Social generates more business-relevant data than companies. Today, most organizations ignore it — but in 2014 this is about to change.
Data from social networks and the web will be as important as data generated inside the company, according to Inhi Suh, IBM’s VP of Big-Data, Integration and Governance. In a series of predictions for 2014, IBM sees organizations using more data from outside the organization as compared to data captured in transactions and other interactions within the company.
Social data is booming and enables organizations to learn more about their customers as well as previously unseen market trends. The challenge, however, is that unlike data that is captured within the organization, social data is unstructured and therefore harder to work with in order to produce insights. Nevertheless, as most data now resides in the social sphere, organizations will no longer be able to ignore social data and will have to incorporate it into their decision-making.
More automated decision-making
According to InformationWeek, IBM forecasts that in 2014 companies are going to apply analytics rigorously in key business operations. Analytics will drive decision-making in a lot of areas where decisions used to be made by employees.
This is already happening in Marketing, where many creative decisions that were once in the domain of copy editors or designers are now being determined by analysts. Furthermore, market segmentation or discovering Total Available Market (TAM) is now a quantitative exercise.
Bigger investment in big data
Companies in the modern age compete on big data. As companies understand the value of big data analytics and can quantify the value that it brings, their willingness to invest is going to increase. IBM predicts that in 2014, an increase in budgets for systems and services that enable the processing of transactional and social data will be seen. Much of the investment according to Suh is going to be in new predictive capabilities, recommendations and “cognitive abilities” of big data platforms.
More insights, less analysts
As big data analytics become more mature, IBM predicts that new applications will be able to produce more insights using less data scientists. Even today, the increasing demand for highly trained, highly paid, data scientists is holding back companies’ expansion in big data.
In 2014, IBM sees “new ecosystem” of companies and start-ups helping companies process and solve complex questions. These algorithms will learn from “experience” and require less handling from analysts.
Chief Data Officers
The increase in budget and prominence will introduce a new role in management in 2014, according to IBM. The Chief Data Officer will be responsible for advocating, planning and executing the data strategy of the organization. According to InformationWeek, Gartner learned that more than 100 Chief Information Officers already serve in large enterprises in 2013.
2014 is going to be a big year for big data. At Mintigo, we share the vision from IBM to harness the power of social and online data to create more powerful and targeted marketing. The intersection between big data, predictive analytics and online data is truly a huge revolution.