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Data Analytics is being increasingly leveraged by startups, SMEs, and large organizations to reduce costs, improve customer experience, optimize existing processes and achieve better-targeted marketing. In addition to these, many companies are showing interest in Big Data due to its ability to improve data security. So, how is Big Data evolving with the likes of new technological innovations like AI/ML, Blockchain, IoT in the fray?
In recent years, there have been a number of technological advances that have revolutionized the way businesses around the world operate, including machine learning, artificial intelligence, robotics, and automation, among others. Data analysis is rapidly evolving with AI, upping human abilities at both the personal and professional levels, as well as assisting businesses to gain a better understanding of the data they collect. The business landscape has changed dramatically since COVID-19, rendering historical data somewhat obsolete. The market now has a vast array of new scalable and clever AI and machine learning techniques capable of dealing with small data sets, unlike traditional AI techniques.
Data democratization aims to empower all members of an organization, regardless of technical expertise, to interact comfortably with data and to discuss it confidently, ultimately leading to better decisions and customer experiences. Today, companies are embracing data analytics as a core element of any new project and a key business driver. With data democratization, non-technical users can gather and analyze data without the assistance of data stewards, system administrators, or IT staff.
With the continued evolution of the digital world, startups, SMEs, and large organizations are increasingly using data analytics to enhance customer experience, reduce costs, optimize existing processes, and reach a wider audience. Apart from these, big data is attracting a good deal of interest from many companies due to its ability to enhance the security of critical information. More and more data analytics trends are likely to emerge and flourish in the years 2023, and beyond, as we move forward with the development of artificial intelligence.
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