With technology booming all around us, it can be challenging to keep up with the latest in big data trends and data governance tools.
These trends run the gamut. Though some will likely fade with time as fads come and go, others will prove durable and valuable to organizations around the globe.
Today, all we can do is keep up and give each new trend a shot to figure out how it will work in the modern business world to improved marketing, design, logistics, product, developments, financing and more. Below we’ll outline some of the biggest and most notable trends to keep an eye on in 2019.
The top trends in data governance
Artificial intelligence is a scientific innovation that aims to advance most of our economic activity by quantum leaps. The purpose of AI is to automate the execution of tasks that would otherwise require complex human intelligence and thinking. Though some are skeptical about the practicality of AI replacing humans in highly complex or creative fields, the technology is continuously developing and is now in production use across a variety of applications, from help bots to manufacturing processes. That said, AI and machine learning have taken data analysis to a whole new level. Today, analysts are able to turn large datasets into informed conclusions in a fraction of the time that would have been required with simple, manual tools.
Predictive and prescriptive analytics tools
As the name suggests, predictive analysis is the process of analyzing data from historical sets to forecast and predict future outcomes. It enables analysts and managers to forecast the future of their organization and prepare accordingly. This is one of the most critical tools in the data analysis kit. Predictive and prescriptive analytic tools play a huge role in disaster management, risk management, and return forecasting in a variety of sectors. Prescriptive tools can be employed to test alternative solutions and select the one promising the best return. Prediction and prescription go hand in hand. Using predictive analytics, businesses can prescribe the proper management remedy to improve outcomes.
Natural language processing
Another hot trend in the big data space is called natural language processing. NLP is an AI led branch of computational linguistics. Its goal is to use programmed AI to understand and replicate human language. It works on language pattern recognition and self improves its understanding of the human language by finding similar patterns and combining them to reach conclusions.
The implications for this type of program can be observed in creations like Alexa, Siri and others.
Data governance tools
Data governance refers to the control of data input to validate against standards and criteria. The goal is to end up with accurate, clean data for use in analysis. In recent years, there have been issues across the glove involving data breaches and privacy issues. Data and privacy are major concerns in our high-tech world, especially as more commerce is migrated to online spaces. Data governance will continue to be a hot topic as most companies adopt policies for data protection and execution. Data prep tools will help many firms bridge the gap between data collection and ongoing safekeeping, helping firms use data without compromising on security.
Some other trends to look forward to are:
- - Growing importance of a CDO (Chief Data Officer)
- - Embedded business intelligence
- - Collaborative business intelligence
- - Multi-cloud strategy
As data continues to be a major asset for companies across sectors, new trends in strategy and execution will continue to grow.