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27

Apr

Five ways data will change your business in 2018

Whether you’re a sole trader, a mid-size business or a global enterprise, data is playing an ever increasing role in the way in which you run your business and interact with your customers.

As well as increasing in volume and velocity all the time, the way in which we interpret and use data is also changing rapidly – at an astonishing pace.  This year, we see five trends with regards to big data:

Businesses will step up their data security

2018 is set to be a big year for data regulation and security.

The new European General Data Protection Regulation (GDPR), cited as “the most important change in privacy data regulation in 20 years” will come into force on the 25th of May this year. This new regulation will dramatically harmonise data privacy laws across Europe, so as to protect and empower all EU citizens in terms of their data privacy and control over their personal information. Under the new regulations, penalties for disclosing or breaching data privacy are considerable, and the onus is on organisations to ensure data is as protected as possible.

Here in Australia, the Notifiable Data Breaches Scheme has also just come into force. Under this scheme, organisations have an obligation to notify affected individuals if a data breach occurs that is likely to result in harm to any people who are involved.

Given these new regulations, organisations are now being forced to invest in greater data security – and more secure data analytics solution - to protect both their customers, and their reputations.

Predictive analytics will take centre stage

With AI and machine learning now playing such an important role in data, businesses are needing to step up the way in which they capture and analyse data, investing in new solutions that enable more automated and predictive analysis.

In an article on how data science and analytics will impact businesses, for instance, Gartner references an example from Zurich Insurance, which recently reduced the inefficiencies around handling injury claims by using an artificial intelligence (AI) solution to fully automate injury report assessments. Zurich Insurance leveraged AI to fully automate the medical report evaluation so that human agents could focus on value-added activities such as negotiating with the counterparty. The time to assess a medical report was cut from one hour to just a few seconds, saving the business US$5 million per year.

No more unused data

According to the Smart Data Collective, one of the key trends for 2018 is that unused (or “dark data”) will dwindle. This is thanks to artificial intelligence and machine learning systems, which can process and analyse all collected data, thus eliminating the “dark” moniker.

More organisations and more assets will move to the cloud

To truly embrace big data, the cloud is becoming increasingly essential. With cloud-based assets, organisations can effectively and easily analyse data across channels and in all different kinds of sources – from anywhere.  

“AI and machine learning are dependent on the cloud. You cannot have them without it. They both utilize cloud storage and cloud computing platforms to collect, organize and process data. As more companies make the leap to modern automation and AI systems, they will also be adopting the cloud, if they haven’t already,” says the Smart Data Collective.

Data exploration will become more valuable

Thanks to the sheer scale of the data we now have at hand, its potential to deliver insights and uncover meaningful trends seems somewhat limitless.

According to Gartner, this has facilitated the need for data scientists or analysts to make ““big data expeditions” where there is no clear objective other than to explore the data for previously undiscovered value”.

Garter references an example from a Japanese maritime services provider, where data scientists realised that when providing their traditional services for ship classification, they were collecting a valuable store of data that had great potential in other areas. Applying the right analysis to this data meant that ship operators could reduce equipment failures and lifetime maintenance costs by 10%. This allowed the organisation to quickly increase its market share by 20% when offering this value-added service to customers.

Want to learn more?

If you want to find out more about Empired’s Member Analytics solution and how we can help, download Customer and Memeber Analytics resources now, or get in touch with us.

Posted by: Dan Smith, Practice Lead, Data Insights | 27 April 2018

Tags: Data Analytics, Data Insights, Customer and Member Analytics, Business Insights


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