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The importance of data for business

Data is invaluable for business, whatever industry you’re in. HR uses it to find the best talent, marketing to find customers, sales to improve forecasts. Data ensures you’re able to make decisions based on facts, trends and statistics. So, what are the data trends we’re seeing in 2019?

AI

Artificial intelligence has been a hugely popular for a while now, and we see this set to continue. AI is being used to collect analytics through automated machine learning (AutoML), making it easier for business analysts and data scientists to do their jobs. 

Regulatory protection

GDPR, enforced last May, helps us to regulate data science practice by setting boundaries and limits on collection as well as management of personal data. Many more protocols and procedures to secure data are set to emerge throughout 2019.

Blockchain

Blockchains make tampering with data very difficult, giving it the potential to improve both security and traceability. While it’s been used for a while in banking, we can only predict that blockchain will continue having a big impact on data, increasingly in the charity, healthcare and agriculture sectors.

Predictive and prescriptive analytics

Predictive analytics uses past data to better understand customers and partners, and better identify risks to a company. Prescriptive analytics tries to see the effect of future decisions to adjust decisions before they are actually made, through a whole host of different ways, including simulation, analysis and machine learning. It could be really helpful for optimising scheduling, production and supply chain.

Digital ethics

Database security is always in the news, and thanks to huge data losses by big brands, like AOL and MySpace, it will continue to be a hot topic in 2019 and beyond.

Through the effective use of data - however seems most suitable for your organisation - you will be able to improve efficiency in your service and/or product, leading to a significant impact on your bottom line.

Read our related blog: Big Data in business strategy

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