It’s that time of year when organizations sit down with their brain trusts and think through the successes of this year and make predictions around trends that might come to fruition next year. I always envision Dumbledore from Harry Potter standing around his Pensieve, but instead of pulling memories from his brain, he’s making predictions. But since I don’t live at Hogwarts, and I don’t even have a crystal ball that actually works, I sat down with a few folks at Infogix to predict trends for 2018.
A few data trends that were big in 2017 have advanced and will cross over into 2018, past trends from 2016 are re-emerging thanks to advancing technologies, and new trends are also materializing.
Here are the top data trends for 2018 as we predict them.
Use cases have shown that leveraging data requires the convergence of multiple technologies for things 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.
Every year more data is generated, more government regulations are implemented, more individuals are accessing data, and more businesses are attempting to leverage advanced analytics. This has made data governance more important than ever. Data governance capabilities allow businesses to gain transparency into their data landscape to combat the increasingly complex demands around regulations and compliance, and the shifting tides of business policies and business alignment.
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.
When GDPR goes into effect in May 2018, it will strengthen and unify data protection rules for all individuals within the European Union (EU). 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 organization.
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.
Organizations understand that data is either a liability or 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 numerical value to each, effectively monetizing it.
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 data anomalies that may otherwise go unnoticed or are found much later through manual intervention.
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.
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