Companies have been leveraging data for a long time to make strategic as well as tactical decisions. But the availability of more data and the ability to process data efficiently has opened up new ways of doing business, that can potentially become a game changer for companies in the future.
Here are some of the new trends in the field of data management, that make data management as the core entity for survival of companies.
New ways of building business use cases
Enterprise data is now used for building new business models, and testing them out in sandbox environments. Companies are building data labs which provides a platform for doing extensive research on available data to create new business models that cross the boundaries of industries to serve their customers and enhance their experience.
Companies are recruiting data scientists who work in data labs to research and build new use cases of enterprise data for various business units.
New ways of building analytical models
Building and managing analytical models were a big pain. It was very difficult to build accurate analytical models that truely mirror the business reality because the reality is extremely volatile. However, with the access to unprecedented data, companies can build self learning analytical models using machine learning techniques which are quick to build and easy to manage, and which are agile to the changing circumstances of the business.
New ways of acquiring data
With digital revolution, relevant data is now available and accessible through many new data sources. Companies are opening up their data stores through APIs to other companies to leverage data for insights that were not previously possible. Newer analytical models function much more accurately with the availability of a variety of data from a variety of data sources. Companies can now access data from many other sources apart from those within the organization.
New ways of storing data
With the advent of big data and cloud technologies, data can be stored in huge volumes easily and in a very cost effective manner. Data modelling, which was an essential aspect for building curated data warehouses or data marts, is no more necessary, as data can be accessed efficiently through the open source big data platforms. This has greatly reduced the cost of storing and managing data, and has opened up new use cases that were previously not feasible.
New reasons for acquiring and storing data
Data previously was acquired and stored for specific requirements. But as companies are realising that availability of data is going to greatly impact their business models in the future, they are now acquiring and storing data for the future, without any existing use cases. This is a huge shift from the way data was acquired and stored earlier.
Due to the costs associated with storing and managing curated data companies used to follow a minimalistic approach, but not anymore. Now companies are using the acquired and stored data for researching new ways of building business.
New ways of communicating insights
Traditionally, companies used to communicate data insights through custom built reports. However, this is fast changing, as companies are now using web technologies and mobile apps to communicate insights in a better way. The aspects of design thinking are applied to enrich user experience. Data insights are now communicated through more interactive, visual and interesting ways.