“Without bid data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” – Georffrey Moore, author & consultant
90% of data in the world today has been collected in the past three years, and the amount we are going to produce, until the earth implodes in on itself through sheer weight of data, is absolutely colossal. This data blitzkrieg has paved the way for analytics to step up and be at the front line on this quest to decipher, analyse, visualise and predict what to do with it, effectively and efficiently.
However, analytics is not a primal force, it’s been quietly arming and preparing itself for over half a century:
- Analytics 1.0 – Quantitative analysts in the 1950’s, were wading through piles of basic intelligence and performance indicators, in order to assess past performance and offer basic insight for their institutions moving forward. They were segregated from colleagues and decision makers in dark dusty back rooms, theoretically creating models which are fundamental today.
- Analytics 2.0 – Technological advancement in the mid-2000’s gave birth to the big data boom of 2010. New generation quantitative analysts called ‘data scientists’ moved from their back room hideouts, armed with tools like Hadoop in hand, to quickly process very large and unstructured data, often externally sourced. Visual analytics, a form of descriptive analytics, was being used to not only inform internal decisions, but also develop customer facing products and processes.
- Analytics 3.0 – Blending its predecessors together, organisations combined quantitative analysts, who excel at modelling, and the data extracting and structuring experts, data scientists, to work in tandem. Utilising data of all sizes from both internal and external sources they yield insight and offerings with speed and impact for both predictive and prescriptive models, which are now embedded in operational and decision processes. Faster technologies such as in-database and in-memory analytics are being coupled with “agile” analytical methods and machine learning techniques which produce insights in a flash.
Through combining Analytics 1.0 & 2.0 together, Analytics 3.0 has been born into the world. It is absolutely vital for any organisation, big or small and from any industry and sector to embrace and utilise analytics in order to survive and prosper in this competitive world. The market forecast for Big Data worldwide, is expected to hit £32.2bn by 2017, up from £4.4bn in 2011 and in the UK alone, 346,000 new data analytics jobs are forecasted to be created by 2020.
Data has become embedded into virtually every aspect of our lives; it is helping shape the world and will continue to do so with analytics its heartbeat.