Big data is the new CRAZE. Reports suggest that investments in big data have surpassed $57 billion in 2017, and are expected to rise by 10% for the next three years.
Customers are happy – those who have applied advanced capabilities to predictive analytics, machine learning, customer analytics, customer profiles, inventory management and tracking, and more – as big data implementation across many verticals has resulted in measurable positive results.
Data is regarded as the “new oil” in the industry – though you can’t fill your car’s gas tank with binary digits, but yes, you can definitely think of driving an autonomous car with data. Self-driven cars are a reality now!
About 10 years ago, with the advent of big data hype, organizations, big and small joined the bandwagon involving data so as not to miss out the ‘next big thing’. The whole thing started with the ‘data land grab’ phase. Next came the delineation phase, in which industry started chalking out clearly big data boundaries and where it has to be applied. After this, we have moved into an efficiency phase – whereby we extract the maximum out of data by merging right expertise with the right technology.
Notwithstanding all the exciting stuffs surrounding big data, many challenges have even come out during the delineation phase and they still continue to cripple company functioning. So, here we will talk about the challenges faced and ways to tackle them…
Now, it’s the time for humongous volumes of unstructured data – companies have as a result shifted their focus from traditional big data storage solutions to more agile, cost-efficient open source strategies like Spark and Hadoop. Navigating through a turbulent sea of big data tools is another daunting task in itself, so here we will address the issue of Hadoop challenges only.
Though Hadoop has solved a multitude of data problems, yet its implementation and management is a difficult task, and ends up causing more problems than doing good. Also, scaling Hadoop on premise is a taxing procedure, involving a lot more investment in physical infrastructure – for this, many companies are turning towards cloud-based Hadoop solutions because they are agile and less complicated to use.
Cloud-based solutions help companies maneuver in a more agile manner, while enhancing their data needs. This acts as a robust solution to the issue of adding more on-prem infrastructure over time, but as it’s said, there’s no gain without pain – migrating data analytics to a purely cloud infrastructure has its own cons.
The biggest challenges associated with cloud network are related to reliability, performance, scalability and accessibility of data. Data security also remains a matter of concern – a handful number of recent high-profile data breaches have made us vulnerable, while showing on our face how less protected we are in the digital world.
Think beyond today! Companies need to make their headstrong big data solutions future proofed, because no one likes to do the same thing again and again in a time span of two-three years. If you are incorporating steady solutions today, make sure they stay in practice for the coming 5-10 years or so.
As we have mentioned earlier, Hadoop implementation and management is not as easy as it sounds, and gaining access to a deft pool of experts who understands the intricacies of Hadoop has become the need of the hour. This means, make sure you choose the right internal talent pool and work with uber talented experts.
Now, when it comes to ensuring data security over cloud infrastructure, make sure you think beyond the perimeter security, focus on identifying sensitive data, both structured and unstructured and then secure it in a Hadoop lake just the way it’s ingested. This will help you closely monitor cloud data sources and check violations right from the start.
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In 2018, companies have decided to invest $3.7 trillion on machine learning and digital transformation so as to embrace a promising return on that sizeable investment for professionals involved in managerial roles. Nevertheless, 31% of the companies using the potent tools of machine learning and data science are not yet tracking their ROI or are in no mood to do so in the near future.
But to be on the side, ROI is very crucial for any business success – if you fail to see the ROI you expect from data science implementation, look into bigger and complex processes at work – and adjust likewise.
Take cues from these 3 ways, explained below:
According to Gartner, by next year 90% of big companies would hire a Chief Data Officer, a promising role that was almost nonexistent a few years ago. Of late, the term C-Suite is gaining a lot of importance – but what does it mean? C-Suite basically gets its name from a series of titles of top level executives who job profile name starts with the letter C, like Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and Chief Information Officer. The recent addition of CDO to the C-Suite has been channelized to develop a holistic strategy towards managing data and unveil new trends and opportunities that the company has been attempted to tab for years.
