Running a successful business requires a lot of analysis and intelligence to track the recent and upcoming trends. Business Intelligence enables to develop products and solutions that can benefit existing plus potential customers. As we already said, data is everywhere, from our smartphone to PC, we are generating some kind of data, that can be used wisely to enhance our shopping experience to our daily life.
We talked about top 3 business intelligence trends earlier and today we talk about the next 3 data-driven trends…
Chief Data Officer
You have data, but it can’t be helpful for you unless you find out the perspective out of those. Analytical assessment can lead you towards success and we have seen data analytics becoming core to every organization. However, in some cases, gaps forms between the business and CIO, battling about security and governance versus speed to insight.
Here a Chief Data Officer (CDO) or Chief Analytics Officer (CAO) is the right choice to lead the business process change, communicate the benefits of analytics and overcome the cultural barriers. They can help in outcome-focused conversations between C-levels to define and develop an analytics strategy.
When data has become new fuel, vulnerabilities would follow this leading potential data breach. According to a study by IBM and the Ponemon Institute in 2017, the average cost of a data breach incurred by Indian companies reached INR 110 million.
Data is a critical business asset for every organization, and the value of this commodity will only increase. Then the million dollar question is, how to protect our data to avoid a potential data breach. Companies can wisely decide to invest in cybersecurity insurance to ensure their data protection.
Now the new engineers will work around data to provide better insights to make better decisions. We are seeing the huge demand for “data engineers” that also indicates the future of growing and continued demand. These people would evaluate the data of the business in a way that can be used and leveraged to make insights and decisions. With the deeper learning and analytical assessment, they would be able to predict the business trends so that the organization can make quick decisions to expand their business.