Big data will continue to shape many business sectors significantly, but will require efficient real-time analytic processing of constantly changing data from multiple sources, interpreting this data and providing predictive analysis to support real-time business decisions, says asset management company Mix Telematics Africa product and marketing director Grant Fraser.

Real-time insights provide multiple ways of improving efficiency, productivity and the overall performance of the business, irrespective of industry. Today’s highly digital environment is also more conducive to the provision of automatic, data-driven solutions for office and field workers using a variety of mobile platforms, he says.

A significant challenge is to sift through the sheer volume of the data at companies’ disposal. Fraser believes that one of the answers lies in integrated systems on cloud-based platforms that provide a consolidated view of companies’ data.

“Not only does this provide a more effective bird”s-eye view of the overall business but it also has the intrinsic benefit of allowing for business decisions to be made with the most relevant information easily accessible,” he says.

Further, the increasing use of wearable computing devices and fleet trackers will fundamentally change the way companies receive and view data, says business advisory multinational KPMG South Africa technology sector leader Frank Rizzo.

“Even though this trend will mostly be consumer-driven, we will see more technology used to detect if something is going wrong in a production process for real-time monitoring and made available over the cloud.

“That means CFOs anywhere in the world can follow their production lines and keep a finger on the pulse,” says Rizzo.

However, executives need to learn how to filter what is relevant, he avers.

“When describing the properties of data and analytics, KPMG has added data value and data veracity to the usual three Vs of data, namely volume, velocity and variety. “There is a lot of rubbish data around. As a decision-maker, you need to ask the right questions and be able to test the data,” he states.

The complexities of digital business systems necessitate the need for information and communication technology (ICT) skills, specifically data science skills, to manage and analyse the growth of data from the digital world, in addition to the data that businesses deal with daily, says business intelligence firm PBT Group CIO Juan Thomas.

Businesses realise that, if used correctly, data can add significant value to the bottom line, as well as improve profitability.

“However, in many cases, data is complex and disparate and, as a result, requires data science skills. “The skill set allows for raw data to be analysed and translated into a meaningful end result for the business – a result that then gets communicated in a way that is understood and can be used to make important changes.”

Thomas says that, as data is an important component of any business, more data scientist skills development needs to be done locally, whether through training or developing niche support ICT programmes.

South Africa needs to focus on building the skills needed to support the new digital economy in which businesses are operating. This year and beyond will require that businesses invest in the right skills development opportunities to harness data effectively, he concludes.