The art of processing, extracting, and storing the data has been practiced for over a year or two, and there is no time soon when it is expected to produce a low yield. Big Data has become the heart of marketing for organizations, no matter how big or small. The benefit gained by going through the data and extracting the information that promotes the business is quite significant. With social media companies in Dubai and other business lines all over the world practicing data analytics and incorporating new technologies, it isn’t hard to say that the revolution of digital marketing is still going on.
The six deadly facts about the progress of data strategy are as follows:
1. The demand for the data lake has been increasing ever since
Gartner expects that “By 2020, information will be used to reinvent, digitalize or eliminate 80 per cent of business processes and products from a decade earlier.” (Reference: https://datafloq.com/) To fulfill this kind of ideology, it is necessary to promote and establish the use of data-lake-as-a-service. This will allow users and business companies to store as much data as they like in the coming years. It is like a warehouse for both structured and unstructured data from where different enterprises can process it for their own benefit.
2. Find worthy data through metadata catalogs
The metadata provides data about the data, and the metadata catalogs offer a storage and access service. The users can then reach out to their desired data based on different attributes. This is done via the self-service tools. Incorporating this strategy in your big data plan helps you to make hundred percent use of the diverse data stored for review. Many companies used to throw away because there was so much to work on, but by adding this technique into your strategy, you can make just the right use of the data.
3. It’s a million-dollar idea
There’s no doubt that big data is a million-dollar idea. It is known for its creative excellence and its charm of fulfilling the technology-driven needs of the present generation. It is widely used in the health and medicine sector to cure diseases and come up with a solution for cancer. Other than this, NASA is utilizing different data points to explore other planets. This is how diverse the use of Data strategy is. Shedding light on the companies present worldwide, the USA-based business brand is making a profit by analyzing the customer’s behavior data, while the social media services Dubai firm is enhancing its social media marketing services by analyzing the data obtained from different platforms.
4. Cloud, machine learning, and other latest technologies participate in making it a success
Smart machines are the new big thing, and fog computing and analytics have largely taken over. Fog computing is one of the latest trends that must be added to the data strategy. It uses the Internet of Things (IoT), cloud, and machine learning to offer a highly improved data storage and processing experience to the users. Fog computing carries out the storage and transfer of data and computing between the end data storage devices. The fog analytics conducts the data analysis locally and sends only the prepared data to the cloud, hence increasing the efficiency of data storage.
5. It’s wonderful what just a 10% increase in data accessibility can do
Previously, a report suggested that a 10% increase in data accessibility would result in more than $65 million additional net income. (Reference: https://www.forbes.com/ ) This means that cutting out on investing money in Big Data and predictive analysis will bring no good to the business. If you want to succeed in your business program, you’d better invest in the data strategy extravagantly.
6. Demand for data translators will increase
The ever-increasing use of data and analysis programs has instilled the demand for data scientists. According to the 2011 report on data handling, the McKinsey Global Institute quantified the shortage of data scientists. Presently, the shortage still exists, along with the increased demand for translators who could simplify the work of data scientists. Thus, while devising your data strategy, save some room for the data translators who can pinpoint the useful data and help you understand it better.
Here are the six facts about data strategy that will help you uplift your business idea and industry in the present and the years yet to come. Big Data is the golden weapon to achieve high profit, and any businessman avoiding it is doing greater harm to his own business.
