If you have had any kind of association with the IT industry you will be aware of big data and how much it is currently being talked about. With some industries actually claiming that it is the biggest development since the internet. Many are now predicting that the big data industry is going to be key to many technological advancements in the future.
People all over the world are now using smartphones, laptops and computers on a regular basis and as a result companies are now able to collect and store massive amounts of data, which is known as big data. Sometimes acquiring useful insights from this data can be a challenge but the importance of this is set to continue to increase and be the key to achieving a competitive advantage. The ability to cross reference private information about consumer preferences with information found on blogs and social media means that businesses can understand the needs of their customers at a deeper level and on some occasions predict what they will look to purchase in the future.
The big data impact isn’t just limited to online purchases and can also be used within brick and mortar stores, through some methods as loyalty programs which can also collect vast amounts of data on customer preferences and buying habits. This data means allows the company to then send out personalised ads to customers and discounts specific to each individual customer taste. Online casino players are already benefiting from this and the level of personalisation will only increase as time goes on.
Business models like Netflix are going to be able to continue to grow and meet the needs of customers by using big data. Such a business is designed from the offset based upon the views of customers and what they want to see. Netflix are able to leverage data with regards to their viewers and identify things such as the most popular genres, series and actors and in some cases put these aspects together and create their own series or movie. They can also recommend what each viewer is likely to enjoy watching, by making further use of big data.
Big data is even starting to be used to help public services such as law enforcement and health services. Big data is even now able to help the police predict where crimes are most likely to occur next, which then helps them to allocate resources more effectively. In the healthcare world big data is used to digitise medical records which is helping medical professionals check whether or not a treatment for example has been effective at treating a specific ailment in the past. There are now also many health-related apps on the market that make use of big data, such as those that monitor sleep patterns, heartbeat and steps covered each day. DNA testing services are even starting to use big data to be able to predict if an individual may be genetically disposed to any specific conditions.
It is very clear that big data is already starting to play a big part in many different areas of life and this will continue to grow. Businesses who are not making use of the big data available to them will get left behind by competitors who are using it effectively to ensure they are offering their customers exactly what they want and when they want it.