Big Data: Changing the World One Industry at a Time |
Posted: November 28, 2017 |
Businesses around the world have been collecting data of all types for decades. They amass huge volumes of customer data, product information, statistics, and financial information. As the internet has grown exponentially, the speed at which this type of data is collected has also increased dramatically. The large amounts of data that are now available to businesses are valuable as a means of achieving efficiency and expanded profitability. Lately, there's been an explosion in the size of the analytics industry, which is building new tools and techniques to convert this data into actionable business intelligence. What is Big Data? Coined in the early 2000's by an analyst named Doug Laney, big data is defined by Gartner, Inc. as "high-volume, high-velocity, and varied information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision-making". It is a term that describes the total system of data collection and analysis techniques that drive business innovation and growth. Big Data in the Wider World The growing popularity of big data-driven management approaches has extended well beyond typical business activities. Statistical analysis has become widespread in many unexpected industries, including sports, advertising, and agriculture. Every day, this growing trend is becoming more of a part of everyday life, with nearly every interconnected device collecting data on behalf of their manufacturers and related industries. With little fanfare, big data has already become ubiquitous. Processing the Information A variety of customized tools have already been developed to aid organizations in digesting and making effective use of big data sets. There are applications that perform behavioral prediction, others that precisely control logistics and production, and still others designed to aid in data visualization to provide easy to understand insights to business decision-makers. The options available to businesses of all sizes are seemingly endless. Changing Business, Changing Lives The widespread availability of big data applications has caused a seismic shift in not only businesses but in many facets of daily life as well. Automated artificial intelligence systems are now examining big data in order to drive economic development and enhance social programs around the world. By analyzing internet data such as search engine queries and social media postings, predictions can be made regarding economic health. The predictions can be used to guide investment in specific industries or direct social welfare programs to areas of need, often before the need has become obvious. These same systems are already being explored as a means of enhancing the responsiveness of healthcare, by detecting potential outbreaks of diseases in near real-time. By finding patterns of illness and being able to immediately classify and localize them, medical facilities can preposition resources to head off public health threats before they become serious. The Possibilities Are Endless What was once a small niche sector of specialized analysts has grown into an indispensable part of many industries. As the world becomes even more interconnected, the ways that big data will begin to impact our lives can only grow. For instance, IoT (internet of things) devices such as smart thermostats, light bulbs, and home automation equipment will provide vital data that will revolutionize electrical generation and distribution. The financial and environmental benefits of advances such as these cannot be overstated. Into the future, people will begin to see the massive benefits big data systems provide, and they'll wonder how we ever got along without them. The rapid developments in the field are akin to the renaissance that followed the dark ages, creating new opportunities for advancement and progress. One thing is for certain; the big data genie is out of the bottle and transforming the world, and there's no going back.
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