As we all know, big data and its analysis are just one phrase to describe a way of uncovering customer preferences, patterns, correlations, and trends. Organizations use this kind of information to make data-driven decisions that can improve all aspects of business. It is nowadays becoming clear that big data has caught on in many businesses areas and has a strong potential to be the game changer in every businesses path to success. So, keeping up whit the trends in big data usage may be just the thing your business needs.
We have all seen this and become accustomed to it in live TV sports coverage where you get almost every piece of info about a certain player, for instance, their shot percentages (NBA, tennis) from a specific spot on the court, their tackle success rate, etc. This information is being conveyed to you in real time as you’re watching the game/match. Now imagine the following situation – you have that kind of information at your disposal for every customer that walks into your shop. You already know their likes and dislikes, even before you see them. That would be a great head start for you and your business, and it could make the difference between your business and others in your branch.
We are all aware that data is already being treated as a commodity, but this will become even more pronounced. So, this large demand for data led to the GDPR legislation (in the EU), which created new job positions like Chief Data Officer, Chief Governance Officer, etc. The demand for large amounts of data is nowadays bigger than ever before, and it will continue growing because of the needs of large-scale AI training and behavioral model development. So, if you – as a business – had any doubts about spending time and resources on your data and governance, forget those doubts. Go for it, it will pay back big(data) time. Gartner forecasts that 35% of large organizations will either be sellers or buyers of data via formal online data marketplaces by 2022. And the usage of cloud is about to speed this trend up.
Expect technologies that use and put focus on relationships between data points to keep their growth in terms of usage and quality of visualization and contextualization. Graph databases are going to get even more popular. Because of a simple question: What did our customer do next, and what led to that decision?
So, if you find yourself in a situation where you are in doubt about big data, thinking about whether to use it or not, don’t be. Go for it, use it and it will propel your business to new heights. Also, you can reach us for some help too.