These data trends will shape industry in years to come

These data trends will shape industry in years to come

Predicting the future is crucial, especially in data-centric industries that rely on bleeding-edge technology and compete in a constantly evolving business environment. The website asked a number of industry experts to share their predictions for 2016 and beyond.

Big data: According to Bernard Marr, author of “Key Performance Indicators: The 75 Measures Every Manager Needs to Know,” says success in 2016 will rely on “big data.” “Companies without solid big data strategies will start to fall behind,” Marr says. “In terms of technology, I see particular growth in real-time data analytics and increasing use of machine-learning algorithms.”

Smart data: Kirk Borne, principal data scientist at Booze Allen Hamilton, says that, in 2016, “the world of big data will focus more on smart data, regardless of size.” Data is smart, Borne explains, when it “consists of feature-rich content and context (time, location, associations, links, interdependencies, etc.) that enable intelligent and even autonomous data-drive processes, discoveries, decisions and applications.”

Customer focus: Jeremy Waite, head of digital strategy at EMA Salesforce Marketing Cloud, says that in 2015 executives worked to understand the commercial opportunities of an influx of data. In 2016, he hopes “to see those same executives not just looking towards how they can capture as much commercial value from that information as possible, but how they can create the best experiences for their customers.”

Consolidation: Jeff Vance, a journalist who has written for Wired, Forbes, Startup50 and other publications, says the field of big data is ripe for consolidation – but not in the usual sense of the word. “Rather than one analytics firm taking over another, I see analytics being added into all sorts of enterprise software, from threat detection to marketing automation. The consolidation will happen horizontally in a variety of platforms.”

Privacy protection: Tim Barker, CEO of DataSift, sees increasing focus on personal information and privacy concerns. ““The use of personal-identifiable data is becoming a growing concern for consumers, a focus for regulators, and a battleground for consumer trust. Companies that proactively respect and protect consumer data are going to be the winners. Privacy will become the killer app for 2016.”

If your company relies on data processing in any way, keeping track of these trends and being able to react to them in a timely and decisive manner could make all the difference. And if you’re outsourcing your data-related processes, it’s important to select a provider who knows about – and can take advantage of – these changes and trends.

Comments are closed.