The core responsibility of a CDO is to address a proper data management strategy and then decode it into simple, implementable steps for business operations. Its prime time to integrate data science into bigger processes of business, and soon company heads are realizing this fact and working towards it.
Before formulating any strategy, CDOs need to ensure the pool of professionals working with data have proper access to the desired data tools and support or not. One common problem that persists is that the data science work that takes place within an organization is done on silo, and therefore remains lost or underutilized. This needs to be worked out.
Also, besides giving special attention on transparency, data science software platforms are working towards standardizing data scientists’ efforts by limiting their resources for a given project, thereby ensuing cost savings. In this era of digitization, once you start managing your data science teams efficiently, half the battle is won then and there.
Implementing a sophisticated data science model into production process can be a challenging, lengthy and expensive process. Any kind of big, complicated project will take years to get completed but once they do, you expect to see the ROI you desire from data science but the journey might not be all doodle. It will have its own ups and downs, but if you stay committed and deploy the right tools of technology, better outcome is meant to happen.
In a nutshell, boosting of ROI is crucial for business success but the best way to trigger it would be by getting a bird’s eye view of your data science strategy, which will help in predicting success accurately and thus help taking ROI-supported decisions.
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On 10th January, 2018 Tableau 10.5 was launched!
Once you upgrade yourself to Tableau’s latest version, you will automatically get access to Hyper, Tableau’s new, licensed data engine technology. Hyper harbors the cutting edge technology to deliver up to 3x enhanced extract creation speed and up to 5x improved query performance.
Machine Learning has taken us all to the tipping point from where the entire ballgame of technology and the way we interact with the digital world has started changing and the surge is expected to continue over the next decade. Increasingly, the decisions of the future are going to be made by machines, and we can’t seem to be more excited!!
According to McKinsey reports, AI adoption in the tech sector is at its nascent stage, with few firms implementing it on a large scale. The companies that are yet to deploy it are still in two minds whether they should expect return on investments or not.
Nevertheless, skilled data scientists better be start speeding up the process of implementation of these emerging technologies if they want to stay right on edge ahead of their tailing rivals. Machine Learning is the new in-thing that must be embarked on RN.
And for that, here goes the following tips that will help you ride towards AI success:
Leverage data science and Machine Learning within an organization to trigger better optimization and smoother implementation. Imbed data science and machine learning into every department, like HR, marketing, sales and finance. Also, try pairing data scientists with software engineers to build agile models on machine learning, that’s the best way to scale across company operations better.
Today, data acts as the fuel for an organization. But it can also be treated as money, and diligent data consultants need to manage, protect and obsess over it. Data is powerful but in order to derive the best out of it, it needs to be played well in the hands of experts. And those hands are of data specialists who values data like money.
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No wonder, data scientists are individuals with an exceptionally high aptitude in math and statistics; they are skilled in evaluating insights in data. They don’t necessarily have to be software engineers who only know how to write algorithms and curate tech products. Data scientists are much more than that.
Companies often seek unicorn-like aspirants who are ninja software engineers, ace statisticians and master of industry domain, but the sad part is that they look for all these 3 character traits in a single job candidate, which needs to be changed.
If you are thinking of sharing your algorithms with any other person then the chances are high that they will see your data. But companies that are keen on protecting its data should refrain from such activities. Data for informatics companies is like a new currency – they need to be well-guarded and treasured for life!
AI is a blessing, for all you tech nerds and gizmo jerks. And accomplished data professionals should look for ways to promote AI and influence friends and co-workers to embrace this new king-some technology. After all, successful machine learning implementation may become the key to your company’s future growth, provided you treat it in the right manner.
