Mainspring Insights: The 'Big Data' Phenomena
Technology is changing so rapidly that in nearly every industry, companies must either adapt to the challenges ahead or be rendered obsolete.
To address this exact issue, Gartner (an American technology research and advisory firm) wrote an article that discusses six forces that are changing the face of the business world, and will define business by the year 2030. In this edition of Mainspring Insights, we will discuss the fifth trend that Gartner defined, which focuses on new ways of using algorithms to interpret Big Data.
Big Data can be mostly clearly defined as extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Advances in data storage technology have enabled companies to deliver personalized solutions to meet customer needs. However, by using human resources to interpret this data, they are under-utilizing available technology that can produce a similar result. Algorithms are step-by-step procedures that computers and machines follow according to specific programming instructions. Many experts are predicting that in the near future, algorithms will replace the human element of quantitative decision making with automated decisions that are accurate, instant, and cost effective.
However, Big Data is a tool - and as with all tools: it doesn't matter how many you have, it matters what you can do with them.
If the proper algorithmic tools and analytic analyzing software in place in your enterprise, you can achieve the following: Detecting negative or adverse trends before it affects your organization, generating point of sale offers based on customer's purchasing habits in real-time, determining causes of failures and defects before they happen, and even recalculate entire risk portfolios in minutes.
As large data storage systems increasingly become more affordable, keep an eye on this trend as it continues to grow. Every day, artificial intelligence systems begin to grow smarter as more data is gathered and made readily available to the public. All business managers should begin looking for ways that their organization can look into automation to ease the busy work on their employees so they can focus on creative outcomes.