The Future of Analytics: Big Data and Businesses

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The data is generated from almost all the processes or operations performed in this digital world. According to a report, 1.7 megabytes of data will be created every second from a single person by 2020. This unstoppable pace can be felt through various processes involved in the modern development from predicting the price of a future stock to a patient dealing with serious diagnostics- data is involved everywhere.

Currently, 2.7 zettabytes of information is available over the internet. But, the main question is- how will you tackle with this unstructured data? Is it okay for making your critical decision making?

The answer is- No Until this information is not correctly aligned and best fit for your query, it can not deliver its real potential.

The volume at which data is being generated will continuously grow. Trillions of connected devices are generating this information at a very higher rate. Also, the old days are gone when Hadoop and spark like complex frameworks were providing the desired outcome. These tools were only suitable for people with a developer background. One can go through the Big Data Hadoop Training to explore this art of dealing with data for providing accurate results to chase success.

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Now, big organizations like Microsoft is availing cool features for non-coders so that they can quickly perform analysis to grow their career without facing any trouble. They can examine business data collected from various data sources such as social media platform, customer data, behavior pattern, etc., to get valuable insights from them.

The introduction of intelligence in businesses leads to business analytics like application comprising predictive analytics like algorithms. According to IDC- almost more than half of the available business analytics applications will implement the intelligence in its critical areas by the end of 2020.

And, this available information is not less than any precious stone assisting companies in various ways.

The upcoming big data years are marked with the data-as-a-service business model emerging as a channel of trust for the customers. One can leverage the use of data by simply shuffling them around tools easily accessible over the cloud. More and more organizations will join this league to monetize their data.

When it is all about investment, big data has the potential to save lots of money. IT experts prefer the varieties of task performance in an application rather than just a price tag. They go for functionalities.

In upcoming years, Internet of Things (IoT) which has connected more than billions of devices to establish a communication channel to exchange information is leveraging new technologies like edge computing and fog computing. Now, it has become possible for small to big organizations to deal with real-time data at the network node. With edge computing, the data generated from sensors and other connected devices can be analyzed at the network node with the big data designed algorithms saving a significant amount of storage by eliminating raw chunks from the data. This advancement has allows companies to bring pace in the development of new IoT based strategies and products. More and more innovations will get introduced every day to assist humans with fast and trustworthy automation.

In healthcare, big data has already taken over the traditional methods. Modern tools like IBM Watson is assisting doctors in diagnosis, complex research, lab tests and many more area of medicine. The Electronic Health Record (EHR) has become easier to maintain through big data analytics. A doctor can keep an eye on the patient’s activities through EHR such as previous test report, current prescriptions, etc., during medication. Also, by petting the historical data from multiple patients report and research pages, they can find a cure of most destructive diseases like cancer. We are looking forward to seeing this technology taking over such disease.

Marketing sector is already aware of big data trends helping them out from the years. In context marketing which demands valuable contentment and figures, big data is the only solution. Advanced Customer Relationship Management applications offered by huge giants like Salesforce are trying to put intelligence in them. At some extent, they have successfully achieved smart solutions such as Einstein Analytics like BI tools. Marketing leaders are trying to empower their workflow speed with the power of data. They analyze a users’ pattern and behavior through various parameters such as buying pattern, performed search, etc. This way a marketer can effectively reach them out and crack their deal efficiently.

Chatbots- another intelligent agent, created with the mixture of big data and complex machine learning algorithms are taking over old customer service environment. These automated bots are smart enough to provide 24/7 assistance to the customers. They also have the potential to recommend a user with the best service or product providing a personalized experience. Chatbots learn from past experiences, and one day when more intelligent algorithms will get introduced in it, they will offer more services in other ways to us.

We have seen how big data is taking over complexities faced by this digital world. Its potential to accomplish a task is incredible in all the sectors from manufacturing to the FinTech.

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