2016 Data Analytics Trends!
With the use of internet increasing by leaps and bounds, the Data Analytics has been expanding its footprints across the globe. The last few years have witnessed an increasing acceptance for the Data Analytics in business processes, pertaining to its highly effective results. The impression of Data Analytics is prevalent throughout the industries, be it IT Management or Customer Experience Management.
A major contributor in this transformation is the increasing business digitisation, which has become a never ending source of massive new data. While the previous technologies were too inefficient to properly analyze the large amount of data, the new age tools, techniques and architectures have made it possible to efficiently analyze the large amount of data and achieve the never before results. In some industries, use of Big Data Analytics is so integrated that is has become an indispensable part of almost all major business decisions.
Digital Transformation Is The Way Forward
In the current era of digital transformation, which is carried out in almost all industry, Data Analytics can prove a perfect tool to harness the changes. The scope and potential of Big Data has become so profound that the companies like ‘John Deere’ are using electronic sensors into the tractors manufactured by them to get an insight on maintenance issues, even before they actually happen.
The industries which are totally different from each other are now offering equal importance to the use of Data Analytics. Its use is growing across the board in multiple industries such as financial services, insurance, risk analysis, entertainment and media, telecommunications and intelligence.
Researchers expect that Data Analytics will pace further in the form of contextual analytics that amalgamates text and advanced analytics with Machine Learning to discover useful information from structured and unstructured data. There have been significant efforts made in the last decade to combine advanced analytics with Machine Learning in a bid to derive intelligent understanding about the unstructured data in line with the structured ones to enable businesses to deal with vital aspects in the competitive age.
Digital Business Harnessing The True Potential Of Data Analytics
The companies operating in the digital world are in a favourable position to utmost utilise the power of Data Analytics not only to boost revenue increasing opportunities but also to bring an overall improvement in the operational efficiency. Earlier, the basic challenges faced due to the integration of business applications with Data Analytics were limitations of space, memory and computing power.
With the advent of an innovative method of consolidating data into the Hadoop infrastructure, enterprises are now able to eliminate data silos and are capable of reducing the number of steps to unravel vital business insights. Since the overall processing time reduces from weeks to hours, revenue growth accompanies this increased productivity. The relevant data becomes easily accessible to the decision making authorities, who can devise or amend product or marketing strategies or explore, analyse and evaluate data to make serious changes in the internal and external working of the organisation.
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