Tuesday, July 23, 2024

Big Data Trends and The Future of Big Data

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Since big data first entered the tech scene, the concept, strategy, and use cases for it has evolved significantly across different industries. 

Particularly with innovations like the cloud, edge computing, Internet of Things (IoT) devices, and streaming, big data has become more prevalent for organizations that want to better understand their customers and operational potential. 

Big Data Trends: Table of Contents

Yellowfin

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Yellowfin is an embedded analytics and BI platform that combines action based dashboards, AI-powered insight, and data storytelling. Connect to all of your data sources in real-time. Robust data governance features ensure compliance. Our flexible pricing model is simple, predictable and scalable. Easily configure Yellowfin to allow multiple tenants within a single environment. Bring your data to life with beautiful, interactive visualizations that improve decision-making.

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Salesforce Data Cloud

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Activate all your customer data across Salesforce applications with Data Cloud. Empower teams to engage customers, at every touchpoint, with relevant insights and contextual data in the flow of work. Connect your data with an AI CRM to empower teams to act on relevant data and insights from your existing Salesforce processes and applications.

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Zoho Analytics

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Finding it difficult to analyze your data which is present in various files, apps, and databases? Sweat no more. Create stunning data visualizations, and discover hidden insights, all within minutes. Visually analyze your data with cool looking reports and dashboards. Track your KPI metrics. Make your decisions based on hard data. Sign up free for Zoho Analytics.

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Real Time Analytics

Real time big data analytics – data that streams moment by moment – is becoming more popular within businesses to help with large and diverse big data sets. This includes structured, semi-structured, and unstructured data from different sizes of data sets.

With real time big data analytics, a company can have faster decision-making, modeling, and predicting of future outcomes and business intelligence (BI). There are many benefits when it comes to real time analytics in businesses:

  • Faster decision-making: Companies can access a large amount of data and analyze a variety of sources of data to receive insights and take needed action – fast.
  • Cost reduction: Data processing and storage tools can help companies save costs in storing and analyzing data. 
  • Operational efficiency: Quickly finding patterns and insights that help a company identify repeated data patterns more efficiently is a competitive advantage. 
  • Improved data-driven market: Analyzing real time data from many devices and platforms empowers a company to be data-driven. Customer needs and potential risks can be discovered so they can create new products and services.

Big data analytics can help any company grow and change the way they do business for customers and employees.

For more on structured and unstructured data: Structured vs. Unstructured Data: Key Differences Explained

Stronger Reliance On Cloud Storage

Big data comes into organizations from many different directions, and with the growth of tech, such as streaming data, observational data, or data unrelated to transactions, big data storage capacity is an issue.

In most businesses, traditional on-premises data storage no longer suffices for the terabytes and petabytes of data flowing into the organization. Cloud and hybrid cloud solutions are increasingly being chosen for their simplified storage infrastructure and scalability.

Popular big data cloud storage tools:

  • Amazon Web Services S3
  • Microsoft Azure Data Lake
  • Google Cloud Storage
  • Oracle Cloud
  • IBM Cloud
  • Alibaba Cloud

With an increased reliance on cloud storage, companies have also started to implement other cloud-based solutions, such as cloud-hosted data warehouses and data lakes. 

For more on data warehousing: 15 Best Data Warehouse Software & Tools

Ethical Customer Data Collection 

Much of the increase in big data over the years has come in the form of consumer data or data that is constantly connected to consumers while they use tech such as streaming devices, IoT devices, and social media. 

Data regulations like GDPR require organizations to handle this personal data with care and compliance, but compliance becomes incredibly complicated when companies don’t know where their data is coming from or what sensitive data is stored in their systems. 

That’s why more companies are relying on software and best practices that emphasize ethical customer data collection.

It’s also important to note that many larger organizations that have historically collected and sold personal data are changing their approach, making consumer data less accessible and more expensive to purchase. 

