We live in exciting times, where tasks and gadgets that were recently considered science fiction have become an exciting reality. Technology is moving at an accelerated pace, and data is everywhere. As such, that data must be collected, interpreted, encrypted, protected, and more.
The field of data analytics has risen to fill this growing need, and it continues to grow. In fact, the demand for data analysts and scientists in industries ranging from academia to business is significant. Thus, more and more university students are choosing to pursue a degree in data science than ever before. Since 2010, more than 300 accredited data science programs have been added to higher learning institutions across the U.S. to help meet that demand.
In 2020, we can expect to see a number of trends in data analysis, as the field continues to further evolve. Pending regulations on how data is used are set to further alter data analytics into the future. The lines between ethics, security, and ownership as they pertain to data and personal information are becoming more clear in the wake of those regulations.
The State of Data Analytics in the 21st Century
Of the four major types of data analytics, predictive analytics tends to get the most press. That’s because it identifies patterns and trends and then offers suggestions to help fuel similar models. Where capitalism is concerned, predictive analytics holds the key to steady profit margins and future sales campaigns. But future events need to be taken into account when analyzing data, and prescriptive analytics may be a more desirable option in the wake of pending regulatory measures.
On a legal level, changes are looming on the horizon in the field of data analytics. The most notable change in 2020 is the California Consumer Privacy Act (CCPA), which is set to become law in the Golden State. The CCPA protects consumers by holding businesses accountable for the security of data they collect. It also aims to give consumers greater control over their personal information, including the right to choose the type of data collected and how it is shared.
Analysts are already predicting that more legal limitations, at both the state and federal level, will follow in the footsteps of the CCPA. For this reason, it’s crucial that businesses have a clear understanding of any pertinent regulations, now and into the future.
Encryption and Protection at the Business Level
When it comes to new laws, especially ones that surround emerging technology such as data analytics, there’s often plenty of wiggle room. That seems to be the case for the CCPA. A recent New York Times report indicates that many companies are interpreting the California privacy law differently, and have conflicting views regarding compliance.
Data scientists and security experts are scrambling for answers and looking for viable ways in which data collection and personal privacy can coexist. The threat of cyberattacks is a very real one among companies that conduct business online, so protective measures must be strong and virtually impenetrable. Companies that fall victim to a cyberattack on their data are prone to failure ” among small businesses, a full 60% permanently close in the six months following a cyberattack, primarily because their reputation was irrevocably damaged by the data breach.
Data scientists in every industry should be keenly aware of any vulnerabilities within their information collection and storage systems, software, and hardware. It should also be noted that human error is a common cause of data breaches, and all employees should have at least rudimentary training in data security. Further, background checks will likely become a requirement for all employees involved in data collection, processing, and interpretation.
But humans aren’t the only weak link within the realm of data security. Cloud services are notoriously vulnerable to hacking, yet they remain in widespread use across various industries. From Google to Amazon Web Services (AWS) and beyond, cloud storage is typically much more cost-effective than an on-premise build, but it comes at a price. As the 20s roar on, we’re likely to see a shift away from the cloud and a push towards cold storage solutions for older data. Analysts will need to stay on top of data storage trends in order to ensure that data in cold storage is just as secure as more contemporary information.
A Personalized Customer Experience
Of course, data storage is only a small part of the overall puzzle when it comes to data analytics. From music streaming to online appointment scheduling, personalized services are essentially expected by the modern consumer, and analytics is at the crux of that personalization. Data is so powerful that it can tell a story, and data visualization is set to become more relevant in 2020, further tailoring services to individuals and their unique needs.
And that individualized attention goes well beyond customized shopping suggestions and marketing emails. While customized data analytics continues to transform businesses, it’s no longer solely confined to marketing and sales applications. Data analytics is now being used in virtually every field imaginable, from blockchain to academia, fueling success at nearly every level.
For instance, data analytics has drastically altered the ways in which universities recruit new students and retain current ones. Analytical tools such as synchronized communication and customized degree planning typically result in actionable insights, fueling graduation rates. In 2020 and beyond, a growing number of higher learning institutions are predicted to hop on the data analytics bandwagon.
Final Thoughts
If current trends are any indication, the exciting field of data analytics will continue to evolve throughout the 21st century. From academia to data security, analytical tools will help streamline organizational models and fuel more efficient and accurate data collection. All things considered, the future of data analytics appears to be bright and fruitful.
