You can have all the data in the world, but if you don’t know how to use it for your business, there is no point in having all the raw data and anticipate that something good will happen. Big Data Analytics helps to gain valuable insights to give you the opportunity to make business decisions more viable. In a way, data analytics is the junction of business operations.
It is the vantage point where you can watch the streams and note the patterns. Data analysis plays a central role in modern information society. Some of the trends that can be seen in Data Analytics and BI are as follows
Analytics of things
Analytics of things is the next trend after the popularity of the Internet of things (IoT). Internet of things (IoT) creates a massive measure of information which Analytics of things (AoT) analyses to settle on a choice pertinent to business. Analytics is unequivocal to make connected devices keen and to make perform intelligent activities. Analytics of IoT devices makes them more efficient.
However, IoT itself is developing and AoT is at the beginning stage. One of the significant difficulties that AoT faces is Data Storage issues of real-time data that IoT generates. The data produced by every sensor is sizeable and overseeing such enormous data is a difficult task.
Security and Privacy of Data
Whether it is the internet of things or big data, the greatest test for developing technologies has been security and privacy of data. The volume of data that is being created at the present time and the volume of data that will be created in the future will make privacy even more important as stakes will be much higher.
One of the technologies that organizations are exploring in an attempt to speed their big data processing is in-memory technology. In a conventional database, the information is storage systems equipped with hard drives or solid state drives. In-memory technology stores the information in RAM rather, which is comparatively very quick.
Industry experts believe that the future of tech belongs to the company that builds the first quantum computer. No surprise that every tech giants are racing for the top spot in quantum computing. Quantum computing allows seamless encryption of data, weather prediction, solutions to long-standing medical problems and some more. Quantum computing enables real conversations between customers and organizations. There’s also the promise of revamped financial modeling that helps organizations develop quantum computing components along with applications and algorithms. The role of big data analytics will become even more prominent.
Evolution of Self-service BI
Self-service BI tools are effective for many organizations. Business experts are profited by being empowered to explore new data sets without much IT support. Visual data discovery tools have turned out to be exchangeable with self-service BI and are getting well known to a great extent. With Visual data discovery, you arrive at surprising data insights which diminish mistakes while makings business decisions. BI as a service provides a solution to its users for 3 critical functionalities: extracting and desegregating data from huge databases, organizing it into a high-performance data warehouse, and giving business users the capability of accessing and processing this data via purpose-built interfaces