Big data has given businesses a window into valuable streams of information from customer purchasing habits to inventory status. However, internal data streams give only a limited picture, especially with the growth of digital business.
Three trends Gartner has identified describe information’s ability to transform business processes over the next few years.
Our predictions include:
No. 1: By 2020, information will be used to reinvent, digitalize or eliminate 80% of business processes and products from a decade earlier.
As the presence of the Internet of Things (IoT) — such as connected devices, sensors and smart machines — grows, the ability of things to generate new types of real-time information and to actively participate in an industry’s value stream will also grow.
Customers, employees and citizens will become engaged principally through digital means. With operational processes quickly becoming digitalized, traditional analog and manual processes will be automated, including both physical and human elements. Many, if not most, decisions will be algorithmic, based on automated judgment.
Essentially, things become agents for themselves, for people and for businesses. Think of the car that alerts emergency services and an insurance company or the smart thermostat that schedules service. The added connectivity, communications and intelligence of things will make many of them agents for services that are currently requested and delivered via human intervention.
No. 2: By 2017, more than 30% of enterprise access to broadly based big data will be via intermediary data broker services, serving context to business decisions.
Digital business demands real-time situation-awareness. This includes insights into what goes on both inside and outside the organization. How do weather patterns impact inventory? More so, how do this season’s customer preferences as expressed in social media suggest greater or lesser inventory?