A recent study carried out by IDG Enterprise produced some new statistics that revealed the vast majority of their IT decision-makers believe new data driven projects are soon to be implemented and will produce important results for the company. According to IDG the main goal of such projects is to help generate data that holds a much higher value than the data that already exists. Over 78 per cent of the people who took part in the survey consider that this is likely to completely transform the way business is done and a further 71 per cent believe that new lines of business and revenue streams are set to rise in the next three years.
These statistics did however provide a curious outcome when in the same group of people, 90 per cent also claimed to have directly experienced the challenges and issues that emerge when such data is being utilized.. This is the same data that is supposed to change the way the company operates.. Some of the biggest issues to appear were centered on data access and analysis, data transformation, data collection and any migration issues cropping up at the end. Despite the somewhat contradictory nature of these findings, the view still remains that technology and data processing will have a mostly positive impact on the company.
According to a different survey conducted by PwC, the most common finding indicated that the CEOs they surveyed, also held much confidence in the idea that business can only grow if they take the time to properly invest in innovation as well as in digital capabilities. It is a commonly held belief that corporate profitability cannot be supported via traditional business models or levers alone. Over 60 per cent of CEOs view ‘problem-solving’ as the most desired skill when it comes to hiring. From this, the researchers have concluded that the majority of CEOs see the future as one where decisions will be made according to the data enabled capabilities and technology. Placing trust in the data itself will consequently influence all of the decisions that the companies will be making. Thus proving why data analysis and data engineering are already highly valued and important skills.
There are a variety of important factors that companies must consider when looking at the future of Information Technology within business and include; paying attention to the flexibility of the IT function, the ability of the company to decide upon the right direction to take, any obstacles that could arise in the collection of data, the types of platforms used by companies and the use of automate analytics to enhance insights. The flexibility of the IT function and the paradox of change
Constant advances in technology mean that the industry is always on the brink of major discoveries and it promises to produce a lot more within the future of development. Some of the biggest topics being discussed by those interested in the field include; what is IoT going to develop next, when is Artificial Intelligence coming and how will cloud computing and big data pools change the nature of business. Yet, regardless of whether the projected developments in the industry do arrive there are still faces some pretty big challenges to face and decisions to make. An example of this lies in the uncertainty of what ‘problem solving through data’ will actually look like. A lot has been promised and the technology that’s expected to develop is only the first step in achieving everything that the CEOs and their companies are planning to accomplish.
Choose the right direction for your enterprise
The road to success within Information Technology is beginning to emerge and many companies cannot wait to take advantage of these new opportunities. However, before deciding upon the appropriate direction their business should take there are some important issues to be considered. Companies and their leaders are increasingly excited by the promise of new ways of doing business and are quick to jump to conclusions without spending the time to actually think processes through before adopting. It is certain that data will be extremely important and the more companies have, the better positions they will find themselves in. However, where are these large amounts of data going to be stored? Data will only continue to grow and questions such as these must be thought through. Companies need to implement strong and structured guidelines in order to deal with the next generation of doing business. Technologies such as ‘Automatic Analysis’ will be required to help personnel go through all the data and find which information is actually useful.
Companies must recognize the obstacles when it comes to data collecting and analyzing, and solve them
Most businesses already have all the data that they need to achieve success. However, some of them still fail for some reason and they assume that this is due to there not being enough data available. This assumption is often incorrect as there is usually enough data, but the problem actually lies in issues surrounding the incompatibility of the data types, aging, and formats. Older systems are unable to handle the new types of data and in order to be able to ‘digest’ it, flexible and capable new platforms are required alongside the tools capable of analyzing the said data.
Companies will need flexible platforms and on-demand services to achieve the best effect
With regards to holding and hosting data, as-a-Service trends appear to be the most helpful and capable options. Managing, storing and retrieving data is one of the greatest problems of the new technology and this is why older solutions are worthless when it comes to this problem. Businesses will need an extremely flexible platform if they want to use every new tool for data managing Testing out the new products is necessary when searching for something that works best you’re the company. Flexibility allows change and the use of multiple tools, instead of locking the business into one method of operation.
Automate analytics with on-demand business reporting and visualizations such as ‘do it yourself’ and ‘do it for me’ insights to make the right decisions possible for the basic end-user
Automate analytics technologies are used for analyzing and managing big data and can provide any company with major insight when it comes to making decisions. However, the problem is that this is only useful if the business can be understood and readily accessed in real time, as well as on demand. Another great challenge that a company is likely to face is that of the human challenge; users need to understand the outputs and be capable of consuming it. This is why modifications are being made so that both novices and advanced users will be able to understand and use the data that’s being processed. The most important factor regarding whether data or analytic investments become adopted and trusted by end users is the availability of access. If the consumer has access to the accurate, dynamic and usable reporting it is the most effective way to deliver all the benefits that organisations will expect.
For a company finding their way in the world of new technology, it can be especially difficult when it comes to storing, managing and processing data. Responses to these difficulties require quick work, immediate access to information and the use of capable machines. As technology changes, businesses must follow suit and making intelligent investment into the business prove to be extremely beneficial in the long run.