The way we analyse data is changing due to technological breakthroughs and new methods, which makes the future of data analytics fascinating. In this article, we will examine five trends reshaping the data analytics industry, focusing on the four 'V's of big data: volume, velocity, veracity, and variety.
Current information/insights: Future of data analytics will emphasise the recentness of the data with the ultimate aim of real-time analysis, enabling more competitive decision-making and better-informed conclusions. Gaining real-time insight requires streaming data rather than processing it in batches.
Making decisions in real-time, automatically: Machine learning (ML) and artificial intelligence (AI) are already being successfully used in sectors like healthcare for detection and diagnosis and manufacturing, where intelligent systems track wear and tear on parts.
Data quality: Making judgements based on data is always a smart business move unless the data is inaccurate. Thankfully, a wide range of data analytics tools can now recognise and call attention to data that seems out of place.
Data observability: The first step for businesses trying to get a hold of the health of their data and improve its general quality is to understand the five pillars of data observability, which are data freshness, schema, volume, distribution, and lineage.
With massive increases in computing power, new data processing methods, and widespread migration to the cloud, we can do more with big data in 2022 than ever. Storage and analytics platforms are handling larger volumes of data, which is critical to unlocking insights from the vast amounts of data that businesses generate.
Data has various types and forms, including organised and unstructured data. Unlocking the potential of big data analytics requires the capacity to analyse many data types. Data mesh, no-code solutions, microservices/data markets, and data democratisation and decentralisation are some of the new developments facilitating the processing of a wide range of data.
Data decentralisation and democratisation have gained importance as organisations try to give people the information and insights they need to make wiser decisions. Several emerging trends, including no-code solutions, microservices/data marketplaces, and data mesh, facilitate organisations ability to democratise and decentralised data.
The development of big data analytics is being driven by technology advancements and innovative methods, which bodes well for the future of data analytics. Businesses will be well-positioned to gather insightful information and boost their competitiveness if they can successfully leverage the potential of big data analytics. Businesses must prioritise data quality, data observability, and the capacity to process a range of data to benefit from these trends. Businesses may embrace the future of data analytics and produce significant outcomes if these are in place.
5/5/2023, 19:37:09 by Tech Tip 24
