Big data is an emerging trend shaping the future of data-driven businesses. I hadn’t heard of it up until a few months ago in a documentary. Big data is playing a huge role in the success of quite a number of multi-national firms around the world. Some could even argue that for firms to maintain their competitive advantage in the present day business environment, they would have to adopt the use of Big Data Analysis Technology (BDAT).
What is big data? Big data is simply a term for large amounts of data sets that cannot be analyzed merely by traditional analytic methods but require more complex methods of analysis. This data is voluminous and rapidly growing as it obtains its source from cheap and countless information-sensing devices such as our phones, cameras, microphones, radio frequency identification readers, etc.
Big data analysis when applied properly allows for more efficient decision making, spotting of emerging business trends, prevention of diseases and even combating crime. It all sounds very futuristic and complex. The truth is that it is. The era of big data is still emerging and there haven’t been any core breakthroughs on analysis. According to IDC’s Digital Universe Survey, by 2012 only 0.5% of the world’s data was being analyzed.
Value creation has however been a proven result when businesses adopt big data in marketing strategies, making decisions and evaluating situations and stakeholder behavior thereby improving efficiency, profitability and reducing risk. In fact, according to some research if the U.S healthcare system were to use big data to push efficiency and quality, it could result in the creation of $300bn in value every year. Imagine that! Some even argue that by the year 2020, big data will enable scientists predict individual behavior.
The possibilities are endless with big data and leading firms such as Amazon, SAS and Macy’s and even small firms are making it a core part of their marketing and business strategies.
Big data is here to stay so why don’t you look into it today. Take part in this new trend and see what value it has to add to your business.