Many smaller companies are now opting into first-party data sourcing, or collecting their own data, not only to ensure compliance with data laws and maintain data quality but also for cost savings.

AI/ML-Powered Automation

One of the most significant big data trends is using big data analytics to power AI/ML automation, both for consumer-facing needs and internal operations. 

Without the depth and breadth of big data, these automated tools would not have the training data necessary to replace human actions at an enterprise.

AI and ML solutions are exciting on their own, but the automation and workflow shortcuts that they enable are business game-changers. 

With the continued growth of big data input for AI/ML solutions, expect to see more predictive and real-time analytics possibilities in everything from workflow automation to customer service chatbots.

Big Data In Different Industries 

Different industries are picking up on big data and seeing many changes in how big data can help their businesses grow and change. From banking to healthcare, big data can help companies grow, change their technology, and provide for their data.

Banking

Banks must use big data for business and customer accounts to identify any cybersecurity risk that may happen. Big data also can help banks have location intelligence to manage and set goals for branch locations.

As big data develops, big data may become a basis for banks to use money more efficiently.

Agriculture

Agriculture is a large industry, and big data is vital within the industry. However, using the growing big data tools such as big data analytics can predict the weather and when it is best to plant or other agricultural situations for farmers.

Because agriculture is one of the most crucial industries, it’s important that big data support it, and it’s vital to help farmers in their processes. 

Real Estate And Property Management 

Understanding current property markets is necessary for anyone looking, selling, or renting a place to live. With big data, real estate firms can have better property analysis, better trends, and an understanding of customers and markets.

Property management companies are also utilizing their big data collected from their buildings to increase performance, find areas of concern, and help with maintenance processes.

Healthcare

Big data is one of the most important technologies within healthcare. Data needs to be collected from all patients to ensure they are receiving the care they need. This includes data on which medicine a patient should take, their vitals are and how they could change, and what a patient should consume. 

Going forward, data collection through devices will be able to help doctors understand their patients at an even deeper level, which can also help doctors save money and deliver better care.

Challenges in Big Data

With every helpful tool, there will be challenges for companies. While big data grows and changes, there are still challenges to solve.

Here are four challenges and how they can be solved:

Misunderstanding In Big Data

Companies and employees need to know how big data works. This includes storage, processing, key issues, and how a company plans to use the big data tools. Without clarity, properly using big data may not be possible.

Solutions: Big data training and workshops can help companies let their employees learn the ins and outs of how the company is using big data and how it benefits the company.

Data Growth

Storing data properly can be difficult, given how constantly data storehouses grow. This can include unstructured data that cannot be found in all databases. As data grows, it is important to know how to handle the data so the challenge can be fixed as soon as possible.

Solutions: Modern techniques, such as compression, tiering, and deduplication can help a company with large data sets. Using these techniques may help a company with growth and remove duplicate data and unwanted data.

Integrating Company Data

Data integration is necessary for analysis, reporting, and BI. These sources may contain social media pages, ERP applications, customer logs, financial reports, e-mails, presentations, and reports created by employees. This can be difficult to integrate, but it is possible.

Solutions: Integration is based on what tools are used for integration. Companies need to research and find the correct tools.

Lack Of Big Data Professionals

Data tools are growing and changing and often need a professional to handle them, including professionals with titles like data scientists, data analysts, and data engineers. However, some of these workers cannot keep up with the changes happening in the market.

Solutions: Investing money into a worker faced with difficulties in tech changes can fix this problem. Despite the expense, this can solve many problems with companies using big data.

Most challenges with big data can be solved with a company’s care and effort. The trends are growing to be more helpful for companies in need, and challenges will decrease as the technology grows. 

For more big data tools: Top 23 Big Data Companies: Which Are The Best?

Bottom Line: Growing Big Data Trends

Big data is changing continuously to help companies across all industries. Even with the challenges, big data trends will help companies as it grows.

Real time analytics, cloud storage, customer data collection, AI/ML automation, and big data across industries can dramatically help companies improve their big data tools.

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