2017 was a breakthrough year for big data, as it finally transitioned from the next big technology phenomenon to the norm across virtually every industry. Over the course of this evolution, businesses have spent considerable time and capital streamlining their overall technology stack to successfully leverage big data and analytics to create a better customer experience, achieve business objectives, gain competitive advantage and ultimately, become market leaders. What they discovered along the way is that leveraging big data requires the convergence of data management technologies, which tops our 2018 trends list.
The enterprise IT landscape is in a state of constant change. Innovative technologies, management models and practices are rapidly expanding. In 2018, the convergence of data management technologies will be joined by other emerging trends, such as metadata management and data privacy regulatory compliance—in particular, the EU’s General Data Protection Regulation (GDPR). But trends from past years, specifically Artificial Intelligence (AI) and the Internet of Things (IoT), will continue to play a significant role in 2018 and beyond. Yet these represent just a few of the trends we expect to see in the coming year. Below, we’ve compiled a list of the trends that we predict will have an enormous impact on organizations in the coming year.
The Year of Converging Data Management Technologies
Use cases have shown that leveraging data requires a multitude of separate tools for tasks like data quality, analytics, governance, data integration, metadata management, master data management and more. To gain a competitive advantage, extract meaningful insights and improve operational efficiency, businesses are increasing their demand for an integrated tool to ingest, prepare, analyze, act on, and govern data.
An all-inclusive tool streamlines efficiency and speeds results, allowing users to quickly visualize and intuitively drill down into data sets, track issues through intelligent workflows from creation to resolution, and easily communicate across business silos for accountability and collaboration.
Increased Importance of Data Governance
Every year more data is generated, and an increasing number of business users are accessing data to capitalize on these extensive data assets and the value of advanced analytics. And as businesses rely on data like never before, government regulations are also expanding, creating a compliance labyrinth for organizations to navigate. All of these factors have made data governance more critical than ever.
Organizations need governance to safeguard the quality of the information they use to ensure reliable business insights, ongoing regulatory compliance, and trust among business users. Data governance capabilities have evolved in a way that provides complete transparency into a business’s data landscape – allowing them to combat increasingly complex regulatory and compliance demands and the shifting tides of business policies and business alignment.
The Continued Rise of the Chief Data Officer (CDO)
Today businesses are dealing with very data-intensive environments, making a CDO more important than ever to help organizations navigate regulatory demands while successfully leveraging data. CDO’s have the knowledge and expertise to help manage unstructured and unpredictable data assets, while successfully leveraging advanced analytics.
Big data is no longer a trend, it is a vital part of everyday business and needs to be managed as such. A CDO can help align business and technology teams across the business enterprise to create and maintain a data-driven culture, and maximize the value of data assets.
Ensuring Data Privacy for Regulations such as the General Data Protection Regulation (GDPR)
When GDPR goes into effect in May 2018, it will strengthen and unify data protection rules for all organizations processing personal data for European Union (EU) residents. Through analytics-enabled data governance, businesses processing personal data for EU residents can not only locate personal data enterprise-wide, but monitor compliance, usage, approvals, and accountability across the entire organization.
The Proliferation of Metadata Management
Metadata management is an emerging trend and can be described as “data about data.” It is critical in an enterprise data environment and is used to support data governance, regulatory compliance and other data management demands by assigning definitions, values, uses and more to data.
The Monetization of Data Assets
Organizations understand that data is either a liability or an asset. Metadata can be used to enable a deeper understanding of the most valuable information. Most organizations are categorizing logical and physical metadata, but few are using conceptual metadata to classify data sets. By using all three, businesses can classify their data sets by level of importance and assign a numerical value to each, effectively monetizing it.
The Future of Prediction: Predictive Analytics to Improve Data Quality
With the continued concerns with data quality, and the volumes of data increasing, businesses are enhancing data quality anomaly detection with the use of machine-learning algorithms. By using historical patterns to predict outcomes, businesses can dynamically detect anomalies that may otherwise go unnoticed or are found much later through manual intervention.
IoT Becoming More Real
IoT has been a trend for several years now, but with each passing year, there continues to be a steep rise in focus on extraction of insights from this data. We are starting to see more and more defined IoT use cases leveraging data—from newer connected devices like sensors, and drones for analytics initiatives. With this, there is a growing demand for streaming data ingestion and analysis.
2018 will be a breakthrough year for data management as more integrated self-service tools become available to deliver an all-inclusive view of a business’s data landscape to draw meaningful, timely conclusions. Full transparency into a business’s data assets will be crucial for successful analytics initiatives, addressing data governance and privacy needs, monetizing data assets and more as we move into 2018.
Emily Washington, Senior Vice President of Product Management at Infogix
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