Data Management in 2021 will be a big deal, evidenced by the steady increase in the number of businesses adopting a data-driven approach. At present, over 53% of businesses use big data to explore growth opportunities and improve their services. However, the rise of big data has spiked up operational costs incurred towards converting big data into insightful information.
As big data comes in the form of unstructured data scattered across many sources, businesses are compelled to hire data scientists to standardize and interpret it. Thus, companies are now focused on exploring various technologies to break down this data without spending a fortune. So, we decided to discuss some emerging trends and technologies that can make this possible in 2021.
Augmented Analytics combines Natural Language Processing and Machine Learning technologies to collect and classify big unstructured data into insightful information. By automating data collection and data preparation, businesses can significantly reduce their operational costs.
Imagine being able to decide your product-line based on customer feedback collected straight from social media platforms. Now that is just one example of what you can do with augmented analytics.
Research has proven that over 86% of buyers don’t mind paying more in exchange for a superior consumer experience. Many customer-centric businesses have already started investing in it and are reaping the rewards in increased profits. If you run a small or mid-sized business and cannot afford to hire an entire team of data scientists, you can still use augmented analytics to do what the industry leaders are doing.
Time to go Cloud Native
The Cloud-Native application architecture eliminates the latency that comes with the browser pointing at a cloud-based infrastructure. Instead, it involves the creation of multiple small applications called microservices to support the various business functions. As a result, this eliminates latency and speeds up the process.
In the world of cloud-native apps, microservices is a term used to refer to a mini-application that has its logic and data, which is used for a particular business function. Let’s assume you have an e-commerce store that offers weekly discounts. In that case, you can make ‘discounts’ a microservice and tweak it without tampering with the rest of the code. As it is more cost-efficient and reliable from a security perspective, businesses are likely to transition to this cloud architecture.
The cybersecurity sector is a $173 billion industry, which is all set to grow into a much bigger one due to the rapid increase in security threats. Businesses can counter this issue by setting up an in-house SOC (Security Operations Center) or outsourcing it to MSPs (Managed Service Providers). Either way, the sector continues to grow, making sense because businesses must do all they can to protect customer data.
Inability to do this can be a nightmare for businesses and result in lower credibility, loss of online reputation, and even legal irregularities. Post-pandemic has become a significant concern due to the increased dependency on digital solutions such as e-commerce and remote work.
This transition has brought about one major security issue — secure data transmission. Website owners can counter this by installing an SSL certificate with strong encryption to prevent network-related attacks. It will ensure a secure and encrypted transmission of data between the client-server and browser.
Businesses have transformed from product-centric to customer-centric enterprises by leveraging artificial intelligence technologies such as natural language processing, machine learning, and robotic process automation. This year, we expect the COVID-19 aftereffects to propel the growth of AI-based solutions as it reduces the average response time and minimizes human intervention. From analyzing big data to monitoring network intrusions, AI-based solutions are going to dominate 2021.
Blockchain technology refers to a decentralized database that stores transactions on blocks and links them cryptographically. Unlike the data stored in a centralized database, the transactions on a blockchain remain immutable, meaning they cannot be altered or changed.
That makes it perfect for writing smart contracts, building applications, and transferring digital currency. If this is the first time you’ve heard of the term ‘Smart Contracts’, then be prepared to hear more of it in 2021. Smart Contracts are self-executable contracts embedded within the code, which makes them more reliable and tamper-proof.
Businesses can use these smart contracts for the execution of specific tasks and conditional payments. It can also be used as an international digital currency to make cross-border payments without delaying or hefty transaction fees.
In a bid to provide real-time content delivery, businesses will transition from cloud to edge computing, which reduces the gap between the two edges. It refers to an IT architecture that brings data storage and computing closer through distributed open architecture.
Also dubbed as on-premises processing, edge computing is much faster than transmitting data through the cloud. In this type of IT architecture, latency is reduced by caching data close to the edge. This improves response time, accelerates the content delivery process, and provides a real-time experience to the end-user. As internet speeds continue to advance, edge computing is going to be the next big thing.
Data-driven business leaders are all set to use technology and innovation to gain better insights and expand their horizons. In doing that, a greater reliance would be placed on automation to speed up the process and eliminate recurring operational costs. With every automated process, businesses will also have to ensure data security due to the highly competitive digital landscape.
Unlike earlier, data breaches are now well-planned attempts that take an average of 207 days to be discovered, making the situation tricky for businesses. Plus, security breaches are increasing steadily, with over 58% breaches in 2020 involving personal records. Thus, data security and data Management in 2021 will be more sophisticated and innovative than ever before.