How Big Data Can Help with Disruptive Innovation
Let’s face it, buzzwords within the tech industry are all around us constantly, but not many of them have pre-existing or well established use cases that people can draw parallels with in their own lives. This is not so with big data. For instance, we take for granted the fact that destructive weather systems can be mapped ahead of time, sometimes days in advance, allowing entire populations to predict the outcomes of an approaching storm, and then prepare accordingly.
How is this possible? The first important aspect of these meteorological systems is the measuring of atmospheric and weather conditions through technologies such as satellites, weather stations and physical observations. When looked at in the present, there doesn’t seem to be too much important information at the surface level that can help people to predict future weather patterns. But what if you had previous observations and outcomes to draw analytical data from? And what if that information could span all the way back to the very first recorded weather measurements over a hundred years ago?
For starters, you would end up with petabytes of data, which is more than any single human being could possibly hope to do anything meaningful with. Weather bureaus around the world have realized this, and have employed analytics to help them to achieve the vision of big data systems , such as IBM’s collaboration with South Korea’s Meteorological Administration. Big data is increasingly finding uses in other industries as well, such as financial services and the medical fields as well.
How does big data work?
Big data is more than just massive amounts of stored information, although that is obviously one of its main components. The other, is in the analytics. Technologies such as machine learning and artificial intelligence systems are often employed to try and make sense of This process is really exciting, as it uncovers information that human beings are simply not able to identify, such as hidden patterns and sequences, seemingly unrelated correlations, ambiguous trends, and even customer habits.
Much like the application of big data in weather analysis, businesses are finding the use case for this technology to be more beneficial, more often. The analytics that are applied to the stored data can yield impressive results, such as identifying new revenue streams, hard hitting marketing strategies, enhanced customer experiences, and highly efficient operational models.
This all has the potential to disrupt the markets in which big data analytics is deployed, creating new and unthought-of business ideas.
What Challenges are there in adopting big data analytics?
As with all new technological endeavours, there are some challenges that need to be overcome. Most of these challenges are technical, but some are financial as well. Local storage is particularly expensive for data analytics, but luckily there are more cloud providers that are offering hosting and access solutions to this information.
Another big component that needs to be developed is the human capital element: disciplines such as data science need to be adopted at a far more rapid rate than what we are currently seeing. This opens up many opportunities for future data analysts that wish to pursue a career in the field analytics with big data and machine learning systems.
Some businesses state that one of their biggest reservations about adopting big data based systems is a lack of use cases for their particular sector or industry. These businesses are unfortunately stuck in the past in many respects, and they are missing the opportunity of a lifetime to adopt the technology early, and truly disrupt the competitive circle that they inhabit as a business.
Disruptive Innovation in your sector
The rapid rate of technological progress has seen some amazing developments take place in recent decades, and with this advancement has come a huge amount of data. Regardless of your business, or operational model, it makes sense to try and use this information to your advantage.
You can learn about your customers more than ever before, giving you incredible insights into their spending habits, product preferences, and so much more. Understanding your customers can make all the difference, and can turn a mediocre ad campaign into an incredible sales tool. Imagine a system that could make sense of the social media activity around your product of campaign, and then provide you with insights into the minds of your customers. Big data is that solution, and much more.
One of the most amazing things about data analytics is the way in which the information is correlated and sorted, yielding results that are often beyond all expectations.
Your business needs all the competitive advantage it can get, and in the short term there are fewer emerging technologies with the potential to transform your business than big data. The time to get involved is now.