The business world seems to become more data-driven every day. Nearly every organization wants to leverage their data, giving them access to meaningful and actionable insights that can propel the company forward.
Now that 2018 is well underway, certain trends are emerging that are worth monitoring for their potential to provide true value to organizations. If you are interested in making the most of your data, here are a few data analytics trends to watch for throughout the rest of 2018.
The Fall of the Data Lake
Data lakes were hailed for their ability to house unstructured, raw data in their native formats, eliminating silos and, theoretically, making activities like data analytics and mining more efficient. However, data lakes have largely failed to live up to these claims, functioning as no more than simple storage since actionable insights are hard to obtain, particularly in real time.
Unless data lakes can demonstrate their value, organizations are going to start moving away from this structure and instead, seek out alternatives that can actually meet their needs.
CDOs Become More Valuable
Chief Data Officers, or CDOs, are beginning to come into their own, and that trend will likely continue throughout 2018. These professionals focus on how companies can create value from their data, providing explicit guidance that can help businesses use the information to improve operations, sales and more. As the year continues, demand for CDOs will likely increase as more companies realize the value of having a skilled leader in the role.
New Career Paths Emerge
Gone are the days when data professionals handled the entire range of responsibilities associated with the field. Now, specialists are the preferred paradigm, and new career paths continue to emerge as organizations gain a better understanding of what is involved in the work.
For example, data curators have surfaced as a layer that sits between data analysts or data scientists and data engineers. These professionals have a unique understanding of the meaning of data along with the technologies used across the board. They help identify data sets, approaches and systems that are best suited for the work of other professionals, streamlining processes along the way.
As data continues to gain prominence in the business world, other new roles may also emerge, reflecting ever-changing priorities as well as an increased level of understanding at a company level.
Data Governance Becomes a Priority
New headlines have been overtaken by data protection failures, such as the incident involving Facebook and Cambridge Analytics. As a method of avoiding becoming the next scandal, companies are going to put additional emphasis on data governance, including everything from informed consent to data protection.
Ultimately, all the trends listed above are worth monitoring, particularly if you want to stay at the forefront of the data analytics field. If you are interested in learning more or are seeking a skilled professional to join your team, the professionals at The Squires Group can help. Contact us to speak with one of our experienced staff members today and see how our services can benefit you.