Big Data Expected to Play a Large Role in 2014
With the new year fast approaching, business analytics experts are rushing to lay down some predictions for the not-so-distant future. IBM Vice President Inhi Suh is expecting to see a significant shift toward Big Data, according to InformationWeek. Suh anticipates that the shift will be so large that companies will need to make Chief Data Officers a new addition in their boardrooms.
These CDOs will be expected to glean information from the influx of Big Data and interpret it in such a way that it is beneficial to the company. Although most businesses will likely appoint people with some digital information know-how to the new role, they're likely to rely on a third-party application to do an initial analysis and convert the data into something usable.
The increased use of Big Data is believed to minimize risk in a noteworthy way by shifting the basis of important business decisions from gut feeling to hard data, according to the source. Additionally, businesses that embrace the trend and implement the data early on will probably get a head start in the next calendar year. However, Suh noted that effective Big Data analytics won't necessarily come cheap. She expects businesses to readily invest in the up-and-coming world of Big Data.
According to the Ivey Business Journal, the Big Data phenomenon may allow underdog companies to surpass the traditional giants if the usual industry leaders don't take advantage of the trend. Merely collecting a massive amount of raw data, however, won't get businesses the results they need.
Another trend Suh expects to see in 2014 is an uptick in the use of Big Data apps to help businesses sift through the large volumes of information. Not only will these services have the opportunity to improve and grow through increased use, they'll also become "smarter" and be able to analyze more advanced trends.
With the advent of these apps, businesses don't need to invest in teams of specialists to reap the rewards of Big Data -- they can access the information in a comprehensible way once it has been converted. Customer service in particular is expected to improve with advances in Big Data because businesses will be able to locate and react to negative feedback circulating the web in a more timely fashion, according to Suh.
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