Nitor Infotech's October Tech Bulletin

The Big Picture?

Hello, folks!?

This month, we are back with a topic that has been making it big (literally and figuratively) in the tech realm – big data!??

You may have read a recent news piece about how a Norwegian startup blended the power of AI and massive datasets to predict flooding. Companies are now considering options to plan for the climate-change-driven reality and attempt to mitigate the impact of flooding. This is a case for the popular comparison of big data to a treasure trove of raw business insights, and its present and future is definitely gleaming with promise. Let's take a look at the future. ?

The Future with Big Data?

You would concur that nearly every industry relies on how data is stored, processed, and used. The goal of big data is to increase the speed at which products get to market, to reduce the amount of time and resources required to gain market adoption, target audiences, and to ensure customers remain satisfied, leading to wiser decisions and a spurt in competitiveness. Data engineers and scientists are coming up with creative strategies to uncover insights hidden beneath heaps of data. Many more small and medium-sized companies are set to incorporate big data analytics into their business strategies.?

On that note, let’s explore how big data will continue to be a big deal in the future…?

Healthcare?

As the healthcare industry relies increasingly on data, copious data is being collected from electronic health records, medical imaging, as well as medical research. For example, wearable devices collect patients’ data and can help them manage health conditions. When it comes to patient data, data analysts reformat and clean it so as to cut down on any inaccuracies during analysis.?

Finance?

Very often financial institutions must sift through a sea of raw data. The digitization of the finance sector has meant more data for leaders of organizations to interpret. The result is business decisions of high quality which will continue to have a positive impact on customer experience, in the form of streamlining processes and engaging new customers, for instance. What’s more, the digitization of money is generating voluminous data on how customers use their money. This data could be used to offer customers insights about their spending or to cross-sell financial products and services in the future. ?

E-commerce?

There’s a good chance that as you read this, your phone chimed thanks to an e-shopping notification. Big data is likely to play a huge part in online shopping. It makes it rather easy to take in rich information that is readily available. Think personalized shopping experiences, better customer service, forecasting trends and strategic decision-making.?

Media and entertainment?

Big data takes on a key role in target advertisements, customer sentiment analysis, and gaining insights into customer churn analysis. Media and entertainment companies may never know what features their consumers would like them to release if they do not take a deep dive into data. Through an understanding of why customers subscribe and/or unsubscribe, the companies can come up with relevant content to broaden their customer base.???

Career opportunities?

So, we know for sure that big data is set to grow, and naturally so is the need for trained data analysts to delve into the dynamic activity of gleaning insights. It’s fair to say that data analytics translates into exciting opportunities for bringing positive change in an array of industries.?

Atul Butte, Stanford has articulated the power of data memorably: “Hiding within those mounds of data is knowledge that could change the life of a patient or change the world.”?

The World in Numbers?

Here are some highlights of the evolution of big data…?

There you have it – the story of big data that we can definitely derive important lessons from. Click here to find out what our team at Nitor Infotech has been busy with in the realm of data and analytics. You can also head over to this blog if you’d like to discover details about 5 top-tier big data engineering services.?

Stay tuned for the next edition of Nitor Infotech’s Tech Bulletin!?