In fact, businesses like Woolworths, a supermarket chain has even a new arm, WooliesX – that combines its divisions in digital, e-commerce, data and customer loyalty, and rewards. With this being said, what would big data look like in the future? Here are some predictions on what lies ahead in the near future.
In today’s digital age, machine learning is one of the hottest trends and it will continue to play a big role in the future. This is because machine learning can help businesses – whether a startup or a mogul company to answer questions over multi-modal information, which include unstructured data such as text and images as well as structured such as knowledge graphs and web tables. In addition, it will also aid them to easily conduct a predictive analysis that businesses can use to easily overcome challenges that may come to them in the future.
In the emerging tech sector, one of the biggest hurdles that every company experiences are security and private data. We read about a new privacy breach involving technology virtually every day. Some company's accounting system was hacked. Another had their email lists breached. Facebook shares advertisements you don't want and offers your information to vendors. Recently it was widely reported that a bug in the Apple iPhone FaceTime technology caused people to have unauthorised access to the mike on your phone and even its camera.
Increased roles in big data
As more organisations begin to get on the big data bandwagon, demand for IT professionals with the skills to collect, organise, analyse and architect disparate sources of data is on the rise. Big data provides users with insights into trends and events which may otherwise be hard to detect or missed entirely. Businesses in many industries are placing a growing emphasis on the capture, storage and exploitation of this data, and leveraging it for further opportunity and advancement. New roles are being created in this field; for example in data warehouse management and maintenance.
Algorithms over software
With the advent of big data, more and more companies will choose to purchase algorithms rather than software as it will immensely help them to process their data. When businesses choose to purchase algorithms, they can freely add their own data to it – allowing them to customise and personalise it to their own processes as compared to the software that is available today.
Machine-learning algorithms are popping up everywhere because they do things faster and better than humans, especially when large amounts of data are involved. They give us our search results, score our creditworthiness, determine what’s on our social media news feeds and determine which government services we are eligible for. They already know what we’ve watched and listened, and they use that information to recommend movies and music we might like.
Break productivity records
When it comes to boosting your business productivity, nothing can ever come close to utilising big data. Opting, purchasing, utilising, and investing in big data will definitely give you a higher return. This is because using this technology will greatly help you in analysing big volumes of data and get actionable information in a short span of time. As a result, you can acquire vital information and choose what to do with the information in a split second, giving you a headstart over your competitors.
It is essential to understand what your company does and figure out the big picture to deploy technology solutions like big data. The market is competitive and every industry is battling to eat the largest piece of the pie. Therefore predicting industry trends can help you better prepare your business for the future. Today, industry trends are pointing towards big data and one thing’s for sure is, it can only get bigger from here.