Big Data and Social InnovationSeptember 24, 2017
The world is excited about big data. it is hard, to avoid the discussions on big data and the impact it has on the world around us. The excitement is warranted not only because of the impact that it has on our surroundings. Even without being consciously aware of it, we are reaping the benefits of big data in our daily lives.
As technology advances, the data size and the sources through which data is collected are growing and will continue to grow exponentially. There is a certain rise in complex data. each passing year, due to the technological advances in collection and storage of data and also the querying technology, one is seeing an increase in the usage of business analytics tools.
Now, this is logical, purely because, how is an organisation going to make sense of the humongous volume of structured and unstructured data. Unstructured data collected through a variety of sources adds up to about 85% of information that businesses store, irrespective of the type and size of the business. Big Data analytics assists in extracting value from this data and uses the insight innovatively to create a positive impact and assists the business to get competitive gain.
If you are thinking, my business is too small, or that Big data might not be of value to my industry now, think of it this way, ‘do you take quick and agile decisions to be at par with the competition?’ And if your answer is positive, then Big data analytics might help you gain a competitive edge in the way you conduct your business.
Travel and Hospitality use the advantages of big data to improve customer experience, big data allows these companies to collect data, apply analytics and identify problems almost in real time, so that time appropriate solutions can be applied.
Healthcare benefits from the data collected through patient records, insurance information and other various kinds of reports and data, that can help in getting key insights once analytics is applied. Insights from this data can help predict or offer an immediate resolution, based on historic information, trends can be identified in diagnosis.
Retail, Big Data analytics helps retailers meet customer demands, they can come up with effective promotional offers for the right target audience. Study their buying patterns, will help them reduce costs by managing inventory according to the demands. It positively impacts profitability.
Analytics widens your scope as an entity, giving you the option of doing things you never thought were possible, for example, it offers you timely insights, which help you in making better decisions, about fleeting opportunities, it also assists you in asking the right questions and supports you with extracting the right answers as well. With all the available insights, you are thus able to see new opportunities, manage and increase productivity, by putting your efforts in the right direction, and better utilizing your time and energy.
Looking at the advantages, most industries are hiring talent with big data expertize.
You can see all sectors are warming up to the benefits of big data analytics, whether you understand the impact or not, or if you want to embrace the technology or not, build a career in big data analytics or not. One thing is for sure, Big data analytics will fundamentally change the way business operate.