These days business is all about data. There’s big data, metadata, qualitative and quantitative data, and more. Data is everywhere, and is used to make everyday business decisions based on data analysis. Often times qualifying data quickly can mean the difference between big business, and going out of business.
With the importance of data growing every day, here are three trends in data to keep an eye on for 2016.
Predictive Analysis
“I see profits in your future…” is what the fortuneteller might say, and in this case if they were using predictive analysis they might be right. Using data to predict the future is not a magic trick. Identifying trends and using them to predict future behavior is becoming an integral part of not only everyday data analytics but the applications and tools developed to assist in the effort.
Social Analytics & Rich Media
Images and videos are becoming the norm in the technological world. No longer do audiences want to read the written word, but want to see rich media in its place. The difficulty here lies in being able to gather data about rich media in order to better understand the audience.
The tools needed to analyze rich media are becoming more sophisticated, allowing deeper understanding of how videos and images effect the user. Social media is also used heavily in this area and considering many, many people get their information from these platforms it’s the perfect place to mine for data. We’ll continue to see a rise in social analytics in the next year and beyond.
Big Data Will Rise Again
Big Data has taken a backseat to other topics such as cyber security in 2015. Of course, with there being so many high-profile cyber attacks in the last couple years you can understand why companies are focusing more on security than on data analytics.
Let’s also understand that Big Data isn’t going anywhere, and isn’t dead by a long shot. Many believe Big Data will once again rise up the ladder when it comes to IT spending in 2016 and for the next four to five years.
Moreover, it is believed that cloud-based Big Data will become the norm. Businesses will begin moving or provisioning Big Data applications in the cloud, allowing them to cost-effectively manage and analyze the large amounts of data they collect on a daily basis.
Today’s business is data driven, and that isn’t likely to change in the upcoming calendar year. We’ll be introduced to new technologies that assist with data collection and analysis, and we will better understand the future of data as time wears on. Data is a huge part of our future – whether it’s enhancements to your smartphone experience or a solution to cleaner energy, data lives within the heart of innovation and will continue to do so in 2016 and beyond.