In the age of technology-driven enlightenment, we have “Data” which is generated in mind-boggling volumes by countless technologies. Once illuminated by analytics can help in charting new paths to the future.
Until recently, data and analytics was standard practice. With the ultimate goal of “generating a report” with limited samples of structured data siloed within specific company function.
This year will definitely keep us in awe with its exciting developments as we can expect data from various sources, different types and how we are going to analyze the data.
Where do we go and what trends we can expect from 2020?
1. IoT and Growth of Digital Twins:
Conglomerated data generation by IoT devices will keep increasing with every second, organisations are unable to handle such enormous data with their traditional data warehouses -will be a major theme for 2019. Digitization is the theme for most of the organisations around the world for the year 2018 and its involvement with data will be around in 2019 as well.
Two is always better than one – Digital Twin refers to such idea, it is defined as a digital representation of a physical object or a system which functions as its physical entity would. They are meant to run as a virtual replica before the physical device or entity is build.
Sensors play a major role in the growth of digital twins, they collect the data and run them as a virtual replica of the physical entity. Estimates say that there can be more than 20 billion sensors by the end of 2020. The data captured from these devices needs to integrated using an automated data integration solution which helps in data cleansing and unification of unstructured data.
2. Augmented Analytics:
“An approach that automates the insights using machine learning and natural language generation” is the definition of Augmented Analytics-by Gartner. Data scientists teased out most of the qualitative insights after utilizing enormous amount of quantitative data in 2018.
Augmented Analysis will make it easier for inexperienced data scientists, business analysts and users into building predictive models by themselves. In 2019, we will be seeing more of the Top BI and analytics vendors adopting augmented analysis to automatically model data for analysis and provide intelligent data insights. It will be more interactive when combined with natural language processing.
Augmented Analysis is an important analytics trend that will increase in popularity over the next several years.
3. Harnessing of Dark Data:
Organisations generate astronomical amounts of data, they collect, store and process this data but fail to use it for other purposes – this data is known as “Dark Data”. Before digitization, data generated is just lying on the shelves of most of the organisations. They had no tools to digitize, store or process, because of which they are never exercised. The reason this data remains unused is because it is often unstructured.
Businesses will start strengthening organisational growth decisions by digitizing and migrating analog databases to take advantage of data analysis completely.
As we see, various organisations are already in the race of dark data utilization. We can expect them to put good use of this dark data in 2019.
4. Cloud Storage and Cloud Cost Optimization:
In order to be competitive and stay up to date with multiple innovative initiatives, companies require immediate infrastructure availability. Cloud storage has been a huge asset for organizations and in the past few years helped them avoid huge expenditures on on-premise infrastructure.
Though utilizing cloud instead of on-premise infrastructure served profitable for most of the organisations, that doesn’t mean they cannot be cost optimized. So, in 2019 we can expect more of these organizations to turn to cloud cost optimisation which will help increase profits.
AWS and GCP provide various cloud cost optimisation solutions for their customers which promotes the use of cloud in coming years.
5. Edge Computing and Analytics:
We may expect a tremendous increase in the number of IoT devices around the world, which tend to generate huge data. Industry experts are looking for new and innovative ways to collect this data as they are concerned with facing a data overload like never before.
This is where Edge Computing and Analytics come into picture, it specifically collects data from the sensors, device or touch points instead of waiting for the data to be sent back to cloud or on-premise server. It is the process of collecting, analyzing and making decisions in the same physical environment that generated the data, as there is no involvement of an external entity – the whole process is carried out on the device itself. Major motivating factors of edge computing are decreased latency, added robustness to connectivity and improved privacy.
Every organisation needs to involve Edge computing in its technology road map in 2019 as it is not only exclusive to IoT devices, its value is much wider and will prove to be critical in driving up customer experience. Major Telecom Industry players are starting to implement and expand edge computing in the year 2019.
6. Data Storytelling and Visualization:
Data Visualization, Big Data and Storytelling were the buzzwords last year and we are likely to hear more of these in the coming year. Data Visualization plays a crucial role in every organisation’s growth path, in the past few years, organizations depended on their traditional ways like spreadsheets and presentations to derive insights from data.
Data Visualization tools stepped in to ease out the processed data outcome presentation in an interactive and interesting way. And contrary to popular belief, Data Storytelling is not simply data visualization, analytical reporting or a handful of stats sitting on a screen – it is in fact an amalgamation of human communication and hard data.
Although Data Storytelling is a vital tool, unfortunately most of the organizations don’t take full advantage as their teams are siloed. An organisation’s data analysis is carried out by marketers and most of them are ill-equipped to work through the data to unearth great stories which results in tremendous valuable data unused. In 2019, we will see most of the new age organizations coming up to implement Data Storytelling to build strong brand names.
One of the latest agile operations methodology to spring from the collective consciousness of IT and Big Data professionals is DataOps. It is inspired by the DevOps movement to speed up production of applications running on big data processing frameworks. DataOps value analytics that work, measures the performance of data analytics by the insights DataOps deliver, also embrace the changes and seeks to constantly understand evolving needs.
DataOps is a catalyst for organisational transformation as it collaborates teams and typically aims at automation of storage workflows, monitoring the operational flow, optimization of data analytics and creating infrastructure that will enforce data quality rules.
Ultimately, when compared to 2018, organisations eye for data lifecycles as much as that for product or process lifecycles. Higher quality data will strengthen a business’s performance, that will put any organisation to embrace DataOps.
Organisations are realising that their traditional data warehouses are missing out most of the abilities. They are cutting out old techniques, learning and encouraging their employees to take up new and innovative technologies so as to keep up with competition within their markets. Firms are planning on how to deal with new data types from sources like edge points, IoT devices etc; to help organisations elevate their technological capabilities. So, 2019 will be an exciting year for data enthusiasts. Moving forward, analytics will focus on illuminating powerful strategies, customer and operational insights hidden within the data.