Align your business to be a Data Driven Business
Who control data will now control and dominate the business
By 2020 every organization will be align to real business competition between whose the best products and services. To be on top it's a must to be part of the trend and align your business to technology. What would you do if you can predict the outcome of every decision you make. New innovations make big data applicable for improving internal processes, making systems more efficient, and understanding your environment within the marketplace.
Big data statistics:
- The big data analytics market is set to reach $103 billion by 2023
- This year, the big data market is expected to grow by 20%
- By 2020, every person will generate 1.7 megabytes in just a second
- Internet users generate about 2.5 Quintilian bytes of data each day
- 97.2% of organizations are investing in big data and AI
- Using big data, Netflix saves $1 billion per year on customer retention
- Job listings for data science and analytics will reach around 2.7 million by 2020.
Big data can sound remote and lacking a human dimension, with few obvious links to development and impacting the lives of the poor. The term 'big data' will quietly go away from the world of Information Technology. Though its something which has a broad meaning, but by itself, it is actually meaningless. Like IT, big data is a term which includes a lot in the minds of people to really have an exact meaning beyond saying to people who know just a little to explain that 'I work in big data'. Many of IT or businesses today know's what is Big Data but fewer of them knows how to harness the value from it.
A few years ago, big data was a brand new frontier for businesses, and few could afford to leverage the technology on a large scale. Today, it’s much more accessible for companies of all sizes, and the field of big data has begun to mature. New innovations, like machine learning (ML), artificial intelligence (AI) and the Internet of Things (IoT) are emerging to once again set executives abuzz with visions of competitive excellence. Savvy business leaders can use these new innovations to their competitive advantage if they stay on the cutting edge of what big data can do.
By 2020, there will be around 40 trillion gigabytes of data (40 zettabytes) -EMC
There are a great number of elements which are categorized under big data from machine learning and data collection, to analytics and data security, none of which really have to anything to do with each other, but are still categorized as 'big data'. Even you will find that groups who do not have any kind of relation with big data are also being aware of these zone. The reasons behind this are the hacks, robotics, self-driving cars, and myriad other data-driven technologies From this we can clearly evaluate the use of term big data is not going to be out anytime soon. Being able to pivot quickly is essential in today’s fast-paced business environment. Historically, big data is about collecting vast amounts of information in the hope of finding some way to glean insight on trends, predictions, potential problems, etc. But an increasing number of companies across a broad swath of industries are moving beyond this emphasis on accumulating data to focus on the “now” of data, acting and reacting to information as it streams into an organization to create immediate business opportunity.
97.2% of organizations are investing in big data and AI. -New Vantage
In 2018, New Vantage published its sixth Executives Survey with a primary focus on big data and artificial intelligence. The study recorded the executives’ answers from approximately 60 Fortune 1000 companies including Motorola, American Express, NASDAQ, etc. Aside from indicating a strong presence of big data in leading companies, the New Vantage study also answered the question: How much do companies spend on data analytics? So, here’s what we’ve learned.
62.5% of participants said their organization appointed a Chief Data Officer (CDO), which indicates a fivefold increase since 2012 (12%). Additionally, a record number of organizations participating in the study have invested in big data and artificial intelligence initiatives at 97.2%. The highest percentage of organizations (60.3%) invested under $50 million. Nearly one-third of participants (27%) said their companies’ cumulative investments in big data and AI fall into the range between $50 million and $550 million. Lastly, only 12.7% of participants said their companies invested more than $500 million.
This is the era of fast data, and it’s changing how companies think about disruption and innovation. This change is not just among expected early adopters. Fast data is also making an impact in some unexpected places. Fast data refers to data that is created rapidly and needs to be acted on immediately, not historically. Early adopters put fast data solutions to work in areas such as financial trading, industrial monitoring, fraud detection, social media and other sectors where fractions of a second translate directly into dollars and cents. Once companies developed the technology and ability to act and react to data in the moment, that innovation began to take root in areas beyond early adoption. Often new opportunities focused on the customer or fan.
A good example of using new data effectively is how banks automate fraud detection. When there is activity on a card that is out of sync with the user’s area or general usage habits, it flags the transaction. Using AI and machine learning to automate this process means that fraud is caught more quickly and consumers are alerted almost immediately. New data can also guide short-term strategy or help serve customers by picking up on trends right away and tweaking search results that are directly applicable to what the user is looking for.
Fast data is an area where companies need to excel and innovate in order to stay relevant. The modern consumer is used to the idea of personalized experiences based on data, and they’re expecting a lot more from the businesses they work with.
Demand for data has been surging over the past few years. Companies are rushing to adopt in-house data warehouses and business analytics software, and are reaching for public and private databases in search of data to kick-start their artificial intelligence, machine learning strategies. Due to the growing demand, good data is becoming a valuable commodity, like oil in the 20th century, and companies are beginning to compete for the most lucrative reserves. In order to understand why data is important for your business, you must first understand the trend that gives you a competitive advantage.
In the new era dominated by social media, customer personalization becomes one of the main sources of competitive advantages for companies offering their products and services online. Until very recently, companies lacked instruments to personalize content, an application's features and services for their consumers. Data, consumer analytics tools and state-of-the-art AI, ML software for recommendation engines are the main game changers that make an efficient personalization possible in your business. Data on user preferences, interests, real-time and past behaviors can be now easily collected, stored and analyzed using business analytics tools and AI, ML algorithms. For example, insights from this data allow marketers to deliver relevant content to website visitors, video game designers to adjust the game difficulty and features to players, or recommendation engines to suggest music, videos or products that the consumers might like. Personalization powered by the data thus becomes a great tool for retaining consumers and offering them products, services and features that they are really looking for.
There is an abundance of data flowing through businesses nowadays and all this data is impossible to analyze by human workers. Artificial intelligence and machine learning are paving the way to transform these piles of data into a true competitive advantage that any data-driven business can tap into to run their company more efficiently, make smarter decisions and boost profits.
Every business needs to focus on bringing in new customers. That’s the only way to grow. Big data innovations can be leveraged for better marketing, but they should also be used to serve current customers and optimize customer service. After all, the only thing as important as acquiring new business is keeping existing business. Big data is not just about collecting data is more on giving value to data and finding the right algorithm and solution to specific problem.
Is Big Data the future? If we focus on the big data investments from companies such as Facebook, McKinsey & Company, Dell, Bank of America, Tableau Corporation, Microsoft and AWS, we could answer this question with a “YES!” For your company stay in the game start your Big Data Initiative.
Director - Enterprise Solutions Architect at Business Data Intelligence, Inc.