For public and private enterprises, big data and analytics has become a very crucial resource today.
The evolution of cloud software has enabled organizations to track and analyze large volumes of business data.
They are able to do this in real-time and make the required changes to their business processes. As we see a paradigm shift to the era of AI, there are a few big data trends that businesses should be well aware of.
We know that the big data and analytics market is on the rise to being and even more lucrative field in the following years;
what does this mean with regards to how you should be conducting your business? To push your business forward, should you be harnessing big data?
Here are a few big data trends that are changing the current landscape to help you get the bigger picture.
We have already seen how the aggressive application of big data has cleared cobwebs for businesses.
The biggest and most notable winner in this space is Netflix, which saves nearly $1 billion every year by retaining customers by doing in depth analysis of their customer data.
Through IoT alone, businesses will generate $1 trillion by 2020. Businesses that comprise of hypercomplex work processes, various departments, multiple branches and many teams, will make the most when machines and smart structures do all the required adjustments by themselves.
The global currency that is pushing the technological envelope today is digital transformation. After all the work done in the past and the amount of work to be done in the future, the voluminous trail of data is unheard of in human history.
This massive mound of data will grow perennially as IaaS providers hurry to gain ground and build data centers.
Digital transformation goes hand in hand with Artificial Intelligence (AI), Machine Learning (ML), Big Data and the Internet of Things.
It is actually quite easy to figure out where all the big data is coming from; IoT connected devices in use today are currently 26.7 billion, it is projected to reach 75 billion by 2025.
Artificial intelligence and Machine Learning tools will try to accommodate and analyze the data being pumped out of the data centers.
The tools will make sense of hidden relationships, store data and provide insights via data visualization.
However, there is still a lot of work to be done by organizations while optimizing the use of all that data on their servers.
Poor data quality alone is costing the US economy $31. Trillion on a yearly basis. It is yet to be seen as to how enterprises are going to tackle this issue.
Climate change organizations like the United Nations Intergovernmental Climate Change (IPCC) have views and predictions on climate change which are backed by solid data.
These predictions have spurred the different nations into action on tackling climate change.
We would whether carbon dioxide emissions are the be all and end all of climate change or whether there is more to it.
We don’t know if looking at galaxies far sway is going to reveal hidden patterns with regards to our celestial rotation, do we?
We humans would love to know and that comes along with a behemoth of data input from all the observatories and science centers around earth and the atmosphere surrounding.
Apart from that, the incorporation of data from earth sciences, topography studies, ocean research, probably even nuclear facilities may be required to study climate change at an in depth level.
The stake of businesses
Why should businesses worry about climate change?
The agricultural industry will suffer as even the tiniest drop on increase in temperature will affect agriculture production massively.
Health of populations around the world will be affected drastically with severe climate change. How that will affect businesses worldwide is too big to even contemplate.
While dealing with all of the above, where would businesses go?
Irrespective of which side of the climate change debate you take, a few thoughts cannot be missed.
Big data plays a massive role in the climate change debate, especially when the data has no set bias to start with.
Big data and analysis of this data will lay rest to the climate change debate because data will be from disparate sources such as ocean research, earth sciences, and numerous other data sets.
Businesses have a lot to lose when it comes to climate change.
Is it really? No, don’t get too excited! But it is an amazing metaphor for how data-as-as-service is becoming as common as the mom and pop stores that spread like a rash all over USA.
How common do you ask? Nearly 90% of the enterprises in the tech space have gotten into it and are generating revenue from it.
Data-as-a-service (DaaS) is not something that is revolutionary or something out of the world. All of us have encountered it while purchasing videos, music or images from various online sources.
However, the entry of players who are map data providers or product catalogue vendors has changed the game entirely.
You don’t have to be a dedicated SaaS solution to get in on the act. Suppose you have a company that has data which could be meaningful to someone else (look up Cambridge Analytica) or are struggling to manage it, selling it per MB, file format or volume is your best bet.
Data can be accessed using any device from anywhere around the world by customers.
Easily outsource your data to companies who can come up with a presentation interface at a very low cost.
Having data in a single location and keeping it secured allows for easy updates in whole or in batch.
We have seen Tesla bring fully autonomous driving to the world. However, it hasn’t become mainstream yet.
Alternately optimizing travel routes and estimates by mobile data users is the next best thing which is done by processing big data which is fed by call data records.
The worst traffic hit cities in the world make the best use of this.
Having the right analytics tools at hand and the massive big data traffic helps with commuter transport management and trip generation details.
Calculation of travel time has become very easy due to location tracking as well as origin and destination matching.
The cost of congestion is massive. In the year 2017, Germany, UK and the US lost nearly $400 billion due to traffic.
This number could become $2.8 trillion by 2030 in the US alone.
Big data and analytics are going to see rapid developments in the coming years. A lot of the data use will be monitored and regulated in the public and private sectors.
Seeing the market projections, big data adoption is going to be huge. Companies will bolster their efforts in order to adapt to the changing technological landscape.
The start point of this would be to optimize the use of data and analytical information. Ideally, staying up-to-date with the latest big data and analytics news and technology updates will help with easier adoption and implementation for companies.
By Uma Raj
By Uma Raj
By Abishek Balakumar
Abhimanyu is a sportsman, an avid reader with a massive interest in sports. He is passionate about digital marketing and loves discussions about Big Data.