It's not accurate to keep using the term "big data.” We really need to adopt something like big data 2.0 or next-generation analytics to describe the current moment. The era of data-driven technologies may be brief thus far, but already we have advanced to the next level.
We can see this advancement in a number of areas. For instance, data usage is increasing, with up to 85% of executives reporting they are trying to lead data-driven companies. The volume and velocity of data has also expanded significantly. Where the advancements are clearest, however, is in the evolution of today's data-driven technologies. They are both more powerful and more accessible than just a few years ago.
So, what can we expect next from big data and analytics? Here are some predictions to keep you ahead of the pack.
Embedded analytics will become the norm
Embedded analytics – built into data solutions like ThoughtSpot and others – are tools for managing and exploring data that are integrated into your existing systems and workflows. That way they are accessible to more users more of the time.
Extending the benefits of analytics and data-driven insights across the enterprise with fewer gatekeepers is a major priority for today's companies. That is just part of why the embedded analytics market is projected to reach $62.43bn by 2023, according to Research and Markets.
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The chief data officer will join the C-suite
Data is an enterprise-wide asset, which is why some companies are appointing a chief data officer to manage and leverage it. This executive ensures that data is high-quality, broadly-accessible, and strictly-secure. Companies without the means to hire an executive will need to take a different approach to data management. Relying on BI tools that simplify and streamline data, for instance, mitigates the need for an in-house officer.
Visualizations will educate and entice
One of the limitations of big data thus far has been presentation. Analytics condenses thousands of facts and figures into...another sheet of facts and figures. Visualizations offer a meaningful upgrade by making insights immediately clear and impactful. Charts, graphs, maps, and other visual tools do a superior job of highlighting trends, anomalies, and important indicators. For all those reasons, sophisticated visualizations are becoming a standard BI tool.
AI will enter the enterprise toolkit
AI is not new to enterprise-level businesses. After all, even an Excel spreadsheet handles a lot of automation. But this kind of next-generation AI – perhaps surprisingly – isn't common at major companies, thus, leaving data largely inaccessible to those within the organization. That is changing as AI becomes less expensive and more user friendly. Companies with limited technical expertise are now implementing AI and launching their own data-driven initiatives.
Data will go deeper
Traditionally, data is defined as the information you intentionally store in a specific place. Realistically, however, there is lots more information changing hands that has a tremendous amount of value. This include everything from emails to chat dialogues to video conferences. Big data will improve by leaps and bounds once it is able to incorporate broader and deeper categories of information.