As we shift our lives more and more online, a huge amount of data about us is being created every day. This is not only vast in quantity but also in scope, ranging from personal information and location to family photos. Put together, this data is powerful and can be used to predict the products we might need, the films that we will like, and the content that will interest us. It is this power that enables business to create better products, services, and experiences for us as customers.
“Big Data” is a phrase used to describe the rapid increase of data that can be analysed to find human behaviour patterns, trends and associations. It is commonly defined by three “big” factors: volume, velocity, and variety. And when a huge amount of data is being created at great speed, new business opportunities for better and more efficient services also emerged. One of the examples that is familiar to us is music streaming services like Spotify. Not only does it play songs according to our order, but the service also provides impressively accurate song recommendations by using Machine Learning techniques to analyse a user’s historical data and compare a user’s behaviour with similar users then curate which songs are likely to be loved by the user.
Spotify is only one of many businesses that utilize Big Data to explore new business opportunities. Big Data Analytics enables businesses to understand things better, whether it is customers’ preferences, market trends through social network sentiment analysis, or understanding their own operations better by learning from the data in ERP or the Internet of Things system. Analytics turns data into insights that help businesses operate smarter and more efficiently, so they can compete successfully.
It’s not only in the business world that Big Data is playing a big role. This technology is also being applied in various fields, bringing tremendous benefits to society such as new medical treatments, public policies that demonstrably improve safety and people’s quality of life, and breakthrough scientific discoveries such as new minerals, or new drugs.
Big Data’s benefits touch everyone – businesses, consumers, and the wider society. Yet we are only beginning to tap into the endless possibilities of this technology. As data accumulates and new systems evolve it will open new doors and greatly change our lives for the better.
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