Looking for a competitive edge, via data-driven decisions

DATA is invaluable to all companies, from budding startups to global enterprises. This growing commodity is triggering organisations to deploy business intelligence (BI) solutions that will elevate and accelerate data-driven decisions. Successful organisations are prioritising a modern BI approach and, in turn, priming their workforce to be the most analytically savvy generation ever. For a competitive edge in 2018, organisations must recognise the strategies, technologies, and business roles that can enhance their approach to BI.

Here are some of the most critical trends to bear in mind in the new year, and even beyond.

DON'T FEAR AI: HOW MACHINE LEARNING WILL ENHANCE THE ANALYST

Popular culture is fuelling a dystopian view surrounding artificial intelligence (AI). But while research and technology continue to improve, machine learning is rapidly becoming a valuable supplement for the analyst. Many of these advancements enhance our data skills by automating manual and labour-intensive tasks, and enabling more time for higher level thinking, creativity and collaboration. Machine learning's potential to aid an analyst is undeniable and should be embraced in 2018.

THE PROMISE OF NATURAL LANGUAGE PROCESSING (NLP)

Gartner predicts that by 2020, 50 per cent of analytical queries will be generated via search, NLP, or voice. NLP - the ability of a computer program to understand human language - will empower business owners to ask more nuanced questions of data and receive relevant answers that lead to better insights and decisions. At the same time, developers and engineers will make greater strides in exploring how people use NLP by examining how people ask questions. The biggest analytic gains will come from tackling this ambiguity and understanding the diverse workflows that NLP augments. The opportunity will arise not from placing NLP in every situation, but making it available in the right workflow so it becomes second nature to those using it.

THE FUTURE OF DATA GOVERNANCE IS CROWDSOURCED

It's an understatement to say self-service analytics has disrupted BI - and the same disruption is happening with governance. As self-service analytics expands, a funnel of valuable perspectives and information inspires new and innovative ways to implement governance. Governance is as much about using the wisdom of the crowd to get the right data to the right person as it is locking down data from the wrong person. BI and analytics strategies will embrace the governance model in 2018: IT departments and data engineers will curate and prepare trusted data sources, and with self-service going mainstream, end-users will be free to explore trusted, secure data.

THE MULTI-CLOUD DEBATE RAGES ON

According to Gartner, "a multi-cloud strategy will become the common strategy for 70 per cent of enterprises by 2019". As enterprises grow increasingly wary about being tied to a single legacy solution, evaluating and implementing a multi-cloud environment can determine who provides the best performance and support for each situation. While flexibility is a plus, this approach increases overhead costs by splitting workloads across providers and forcing internal developers to learn multiple platforms. With multi-cloud adoption on the rise, organisations must assess their strategy and measure adoption, internal usage, workload demands and implementation costs for each platform.

RISE OF THE CHIEF DATA OFFICER

Data and analytics are becoming core to every organisation. But in some cases, a gap forms between a chief information officer (CIO) and the business while battling security and governance versus speed to insight. With that, the C-Suite is becoming more accountable for creating a culture of analytics. For many, the answer is appointing a chief data officer (CDO) or a chief analytics officer (CAO) to lead process change, overcome cultural barriers, and communicate the value of analytics at all levels. As evidenced by the Monetary Authority of Singapore's addition of a CDO to head its new Data Analytics Group, this outcome-focused role has emerged as a strategic appointment in fintech but stands to gain popularity across Singapore's public and private sectors.

LOCATION OF THINGS WILL DRIVE IOT INNOVATION

As a subcategory of IoT (Internet of Things), the "location of things" covers devices that sense and communicate their geographic position. Capturing this data allows users to consider the added context of a device's location when assessing activity and usage patterns. This technology can be used to track assets, people and even interact with mobile devices like smart watches or badges to provide more personalised experiences. As it relates to data analysis, location-based insights can be viewed as an input versus an output of results. If the data is available, analysts can incorporate this information to better understand what is happening, where it is happening, and what they should expect to happen.

VULNERABILITY LEADS TO A RISE IN DATA INSURANCE

According to a recent report by the Cyber Security Agency of Singapore (CSA), cyber crimes in Singapore have increased nearly twofold since 2014, rising from 7.9 per cent to 13.7 per cent of all crimes. For many companies, data is a critical business asset and, as we have seen with recent and prominent data breaches, a threat to a company's data can be crippling. Data as a commodity means its value will only increase, and ultimately, drive new questions and conversations around how this raw material will propel companies to greater heights. And like any product, what good is it if it can be pilfered without consequence? Look for companies to wisely invest in cybersecurity insurance to make sure this asset is protected.

INCREASED PROMINENCE OF THE DATA ENGINEER ROLE

Data engineers are an integral part of the movement to use data for making better business decisions and the demand for data-skilled workers to fill these roles is on the rise. There are currently thousands of open "data engineer" positions on LinkedIn, indicating the growing demand in this area. Data engineers are responsible for extracting data from the foundational systems of the business in a way that can be used and leveraged to make insights and decisions. As the rate of data and storage capacity increases, someone with deep technical knowledge of the systems, architecture, and the ability to understand what the business wants and needs becomes more crucial.

HUMAN IMPACT OF LIBERAL ARTS IN THE ANALYTICS INDUSTRY

With technology platforms becoming easier to use, the focus on tech specialties decreases. You will no longer need deep technical skills to play with data. This is where people with broader skills, including the liberal arts, come into the fold. They can drive impact where industries and organisations have a data worker shortage. An increased focus and prioritisation of data analytics will also put these data stewards in the position of helping their companies gain a competitive advantage. And, as analytics evolves to capture both art and science, the focus will shift from simply delivering the data to crafting data-driven stories that influence decisions.

EDUCATORS DOUBLE DOWN ON DATA SCIENCE AND ANALYTICS PROGRAMS

A 2017 survey of technology leaders reiterated the importance of a data-savvy workforce: 51 per cent of the respondents in the Asia-Pacific cited big data/analytics skills as the most in demand. Already, many teachers and trainers in Singapore are actively working towards building a nation of "data warriors" to future proof the workforce.

For example, Nanyang Polytechnic (NYP) has zeroed in on data analytics and visualisation skills, offering modules to their full-time students and night classes to mid-career professionals. The data visualisation module at NYP emphasises critical thinking for students and focuses on their abilities to leverage data to solve real, community-wide problems for Singapore. Throughout 2018, educators will need to ensure data-related training is part of the regular curriculum, so that young workers can develop the skills needed to maintain Singapore's competitiveness.