Analytics have become something that most companies are getting into or at least are seriously considering. What are the trends that you could expect for 2015 as far as analytics is concerned?
- Standards for the Analytics of Things will take shape. The Internet of Things is an exciting area that is closely related to big data and analytics, and this will continue to expand rapidly this year. We have already seen several tools and software that are used in analyzing huge amounts of both structured and unstructured data. One trend that we will see more in 2015 is related to the integration of systems related to the Internet of Things and analytics. The rise of industry standards that touches on the huge amount of data generated by the Internet of Things and analytics will be one of them. We shall be hearing more about the efforts of Alljoyn, Google and the Industrial Internet Consortium as these organizations move towards creating standards for the industry. It is imperative that participants from different sectors such as the academe, research, business and of course, technology companies come together to help develop these standards. And we can expect that these organizations would be moving faster than expected, but you must remember that it took around 15 years to develop RFID standards.
- Data security will continue to be a concern. One of the things that concerned a lot of technology professionals in 2014 was the security of their data. With the deluge of data coming from all sources, it was more difficult to make sure that all of these data was secure. Analytics proved helpful in the area of data security and we have seen great strides in several areas including digital watermarking, fighting malware, detecting intrusion and even differential privacy. In 2015, companies will continue to focus on data security by creating strong security practices that would include the use of analytics to help stem vulnerabilities and privacy concerns. And this step involves getting somebody in the company who is in charge of data security and making that person highly visible and responsible.
- Monetization of data. Data is currently being managed the way assets are, so why not derive value from them like we derive value from different business assets. You could be earning revenues with your data, but there are caveats. Getting money from customers’ private data involves a tradeoff between data monetization and data security. You should first be clear that monetizing data is without legal and ethical complications. And if you are dealing with intellectual property data, you might want to weigh the benefits vs. the risks. You should also try to avoid the pitfalls by having a business model that allows for data monetization, and being sure that you have the technology and you know the full costs and responsibilities associated with data security. Monetizing data is generally a great idea, but you should be sure that it is not getting in the way of reaching your primary goals.
There are more, so stay tuned for the second part of this series. In the meantime, work with Four Cornerstone for your data analytics efforts. We offer Oracle consulting in Dallas, which means we can help you get best in class software and tools for your data analytics.