Data management was left to the IT department and data analytics were done in a separate group at which time the finalized tables, reports, and visualizations were forwarded to marketing and the executives.
In today’s day and age, businesses build yearly growth goals around the concept of becoming truly data-driven in every decision they make. While gut instincts and experience are variables that we can never truly rule out of decision making, the ever-improving insights derived from machine learning and artificial intelligence backed statistical analytics have rapidly become the launching point for any discussion about the future direction of a company. The sheer amount of data being produced today dwarfs previous decades and the way businesses gather insights and make decisions should adapt and grow as well.
It has been predicted that by 2022, approximately 75% of all databases will either be launched in or migrated to the cloud. This trend is directly tied to the growing influence of data science, the field responsible for implementing the machine learning, artificial intelligence, and statistical analytics services mentioned above. This field is heavily reliant on immediate access to massive amounts of data. As the old saying goes, “Your predictions are only as strong as the data they are based on.” While there are some universal aspects of sales such as customer service and relationships, others don’t necessarily translate. Thus, the importance of data analytics and insights in real-time has grown along with the evolving marketplace that businesses find themselves in today.
Another thing to consider is multi-cloud usage. Often, this state of being isn’t planned upfront and came about as the business grew and adapted to their customer base. Perhaps one department has seen rapid success utilizing a package offered by one provider whereas another department has seen the same success with someone else but neither offers something that is best for both departments.
Depending on the circumstances, running a business with a multi-cloud environment can be challenging; however, it is predicted that in the coming years there will be vast growth around streamlining this process – backed by the ever-present principle of supply and demand. It's worth keeping your eye on the market for new startups and existing companies releasing technology that’s related directly to streamlining the process of data storage, acquisition, access, and analytics in the multi-cloud environment.
As the amount of accessible data grows exponentially, so too shall its potential value. The greatest strategic advantage that a business can have in today’s market to get a competitive edge over its competitors relates directly to the applications of the insights delivered from this data. Companies need to not only understand and apply principles related to data storage, security, and maintenance but also to recognize the value of becoming a truly data-driven company. That is, from start to finish, any and all business decisions must not only be based on data insights but also must grow and adapt based on the latest analytics.
