The impact of Data Analytics on the real world

Rohan Mathew

Updated on:

Data analytics ranks among the top trends that have the potential to significantly change the face of businesses in the coming years. It is crucial for both entrepreneurs and long-time business runners to know how to examine the potential business impact of data analytics technology, and modify their current business models accordingly. This will give your brand a competitive advantage over companies that are not yet aware.

With digital transformation efforts being carried out at most organisations, companies are collecting humongous amounts of data. This not only opens the door to creating more challenges but also major professional opportunities. The large amounts of data, when coupled with powerful processing capabilities can make it possible to structure and execute innovative algorithms at a massive scale. Opt for data analytics courses in Singapore to further widen your knowledge and skills for the future of technology.

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This is majorly enabled by the cloud and has taken the world by storm, yet there is a rising need to realise the full potential of data analytics to the core. Let us take a look at the following data analytics trends that are mandatory for aspiring digital leaders and senior business officials to explore at the earliest!

  • Augmented analyticsItemploysAI techniques and machine learning to transform the development, consumption and sharing of analytics content.
  • Augmented data managementAsa driver for AI and machine learning this technology facilitates metadata conversion that can be used for to power dynamic systems.
  • Continuous intelligenceThis involves a design pattern which integrates real-time analytics within business operations that can process current and previous data to predict responses to corresponding events. This is vital for decision automation or support.
  • Explainable AI

    With the majority of businesses relying on AI models to support decision making, there is an increasing need for making these models more understandable. Such readability can build trust among users and thereby generate profit.
  • GraphGraph analytics includes a unique set of techniques that paves the way for businesses to engage in diverse relationships between customers, organizations, and transactions.
  • Data fabricData fabric allows for easier access and sharing of data in a distributed environment, involving a single, consistent framework of data management.
  • Conversational analyticsAlso known as natural language processing (NLP)this allows analytics tools to be easier than a search interface or like having a conversation with a virtual assistant.
  • Commercial AI and machine learning
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  • Persistent memory serversMemory technologies that are emerging persistent can reduce the overall costs and complexity needed to take on in-memory computing (IMC)-enabled architectures.

With the amount of data growing quickly each second, the urgency of translating it into valuable information in real-time is growing at an exponential pace. The continued generation of revenue for any business depends directly upon a data-centric and an agile architecture that can perform in accordance with the constant rate of change.