By: Kevin Faber
Disruptive database technologies have mandated retailers to innovate to keep up with market trends and competition. While this may seem costly, it’s the only way businesses can stay relevant. Project managers are expecting a higher return and lower costs on technology projects.
However, every company needs real-time data to thrive in this race of enhanced user experience. It’s costly to invest your efforts and time in a single monolithic system. However, you can incorporate systems that allow your business to scale up and manage the database infrastructure. Technological trends are fluid and can occur at any time. Thus, it’s essential to keep up with data trends and understand their implications. Below are three trends that might shape up the future of database technology.
Alternative Database Models
Over time, database expectations have stretched beyond relational models to include non-relational database technology. Over the past few years, alternative database technologies such as Hadoop and NoSQL have surfaced. Data scientists expect the leading cloud database platforms to address the broader range of workloads and provide capabilities that these alternative database models have enabled. General-purpose databases can now support multiple data models, extend capabilities such as spatial and graph, and support data virtualization, distributed storage, and in-memory storage. Users are looking for databases that can support a broader range of functions and workloads. The leading data platforms are making significant strides towards stream processing and creating secondary functionality for other data models. The question of what is stream processing continues to linger in the minds of many project managers.
Demand for real-time analytics on transactional data is already on the rise. Companies are adopting hybrid transactional analytic database systems to make it easier to transact using a simplified technology architecture. The wave is driven by the increased demand to adapt operations that incorporate real-time data analysis. It could be real-time fraud detection, targeting, or recommendations. In fact, industry analysts are recognizing this trend, and expect it to make a significant impact in the future. Interestingly, hybrid transactional databases come with an in-memory, which provides the added benefit of architectural simplicity. It’s easier to maintain a database system without data transfer or sharing.
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Evolution of Information Management
Soon, information management will evolve to facilitate orchestrating and managing of disparate data sources. Today’s companies have access to massive data pools, and to this point, it’s nearly impossible to capitalize on the massive pools of data. In fact, the emergence of additional data sources such as the Internet of Things has created more problems. However, the major challenge is that the reality of disparate data sources has constrained this data. New data regulations such as GDPR are further fueling this trend. Data scientists have developed a modern data architecture that makes it easier for data professionals and LoB users to create, orchestrate, and manage data flow pipelines and manage data sources. Previously, it was difficult for companies to address this challenge as it required them to combine piecemeal commercial products with a built-in data management approach. However, data scientists are making strides towards developing new solutions to tap into this opportunity. Hybrid transactional databases are no longer optional, but an absolute necessity.
Over the next few years, data scientists will develop databases that will make it easier to utilize all data in real-time. That will fuel the need for data analysts to come up with more intricate computations and forecasts. Consequently, the need for future database platforms will spark the emergence of new data technologies. More and more companies will use real-time data to make critical business decisions. That will pave the way for more innovations and allow for accurate decision-making and forecasts. Furthermore, advanced database technologies have given rise to new statistical paradigms that are enabling modern businesses to manage their social interaction platforms, e-commerce portals, and media portals. Regardless of how the business environment evolves, statisticians and data analysts will be instrumental in unlocking the endless possibilities of analytics and market insights.
By Kevin Faber
About the author
Kevin Faber is the CEO of Silver Summit Capital. He graduated from UC Davis with a B.A. in Business/Managerial Economics. In his free time, Kevin is usually watching basketball or kicking back and reading a good book.
Follow him on Twitter: @faber28kevin