Although no one in 2021 can deny the importance of big data, many companies and organizations out there fail to use its full potential. This is so unfortunate that proper use of big data can completely transform both the business strategy and decision-making of so many businesses out there. After all, according to some forecasts, the big data global market should reach $123.2 billion by 2025. This is what makes this concept so hard to ignore. Here’s what you should know about big data in 2021 to take full advantage of it.
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Non-relational Analytic Data Store Is the Fastest-growing Category
Regardless of how turbulent the last year has been, 2021 will see the continuation of many trends from the previous several years. For instance, the fastest-growing category in the big data and business analytics market between 2015 and 2020 has been non-relational analytic data stores. It was followed by cognitive software platforms, content analytics, search systems, and IT services. All the other categories are nowhere near these numbers. According to projections and forecasts for 2021, this trend will continue its consistent, uninterrupted growth.
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There’s Not Enough Data Training
When we start examining the numbers of processed data, the majority of the business world only analyzes 12% of all the data they have available. This is according to available 2020 data. The reasons behind this are numerous. The staff is undertrained for this task. There’s a lack of suitable tools, which makes the process both tedious and unreliable. Also, there’s a lack of knowledge on the subject matter, which is necessary for progress and innovation to take place on the managerial level. When it comes to systemic upgrades in how data is handled, a top-to-bottom increase in educational efforts is more than necessary.
It’s Not a Standalone Method
The thing you should understand is that, on its own, big data isn’t all-powerful. This is a huge collection of data and a system for its accurate processing. While it is often seen as invaluable, raw data isn’t actionable. For this, you need precise information. Once you get this information, you’ll face the challenge of accessing it at your own behest. One of the ways to handle all this information is through the help of intelligent information management (IIM) like M-Files. Visibility and integration across systems are crucial for this system’s worth.
Big Data in Digital Marketing
The next thing worth mentioning is that big data has changed the way in which businesses spend and generate revenue, which directly affects digital marketing. Aside from this, big data in 2021 has a more direct impact on digital marketing. With the help of digital data, digital marketers can create personalized campaigns and target individuals far more effectively. This also allows for the creation of a more accurate digital marketing strategy. Big data also excels at upgrading the relevancy of used techniques in relation to the target. It achieves this through a more accurate interpretation of user-related data in order to get more faithful user profiles.
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Its Full Potential Is Still Unused
One of the biggest problems with big data in 2021 is the fact that it’s still horribly underused. Try talking to any executive about the positive effects of big data on their workflow, and they will all nod their heads. At the same time, a lot of employees fail to gather relevant insights by the designated timeframe. To correctly interpret big data, the staff needs up-to-date BI software. Instead, many people still rely on tools like Excel to analyze and interpret data. Worldwide, Excel is still used by 750 million people. Three-quarters of a billion people in the business world still use a tool that requires a manual data entry in 2021… Let that sink in.
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The Lens of Four Vs
To understand the concept of big data, one has to observe it through the lens of four Vs. – volume, velocity, variety, and veracity. The first one represents the amount of data generated every second. The second one is the speed at which the data in question is generated. The third factor is the number of types (both old and new categories) that this data can be categorized as. Fourth is the unstructured nature of this data and how it can become of use. Lastly, there’s the fifth V – the value. It’s the way in which it all comes together to be of use to its users. This is something that hasn’t changed in 2021.
Augmented Analytics and Self-Service
Forecasts, predictions, and current figures suggest that traditional analytics are no longer sufficient to keep up as the hunger for information grows. This is where AI-based tools and methods are expected to take over. As AI and analytics become more and more intertwined, this might forever change the entire system’s infrastructure. Bots and virtual assistants are developed to be more conversational every single day. This will inevitably lead to a scenario where the most potent AI platforms can give original answers based on available data. This will be another massive milestone in AI development and big data at the same time.
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Big data is the biggest thing in the global marketplace, and it seems to be getting bigger by the hour. It is one giant pool of invaluable resources that many people in the business world still fail to exploit to their benefit. Never before was data available in such a volume, which should allow for an unprecedented accuracy of information derived from it.
Still, there are no uniform rules for the ‘best use of big data,’ and it’s the job of every enterprise and organization to figure this one out on their own. Both research on the subject matter and consulting professional help are valid ways to handle this task.