A New Frontier For Innovation
The sheer amount of data in our world grows minute by minute and the analysis of large data sets – known as big data – will undoubtedly set the stage for competition, pushing new forms of productivity, growth and innovation.
It’s not just data-oriented workers who will have the task of wrestling with big data either – every single sector is likely to have to work with it in the future.
The volume in which data is captured from multimedia, social media and the web is likely to fuel a growth in big data for years to come.
There are a number of ways in which big data can be used in order to create value. It’s possible to make information usable and transparent much quicker than before. As businesses store more and more transactional data, it allows them to construct more accurate information on everything from stock-taking to sick days, enabling them to understand variability and improve performance.
Big data also provides businesses with the ability to segment customers even further, allowing them to offer products and services precisely tailored to the individual. This sort of next-generation analytics offers a platform for substantially improved decision making.
Finally, and perhaps most importantly, big data can be used in order to develop a new generation of services. Manufacturers using data from sensors embedded in products will have the ability to provide creative aftercare services – for example, pro-active maintenance of a product.
With all this in mind, it still remains that there several issues which will have to be addressed in order for companies to capture the full potential of big data. There are policies relating to security, privacy and intellectual property which could potentially prohibit access to such data, and organisations will require talent and technology in order to use it to its full potential.