Big data will play a major role in shaping the future of businesses. The two major areas that are going to undergo significant changes are as follows:
(i) Previously, once data had been used, it used to be deleted. But now, as predictive analytics makes use of historical data, so data needs to be stored for an indeterminate period of time. This is against the current laws and thus requires amendment. In future, well-defined laws about collection, distribution and storage of data are going to be the key to success for businesses using Big Data.
(ii) With technological advancement, data is being collected at a faster rate than before. Also new and improved technology is being used to sort it. In future, frameworks will need to be robust in nature and analytical processes should be improved in terms of speed and accuracy. Read more at: https://channels.theinnovationenterprise.com/articles/big-data-and-the-future-of-business