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Recently, a veteran data analytics software provider, Periscope Data announced some brand new developments while updating their Unified Data Platform for Python, R programming and Structured Query Language. This new Unified Data Platform will enable data professionals to work in sync with 3 key skills all on a single platform. Far more better analysis will be conducted using less time by altering data in SQL, executing complex statistical analyses in Python or R, followed by improved visualization, collaboration and reporting of results – all performed on Periscope’s dynamic analytics platform.
A massive data explosion is taking place around the world around us. More than 90% of the world’s data has been created in the past two years, and the numbers are still on the rise. To this, new levels of sophistication needs to be added to analyze the complexity of data – “The addition of Python and R support to our Unified Data Platform gives our customers a unique combination of tools – from machine learning to natural language processing to predictive analytics, analysts will be able to answer new questions that have yet to be explored,” says Harry Glaser, co-founder and CEO of Periscope Data.
The inclusion of Python and R support in Periscope framework comes with ample benefits, and some of them are highlighted below:
Instead of relying on several data sources, Periscope Data prefers to combine data together collected from various databases to bring them to a single platform, where nothing but a single source of truth for data is established. The data collected is updated and in crisp format.
It’s time to leverage Python and R libraries and move beyond the conventional historical reporting for the sake of modeling predictions. With lead scoring and churning prediction, businesses are now in a better position to derive significant insights about a future of a company.
Seamlessly, users can switch between querying data in SQL and analyzing data in R or Python, all at the same time on a same platform. Data professionals will be able to modify their datasets, enhance the performance of their models and update visualizations from a single location.
The integration of R, Python and SQL by Periscope Data ensures the data professionals can run and share all sorts of models securely and in full compliance with all the norms, instead of seeking open source tools. Periscope Data is SOC2 and HIPAA compliant. It performs regular internal audits to check compliance requirements and safety issues.
As all the analysis takes place in a central location, be sure all your insights will be thoroughly consistent, secure and free of any version-control issues. Also, Periscope Data allows you and your team members the right to read and write access when required.
To develop powerful visualizations that reach one’s heart and mind, leverage Periscope’s resources to the optimum levels. Data teams allow users to easily visualize through R packages and Python libraries so as to nudge users to explore the better horizons of data.
To learn more about R programming or Python, opt for Python & Spark training by DexLab Analytics. R language certification in Delhi NCR empowers students and professionals to collaborate and derive better insights faster and efficiently.
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For smooth use of technology, businesses look forward to CIOs. But that’s so passé now. This position is now losing its relevance more and more, as other notable features like migration of business applications and storage on the cloud are enhancing their capabilities.
As such, a new business position: Chief Productivity Officer (CPO) is sprouting out – this job profile dictates all the services, while ensuring your organization meets every goal.
Continue reading “Why Your Business Needs a Chief Productivity Officer: 5 Reasons Explained”
Technology is omnipresent. And when it comes to imparting engineering education, technology is the meat and potatoes. Gone are the days of traditional teaching methods practiced within the walls of a classroom, following a set of particular curriculum. They have become a history. These days, technology-powered smart classes are in – they keep students enticed and hooked into learning. Laptops, smartphones and tablets have made gaining access to knowledge anywhere anytime downright easy. Not only that, access to education has enhanced versatility in the form of videos, audios and images that are available right at our fingertips through smartphones and tablets.
Technology is taking a new shape, each day. None other than ace modern engineers and scientists understands this better, and as a result, they try adopting innovative technologies for better, powerful future harnessing newer opportunities.
Continue reading “Technology is Bringing off the Best for Students, Here’s how”
Data is the most influential strategic asset for companies in a data-powered economy. Data is used to measure the ability of a business to perform notable tasks and operations, and draw significant insights through complex machine learning algorithms.
Gaining access to data is not a problem; but the real issue lies in having the right kind of data that helps companies remain on edge. A large number of them don’t even realize they are supplied with chunks and chunks of bad data, punched with wrong formatting, plenty of duplicates, having missing fields or irrelevant information.
Continue reading “5 Things to Consider While Using Data for Artificial Intelligence”