Last month, Daasity sponsored and attended the Looker JOIN conference, one of the premiere events of the year for data enthusiasts worldwide. Tech based conferences are as fun as they sound, really. Not only do we get to spend 3 days with hundreds of like-minded folks, learn newer and better ways to use a software tool we love, there’s also a lot of data talk from some of the smartest and most passionate folks industry-wide.
Looker’s Chief Product Officer opened one of the keynote speeches with a simple message: “THE DATA NERDS HAVE WON!”. Cue applause. What he said afterwards was something many can relate to. To paraphrase, the time has come where debating data’s importance is a thing of the past; data IS important and everyone knows that. Hiring an analyst is no longer a debate on if that is truly necessary, it’s “how many do we need?”. Positions that used to rely on gut instinct, “the way it’s always been done” or even creative process and production now are embracing the use of data to help guide or determine outcomes.
Below are some of the 2020 trends in data we found interesting from the 2019 JOIN Conference.
1.Shift to cloud means more fragmented data
Everyone is shifting to the cloud; even industries like healthcare. Over the next few years, $500 billion will be spent in cloud infrastructure! Since shifting everything to the cloud is so easy to do, data has become MORE fragmented. There are so many cloud SaaS applications to choose from that do one or many things. The average enterprise has 1100 SaaS applications deployed; Looker itself has 200! Combining all this data from numerous applications is now a requirement as databases are getting bigger and faster, but combining that data is not as easy as it sounds. This exact problem is the genesis of Daasity for ecommerce and direct-to-consumer brands. We saw this problem occurring and have been building out more and more integrations to service this pervasive problem that prevents business users from truly seeing the full picture of their business due to data fragmentation.
2. Data is growing exponentially
According to IBM, 90% of data has been created in the past 2 years. We are increasing our data 10 times every 2 years. That means in 6 years our data will be 1,000 times what it is now! It’s hard to comprehend that type of velocity, but that is where we have been and database performance needs to be increasingly improved to keep up.
3. Traditional Business Intelligence (BI) is fading away
When it comes to data, business intelligence is a common adjacency. But the BI market is actually shrinking because traditional BI platforms aren’t used in the cloud. The average age of traditional BI tools is 28 years old. The BI tool your company may be using is a millennial. Think about that for a minute and how much has changed in technology in 20+ years. Because of how these legacy platforms are built, they have not been able to keep up with cloud expansion and processing.
4. People want more data
Users are discovering new ways to use data. As people understand data more, they want more options, more ways to use it, to help drive the business. With technology evolving at such a rapid pace, and infrastructure is easier than ever before to implement, it’s significantly easier to empower employees with the data they need for something specific. But, the requests and needs appear to be increasing at an even more rapid pace. The cloud may be an accessible place to store data, but when it comes to leveraging the data, it is tough jumping from one SaaS platform to another to analyze results. With so many data sources, it becomes difficult to know which data source or sources is the source of truth. We’re back to data fragmentation being a challenge that will continue to accelerate.
5. Data is a product
Regardless of the industry or company, data is big enough and important enough that it deserves to be treated and managed as a product. With so many data sources, uses and different teams that need it, data infrastructure must be thoughtfully designed and flexible. Doing this early will save time and re-work down the road as a company—and its use of data—grows.
6. Data is not just backwards looking anymore
Data was traditionally viewed as a way to understand the past, in order to make more informed future decisions. That hasn’t changed, but with the acceleration of AI and machine learning, predictive capabilities are becoming increasingly available. Now your past data can not only help guide you to the answer, but give you a pretty darn accurate answer. This trend will continue to grow at a rapid pace and be utilized in new and interesting ways.
All of these topics resonated for us at Daasity. This is an exciting time to be involved in this industry. We’re actively working on predictive tools that will launch in 2020. We love helping brands solve the analytics issues they face and make wading through their data easier so that they can focus on strategy and execution rather than drowning in disparate platforms and spreadsheets.
If you’re a direct-to-consumer brand struggling with data fragmentation, we can help. Contact us for a demo!
Daasity is transforming the way companies access and use their data. It is the first and only company to design a proprietary platform specifically for the direct-to-consumer industry that makes business-critical data accessible and usable for strategic decision-making. The company’s mission is to make business-critical data accessible for all DTC brands. Visit www.Daasity.com or LinkedIn.