We are already in the third phase of data analytics – we’ve been through Analytics 1.0 and 2.0 and now we stand on the cusp of Analytics 3.0.
Analytics 3.0 marks a significant change for companies, now it’s not just about speeding up internal processes; data can actually be used to create external services and even products.
The second phase of analytics had its base in Big Data, which basically saw companies and other organisations clamouring to make sense of the reams of data that are now available to them through both their own internal processes, but also that of their external stakeholders.
This new shift towards Analytics 3.0 is a resolve that applies data to a company’s offerings instead of just its operations and processes. It’s now about creating new products that contribute tangible benefits to a company instead of just having a say in the way companies develop their strategies.
The marked difference between 3.0 and the other eras of analytics is that companies are now leveraging insights from a wide range of datasets. They are now using internal and external data, unstructured and structured and large and small volumes.
Now more than ever, analytics will be central to a company’s strategy, and systems like in-database and in-memory will be essential if insights are to be garnered at the required, rapid speeds needed to make the most of data endeavours.
The key is to get ready, do your best to woo the best data scientists to your company because you can guarantee that the upcoming era of data will require more expertise and effort than anything that has gone before it.