"Data is the foundation of digital business. Every touch point, every click, every digital exhaust is relevant insight." – R. “Ray” Wang, Constellation Research Founder and Principal Analyst
The volume, velocity, and variety of data are growing at a meteoric pace. The IDC predicts that by 2020, the total amount of digital data created worldwide will equal 44 zettabytes. But by 2025, that will rise to 180 zettabytes. This not only begs the question “how will we manage it all?” but also “how can we make the most of it?”
In 8 Enterprise Analytics Trends to Watch in 2018, Constellation Research Founder and Principal Analyst Ray Wang predicts that one of the biggest opportunities for monetizing analytics in this age of Digital Darwinism will arise from the development of insights streams.
“Digital disruption is more than just a technology shift; it’s about transforming business models and changing how people engage with each other,” says Wang. This transformation often requires insights derived from obvious sources such as customer satisfaction and product quality data, but Wang says don’t forget insights from less obvious sources such as foot traffic on a sidewalk, power consumption and parking lot density. “These sources may seem mundane or perhaps useless, but large insight brokers will begin taking this data to drive contextually relevant information” – and with the right insight streams, some organizations will more quickly discover and deliver on market and business differentiation.
“Roughly 60% of mission-critical data resides outside your business,” advises Wang. “Organizations need to learn how to use this data to deliver insights in batch, near real-time, real-time, and predictive streams going forward. Start focusing on getting your data house in order. Build a foundation to support strong governance, data prep, streaming, and agility.
“If 20% of your revenue is not an insight stream by 2020,” says Wang, “you won’t have a digital business model.”
Ready to read more from Ray Wang about transforming business models or get his insights on another top trend, ambient orchestration? Read Ray’s advice, along with that from Forrester VP and Principal Analyst Boris Evelson, Ventana Research SVP David Menninger, Impact Analytix Founder Jen Underwood and more. Download the eBook 8 Enterprise Analytics Trends to Watch in 2018.