|Big data and analytics will be a lucrative field in the coming years. Netflix is a clear winner in this field, saving $1 billion a year retaining customers by sifting through volumes of customer data / Photo by: everythingpossible via 123RF|
Today, big data and analytics (BDA) is an essential aspect of both public and private enterprises, according to Nestor Gilbert of Finances Online, a review platform of B2B and SaaS. Owing to the rapid evolution of cloud software, companies can track and analyze large amounts of data in real-time, allowing people to make decisions and other adjustments to their business.
Big data and analytics will be a lucrative field in the coming years. Netflix is a clear winner in this field, saving $1 billion a year retaining customers by sifting through volumes of customer data. However, losses are more pronounced in other fields. For instance, poor data quality will set back the US economy $3.1 trillion a year. This is confounded with 91% of firms that think they are wasting revenue due to poor data quality.
Given such a scenario, let us see the big picture by looking at some of the trends that will impact big data in 2020 and perhaps, even beyond.
Digital Transformation: Working With IoT, AI, and Machine Learning
Digital transformation is considered as the global currency that drives technological advances in the world. This leaves a trail of massive amounts of data that are unheard of in the history of humankind. Data is said to grow as we expect to see IaaS (Infrastructure as a Service) providers develop data centers to accommodate volumes of data.
This transformation goes along with the combined powers of IoT, AI, and machine learning. We can see where big data originates considering that the number of connected IoT devices will reach 75 billion by 2025 from a mere 26.7 million today. Machine learning and AI tools will rein in big data originating from massive data centers. AI tools and machine learning will uncover hidden relationships as well as store and draw insights that enable humans to understand trends or patterns.
It sounds great, but companies have a long way to go before they optimize their data stored in their data servers. Since organizations are losing trillions every year, it is up to them on how they will address this issue.
Big Data vs. Climate Change
Data might help us come up with insights about what’s going on with the planet’s climate. None of it will be genuine without the presence of cold data, particularly data that do not contain human bias from either side of the climate change debate.
Businesses should worry about climate change. The agriculture sector would be the most affected if local temperatures drop. Furthermore, climate change will impact the health of the world’s populations. What this entails to businesses is something too deep to reflect about. Overall, big data will help establish the truth about climate change, which will originate from various research facilities all over the globe.
|Data might help us come up with insights about what’s going on with the planet’s climate. None of it will be genuine without the presence of cold data, particularly data that do not contain human bias from either side of the climate change debate / Photo by: avtg via 123RF|
New Areas of Growth
Analytics in the form of business intelligence solutions has been helping corporations for quite some time. However, a new and improved version of this software should enable new and old customers alike to reach greater heights. As of 2019, the top four benefits of data analytics are faster innovation cycles (25%), improved business efficiencies (17%), more effective R&D (13%), and product/service (12%), as found by insight and strategic resources platform Chicago Analytics Group
The latest big data trend encourages enterprises to integrate data in advertising, supply chain management, support, social media management, and the like. Data can originate from landing page behavioral patterns, customer transactions, location, video feeds from multiple store branches, customer surveys, and more. Even so, the next generation of analytics tools should enable businesses to analyze and produce insights from data in real-time.
Companies plan to monetize their data through the provision of digital platforms (38%), analysis results (26%), and data via benchmarking (25%), according to a survey conducted by consulting firm BARC in April 2019. Besides, retailers are already cognizant of the increased margins (60%) with current analytics methodologies. If used in tandem with the abovementioned capabilities and location-aware and location-based services, we can expect to see the said figure skyrocket.
Slashing Travel Time
Autonomous driving will take some time before they become ubiquitous. However, big data processed from call data records (CDRs) from mobile data users to optimize travel routes can become a big trend in the worst traffic-hit cities in the world. If city officials are equipped with the right data-analytics tools, it could shed light on “trip generation and commuter transportation management.” If locations are tracked and origins and target destinations are matched, it could grant commuters an opportunity to estimate their travel times better.
Powerful algorithms should have no problems in “crunching the numbers” as the figures can be used to monitor city traffic in real-time while determining congested routes and suggesting alternate routes to commuters or drivers. The US, the UK, and Germany lost a staggering $461 billion in 2017 due to traffic, which was equivalent to $975 per individual. This can rise to $2.8 trillion in the US by 2030. But we must remember that placing technology at the heart of the solution and having better urban planning and traffic management are a key to slashing travel time.
Big data and analytics will continue to have a significant impact on our lives. But that doesn’t mean we should relax. As drivers of growth, we should leverage data and other existing technologies to make the world an even better place.
|If city officials are equipped with the right data-analytics tools, it could shed light on “trip generation and commuter transportation management.” If locations are tracked and origins and target destinations are matched, it could grant commuters an opportunity to estimate their travel times better / Photo by: mavoimage via 123RF|