Big Data is Big Business – The Driving Forces in Enterprise Technology

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We here at insideBIGDATA follow business technology very closely, seemingly even in our sleep. So we were delighted when our friends over at Pyramid Analytics, a company that works to support their enterprise customers’ data and analytics strategies, reached out to us with several  trends and developments taking place across the industry.

Here are a few trends that Pyramid Analytics gathered as they listened to their customers during this rapidly evolving time in big data and enterprise technology.

Machine learning and AI are only as accurate as the data:

Artificial intelligence and machine learning will continue to dominate the headlines in 2017. Forrester predicts companies will invest 300 percent more in AI in 2017 than in 2016. Machine learning has great potential to take predictive analytics to the next level by allowing quicker access to insights, but machine learning systems are only as accurate as the data they are fed. Enterprises will need to tackle issues of data cleansing to ensure that machine learning systems are delivering accurate and invaluable insights needed to run a data-driven business.

Is IoT causing data fatigue? 

Gartner forecasts there will be 20.8 billion digitally connected devices by 2020. The proliferation of connected devices has introduced an abundance of new data streams, creating information overload for many enterprises. Much of this new data is still stuck in silos within the organization, unconnected between business units. The real benefit will be when enterprises are able to leverage data collected across the entire organization to uncover insights and trends, and use those to make data-driven decisions.

How companies can successfully create data-driven cultures

A recent report by NewVantage Partners found that 63 percent of companies have not found success in creating a data-driven culture. In a time when we have access to unparalleled amounts of data, the technology is not the problem; it’s the management, understanding, organizational alignment, and general organizational resistance which are the culprits.

Additionally, the role of data within the enterprise has dramatically changed over the years, resulting in the appointment of the Chief Data Officer. The NewVantage survey also found that 56 percent of respondent see the role as largely defensive and reactive in scope today — driven by regulatory and compliance requirements – 48.3 percent believe that the primary role of the Chief Data Officer should be to drive innovation and establish a data culture. Though there are many opportunities for new CDOs, the bureaucracy within an organization that has not yet embraced a culture of data analytics could lead to failure for many in this role.

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