IDG recently released its State of the CIO 2020 report, which found that data and business analytics is the biggest area of IT investment this year. As IT leaders focus on data-related deployments and implementations, CIO’s Thor Olavsrud encourages them to also keep the following trends in mind:
- Data strategy is business strategy. Big data has its place, but, as we’ve written about before here at the APEX of Innovation, different types and sizes of data are also key to business success. Recognizing this will be increasingly important as organizations seek to benefit from artificial intelligence (AI) and other digital technologies. Olavsrud writes, “CIOs must address source data so that data scientists spend less time on data preparation, data cleansing, and data rationalization and more time on building models with clean data.” This may involve partnering with the lines of business and operations functions and incorporating organization change management principles.
- Modernizing data management is a must. The acceleration of 5G will add to companies’ existing pressure to obtain a consolidated view of their data. Focusing on how data is collected and stored is essential to leveraging the technology and other emerging innovations, meaning that many organizations will be forced to modernize their data architectures.
- Democratization of analytics. According to Olavsrud, recent high profile acquisitions in the business intelligence (BI) space “…underscore the value of empowering business users to derive insights from organizational data.” This trend is poised to accelerate as advances in machine learning can automate numerous tasks associated with analytics, such as data preparation and insight discovery. As this occurs, Gartner’s Rita Sallam believes “…the user experience will be one that’s much more dynamic, where insights are generated for a user based on their context.”
- The role of ethics and trust. Olavsrud writes, “As organizations increasingly leverage customer data to drive decision making, they can no longer consider customer trust to be merely a compliance or public relations issue…When it comes to making use of customer data, trust must be a 360-degree undertaking that considers an organization’s technology, processes, and people.” As a result, CIOs will be tasked with emphasizing the role of ethics in technology deployments and finding ways to engender trust even as new disruptive technologies emerge.
For more on these and other data analytics trends to consider this year and beyond, check out Olavsrud’s article in its entirety here.