Demystifying Big Data
It’s been predicted that the world is set to produce 180,000,000,000,000 gigabytes of data in 2025. For perspective, that new iPhone 8 you just bought, it holds a max of 256.
The prediction is that we’ll see a 1000% rise in the amount of data created across 2017.
Whether it’s keystrokes, wearables, social media, users are creating crazy amounts of data every day.
The figures are huge, as is the opportunity they represent. The necessity for startups and corporates alike to understand how to handle all this data and innovate with it is clear; not only to ensure they remain commercially relevant, but to stay ahead of the curve.
TAPPING INTO THE UNTAPPED
The beauty of data and its potential, is that many businesses are already sitting on a mountain of it. The difficulty is how to harness it.
New technologies designed to capture, interpret and analyse data — all the while improving their algorithms and accuracy as they crunch the numbers — are on the rise. The conversation is not just about big data — it’s also about using the ‘small data’ to create hyper personalised experiences.
And with this startups are turning up in droves at the doors of the world’s largest corporates, promising novel, game-changing insight from often untapped data sources.
Data analysis has the potential to identify new opportunities for revenue, dramatically improve efficiencies and reduce costs, and unlock unparalleled business and customer insight. It enables faster, and more importantly better, decision making.
In the world of travel — UK-based Triptease are one of many startups paving the way in the data revolution. The SaaS platform offers hotels the ability to make better use of their data, so they can begin to compete with the online travel giants.
The flurry of startup activity has also prompted the industry incumbents to sit up and take action. Determined not to be left behind, Trivago’s recent acquisition of German data startup Tripl will allow the company to identify trends in users’ social media activities and match them with in-app activity by similar people to provide more personalised travel recommendations.
As competition within the travel industry continues to grow, it’s unsurprising that the use of data analysis technology grows in correlation. In a continually changing industry with so many different verticals, the ability to explore the data — and effectively adapt based on the insights gained — can be the difference between a business heading to irrelevancy and an innovative trailblazer.