2015 may be the year when big data architecture will encompass both on-premises and cloud-based solutions.
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