As most companies embark on the digital transformation journey, data analytics and machine learning are not entirely new terms. Companies now use whatever data they have available to make decisions and enhance connections with customers.
Today, data is everywhere. And it is bound to stay that way for a long time.
Data streams to networks and infrastructures from various connected devices faster than the speed of light. An array of formats from billions of users may run the risk of some insights to go untapped.
Big Data is often heralded as an amazing opportunity. Managing data might be easier, however, if growth were limited to just a few sources, or if all data were uniform. But, the challenge lies in the diversity of sources and formats.
In an age of abundant data and immediate answers, the ability to extract value from data—regardless of source, size, and requirements around timeliness—will be at the heart of an organization’s competitive advantage.
Therefore, CIOs must rethink data strategy from start to finish. The challenges involving data analytics and machine learning are threefold:
- The volume of data being created
- The diversity of data formats and sources
- The speed at which consumers and internal stakeholders now expect insights
Questions surrounding cloud storage and data warehousing as well as data management, governance, streaming, centralization, and democratization will be at the forefront of every CIOs mind for the next decade.
Cloud tools today allow companies to manage enormous volumes of diverse data types more efficiently and at lower costs than was previously possible. Businesses that take on a modern approach to capturing, storing, preparing, and analyzing data will have the foundation to take advantage of machine learning and artificial intelligence more readily.
Ultimately, these new capabilities will translate into closer relationships between companies and their customers, enabling businesses to be more predictive in every interaction.
Before settling on a cloud provider, CIOs must be prepared to ask the right questions about data analytics, machine learning, and artificial intelligence. It is what will eventually determine success in this intensely competitive business landscape.
If you want to know more about how data analytics and machine learning will play a major role in your business’s data management, structure, and governance, click the link below for more information.