Before taking a look at just how “big data” will transform in 2020, it is important to clarify what it really is—for most entities. While there are a number of definitions online for big data, Lexico says it best as, “Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.” Now, if you happened to click the link to big data, you may have noticed the items you recently added to a wish list or shopping cart are blinking across your Internet page so as to influence your purchasing decisions. This is one perfect example of the merchant benefits of big data.
Big Data Certainties
Few industries are going without big data, as this technology continues to shape the way companies do business. With every Internet search alone, even amidst data privacy and protection controversies, invaluable data continues to be collected using various analytic frameworks. Most merchants share a common goal in gathering consumer behavioral data to the benefit of their bottom line. While one can only speculate about how big data will transform in 2020, there are a number of certainties we can count on:
Devices Drive the Volume of Data. As more IoT (Internet of Things) devices spring up, from home security systems to thermostats, and smart wearables replace stationary devices, there is no doubt national data volumes will swell to inordinate proportions. These technologies will increase the opportunity for merchants to capitalize on consumer behavioral characteristics and purchasing trends more than ever before.
Automated Analytics is Essential. Analytic frameworks empower companies to automatically capture, store, and evaluate it for perfect forecasting and suggestive marketing. The automation process is an essential ingredient as data expands. More and more automation tools are expected to emerge.
Data Privacy and Protection Concerns Will Escalate. While data privacy and protection are in the same ever-critical category as information security, public tensions will continue to rise and the controversies surrounding bit data will escalate. What’s fair and right in terms of data privacy is a fight that won’t be easily solved.
Speculations for Big Data
While there is no crystal ball when it comes to how technology will transform big data, there are a number of speculations to make. We know that companies are expected to spend big on large amounts of data trends in 2020. These are some big data areas in which leaders are likely to spend:
DaaS Models Expected To Increase. As the demand for pristine data analytics and automation creates complex challenges for company information technology (IT) leaders, third-party providers will play a significant role. Data-as-a-Service (Daas) models will prevail, and more providers will emerge into this much-needed space.
New Roles Expected Including Chief Data Officer. As the need for data managers expands, new roles will form including that of chief data officer (CDO). These positions will focus on data-first policies and the continuous disparities over large amounts of data and digital ethics. The demand for excellence in large amounts of data analytics will also drive the need for seasoned analysts, data management experts, engineers, and scientists who can tap deep into current big data technologies.
Managed Service Providers (MSPs) for Development. As algorithm development demands increase, so does the need for experts immersed in the field. Leaders are replacing custom in-house development solutions with outsourced algorithm development options. Timelines, efficiencies, and costs are simply improved when relying on the skilled staff of reputable managed service providers (MSPs).
While these are only speculations, we know for certain that companies large and small have big budgets for big data in 2020. In an article at i-scoop.EU, “According to the IDC the ‘Worldwide Large Data and Business Analytics Market’ or BDA, so analytics alone is poised to grow…to over $203 billion in 2020.” In fact, IDC also states that IT services are the largest category in the BDA market, followed by hardware purchases and business services.
Another certainty is that big data is having an impact on most companies as they evolve and grow. Preparing a small business IT department for a great data transformation often requires a review of the current environment. Knowing whether or not great data can alter a business enterprise is best left in the hands of an IT consultation team. This is where RackCo can assess your needs and technologically prepare your business for the future. It’s a great place to start in the era of massive data analytics. Find out more about how big data might transform in 2020 to promote your small business.