In the article “17 Predictions About The Future Of Big Data Everyone Should Read,” Bernard Marr and Forbes provide a list of predictions that are important to businesses of all sizes as they try to make the most of their data. Below we have added some additional comments to the most significant of those issues.

Businesses using data will see $430 Billion in productivity benefits over their competition not using data by 2020, according to International Institute for Analytics.

This enormous increase will lead directly to growing profits for companies that take advantage of the opportunity. One detail missing from this statistic is that the bulk of these gains will be realized by the companies that act first. Improved productivity means lower cost, and with that the ability to win market share and fund growth. Even though the path to comprehensive data analytics can be challenging (more on that later), starting now will yield the best outcomes.

“All companies are data businesses now,” according to Forrester. More companies will attempt to drive value and revenue from their data.

Companies that do not take advantage of the productivity benefits mentioned above will be at a competitive disadvantage. Regardless of the industry or size, business leaders will be driving value from their data in the near future. It is important to note that this does not mean that the creation of an entire big data infrastructure and data science team is required in every case. Analytics-as-a-Service providers like Actus Data provide comprehensive solutions that democratize big data and make it possible for companies of all sizes to reap the benefits without facing the cost and risk associated with traditional big data projects.

“Fast data” and “actionable data” will replace big data, according to some experts. The argument is that big isn’t necessarily better when it comes to data, and that businesses don’t use a fraction of the data they have access too. Instead, the idea suggests companies should focus on asking the right questions and making use of the data they have — big or otherwise.

This is not something that will happen at some far off date – it is happening right now. Rather than wait for traditional implementation that occurs over many months at significant cost and with questionable outcomes, businesses are taking an agile approach to data analytics deployments. Concepts like failing fast and iterative development make sense as businesses forge new paths with their data. This is especially true because underlying technologies and data sources are continuing to change at a rapid pace (bullet #2 also addresses this issue). There is no need to focus on a limited set of requirements or lock into a fixed tool set when there are powerful, flexible, and affordable solutions that deliver the basics as well as the more advanced analytics and automations that deliver actionable results.

Prescriptive analytics will be built in to business analytics software. IDC predicts that half of all business analytics software will include the intelligence where it’s needed by 2020.

Prescriptive analytics are currently considered the ‘final frontier’ of data analytics because it is the most difficult to deliver and more advanced than most businesses are ready to consume. If there is general agreement that comprehensive analytics solutions will have the capability to deliver these insights, why would a business wait until 2020? The good news is that they do not have to. There are solution providers like Actus Data that offer full stack solutions today.

Data volumes will continue to grow. There’s absolutely no question that we will continue generating larger and larger volumes of data, especially considering that the number of handheld devices and Internet-connected devices is expected to grow exponentially.

By now, we have all seen the hockey stick graphs that show the volume, variety, and velocity of data expanding over time. Considering the sources that are driving this growth – things like social media, the Internet of Things, and mobile engagement – they are hard to argue. For businesses with the proper solution in place, this data presents a wide range of challenges and new opportunities. It is time to make a choice – ride the big data wave or get swamped by it.

The article concludes with this:

Only time will tell which of these predictions will come to pass and which will merely pass into obscurity. But the important takeaway, I believe, is that big data is only going to get bigger, and those companies that ignore it will be left further and further behind.

We absolutely agree – what about you?