Big Data is changing: Are You Ready to Grab the Change?
You already know big data is too big for its implications. But if you consider it as a constant technology, you do not know how unpredictable Big Data is.
You already know big data is too big for its implications. But if you consider it as a constant technology, you do not know how unpredictable Big Data is. Yes, big data is in a rapid flux since the volumes of digital data are rising in leaps and bounds, and new data algorithms are also trying to keep pace to take on the potential of this insight-rich data reserve.
Robust and Deeper Personalization
If you look at the big picture of enterprises, you are bound to realize that future ready-businesses are increasingly focusing on making their offerings personalized. Data analytics came on the scene in a big way to supply actionable analytics to every business; enterprises now can drive personalisation more than ever before.
But new intelligent tools are continuing to come into play, allowing deeper forensic insight to customer activities and an array of signals. If earlier data analytics were limited to gross preferences of users, the new data analytics tools can reach deeper into customer psychology and get more precise signals.
Sources of Data Will Continue to Join Hands
We all know the real potential of big data lies in joining or blending of several data sources to provide more actionable insights for businesses. But until now there has been a limit to this blending of various data sources. For example, the food habits of a person can have a distant relationship on his/her choice of electronics except for some class of analytics that establishes a series of cause and effect signals. These chaotic causal effects and relationships among varied sources of data can derive a whole world of consumer insights that were previously unknown.
Data-driven Policy Decisions
Data-driven insights can also have a big impact on government policies and financial decisions. During the last U.S. election, we have seen how advanced data analytics played a decisive role in the campaign and finally in the outcome. Such exposure of data analytics in public and administrative decision making can be more frequent now.
With data-driven insights, financial crisis situations can be predicted more accurately and timely than ever before. While investment and money markets tend to be dominated by information and information led trends, data-driven insights can allow policymakers, bankers, and financial strategists to take proactive steps to prevent any major financial debacle while taking all the measures to ensure growth.
Big Data for Healthcare
If you want to name a few promising sectors where big data can have the highest impact, healthcare deserves to be mentioned first. Healthcare as an industry is mostly data driven or to be more precise; data plays a crucial role in healthcare functions such as patient care, medicine, inventory management, medical billing, health records, health insurance processing, etc. This is why big data can have a robust impact on healthcare sector in the years to come.
- Predicting disease outbreaks will be easier with the data-driven analysis of health threats and disease patterns in various areas. This can help improve the public healthcare to a great extent.
- With real-time monitoring of patients, possible thanks to an array of health sensors and devices, more patient data and real-time health data will make an analysis of patient condition and diagnosis more precise and accurate.
- Personalized medicine which is on the verge of breaking out as the new promise of modern health care is only possible with the patient’s detailed medical and personal history including genetic structure, lifestyle, and location and environment put under advanced predictive analytics.
- With the medical data shared across the medical communities including pharmaceutical companies, new research breakthroughs in medicine and treatment will come up.
- Big data will also help timely provisioning of a treatment facility as per the patient needs. This will be possible with real-time location-based data analytics about the areas with high probability of catching any epidemic or showing any healthcare threat.
Big data will have a significant impact on talent acquisition in companies and businesses. With data-driven approach companies can access more quality manpower and local talents for every specific recruitment needs. With data-driven insights, the recruiters and employers can have a detailed analysis of individual potential and shortcomings for each job role.
With data-driven acquisition and employment, companies can delegate an appropriate workforce for every particular task and thus can avoid brain drain or crisis of talents within an organization. Data analytics can also help enterprises boost retention of their skills through measuring the pulling factors and triggers for de-motivation with workplace data and data-driven insights.
Big data will continue to have bigger and larger impact on businesses as well as in public life. While some industries will experience the impact soon, there are many others who will follow the same in the years to come.
Original Source: Big Data is changing: Are You Ready to Grab the Change?