2019 is around the corner, which means it’s crucial for companies to look forward and find new ways to create competitive advantages through technology. One area to focus on is data and analytics. It’s a space that’s becoming increasingly important to companies around the world, and data and analytics advancements are being made at a dizzying pace. Here are what the experts are saying will be some of the trends in this area for 2019:
CDOs will become more in-demand
The Chief Data Officer (CDO) is a relatively new position in many organizations. However it is growing in popularity as data and analytics have begun to play a more central role in business. Expect this trend to continue in 2019, as more companies look for dynamic data leaders. .
Data lakes will need to demonstrate more business value or be eliminated
Enterprise data storage needs are only on the rise. Data lakes can create issues for organizations that want to utilize real-time analytics, though. Companies need to be able to analyze their data as quickly as possible, and any delay can put them at a significant competitive disadvantage. One new way data lakes could be used is to create super-hubs that deliver context-as-a-service via machine learning.
Companies will explore new ways to utilize dark data
As data security becomes a bigger focus, companies will need to analyze data that isn’t typically used in business analysis to ensure it doesn’t create security risks, and if that is the case, to address these.
Data governance strategies will be crucial for the entire C-Suite
New mass-scale regulations like GDPR are forcing businesses around the world to take a serious look at their data practices in order to continue operating in the EU. More countries are expected to implement their own laws, including the U.S. Data’s role across departments and operations in businesses means that every C-executive will have to be aware of how their department uses its data, and work with other executives to ensure compliance.