Covering Disruptive Technology Powering Business in The Digital Age

The proliferation of digital technologies has led to the emergence of the data economy, in which data is at the heart of more products and services than ever before. Especially in Asia Pacific, where Internet penetration in developed markets like Australia, New Zealand, South Korea, Japan and Singapore have surpassed the 80 percent mark, and connectivity rate in emerging economies like China, Malaysia and Thailand averaging 55 percent, a growing number of businesses are leveraging online technologies to deliver their products and services to customers, thereby having the ability to harness data to improve their offerings to market.

By now, it is safe to say that almost every aspect of business is impacted by the rise of big data and the formation of a data-led economy. In fact, many organizations in Asia Pacific are already advancing into the Internet of Things (IoT), and we’re already seeing how enterprises and governments across the region are embarking on projects to create “smart offices” to “smart cities”.

From having the ability to connect better with customers or stakeholders, improve operations and systems and invent new products, services or business models, data has the power to transform and that will determine the success or failure of any given enterprise. According to Dell’s latest Global Technology Adoption Index (GTAI) 2015, organizations actively using big data show 50% higher revenue growth rates than those who aren’t, with the top outcomes for big data use tied to initiatives that drive competitive advantage by retaining and growing customers.

All these data – what now?

What’s next for many businesses however is that given the distributed nature of connected devices and the explosive growth of IoT infrastructures, more organizations will look to execute analytics at the edge. Subsequently, the ability to push analytic capabilities to (and run them directly at) the source of data will become paramount. Applying a predictive model and running the analytics where the data lives eliminates the time, bandwidth and expense required to transport the data, enabling immediate action to be taken in response to the insight.

The growth of IoT, in particular, will spur this trend forward. We now have the ability to harness and use IoT data at the speed of business in an economic way, such that in some instances, transporting that data back to a centralized core is both inefficient and untimely. The power of IoT ultimately lies with the ability to analyze data and move at the real-time speed of a specific workflow. Analytics at the edge makes that possible.

In order to gain a competitive edge, business decision makers can benefit from having an understanding of how analytics will continue to influence and transform industries. The following are three key trends that every business leader should keep a look out for in 2016 and make the necessary preparations to advance their businesses.

Trend #1: The growth and evolution of the ‘Citizen Data Scientist’ role

There is already a new breed of analytics users cropping up throughout organizations everywhere. Citizen data scientists — or every day, non-technical users — are going to play an even greater role in the analytics revolution as platforms will begin incorporating technologies and capabilities that help these users consume analytics in an easily digestible way. This new wave of business-savvy users will also present challenges: Citizen data scientists will experience a learning curve in wrangling data, running the optimized analytic and presenting the outcome of those insights. They’ll also put the onus on vendors to deliver quick-start analytics template and reusable workflows. Once the learning curve is overcome and the right capabilities are delivered, citizen data scientists will be the driving force behind the use of analytics to drive innovation.

Trend #2: Impact of analytics on vertical markets

One could already argue that the ROI of advanced analytics is highest when applied to targeted, vertical market use cases. This will continue to be the case in 2016 and beyond, with analyst firm IDC forecasting that the manufacturing vertical (particularly regulated manufacturing) will lead the way.

Within regulated manufacturing, not only are there numerous processes that can greatly impact the precision and quality of a given production run, but outcomes often need to be validated and proven to meet the regulations of the industry being served. As such, advanced analytics platforms will be increasingly relied on not only to uncover insights that help optimize processes, but to verify and validate those insights in accordance with regulatory requirements. For example, a pharmaceutical manufacturer might leverage advanced analytics to optimize the drug creation process and avoid a catastrophic batch loss, while also using advanced analytics tooling to confirm that its processes have been tested and validated as required by its governing regulatory body.

Trend #3: Role of analytics in driving innovation

At its core, advanced analytics helps companies better serve their customers through new innovations. Many already create new products and services based on insights gleaned from data. Others use analytics to fundamentally alter the way they service customers and improve the customer experience. This trend will grow exponentially as organizations continue to realize the true value in leveraging predictive analytics. Service departments will have the ability to take prescribed actions in advance of an issue occurring. Doctors will increasingly run analytics to offer precision healthcare and personalized medicine that better serves patients. Patients themselves will bring their own data to the table, creating a whole new layer of both challenges and opportunities for data-driven leaders. This trend of data-driven analytics advancing each and every aspect of the business – from inception to completion – will only continue to evolve. Ultimately, all forms of innovation will trace back to analytics in some manner or another.

As the data economy continues to emerge, an organization’s success or failure is based in large part on their ability to leverage data and analytics. Understanding how the advanced analytics market will take shape in 2016 will enable organizations to better explore opportunities to benefit from the solutions and justify their investments.

This article was originally published enterpriseinnovation.net and can be viewed in full here

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