Big data is one of the hottest buzzwords of the past few years. While huge amounts have been spent on investing and collecting data, the real-life application is comparatively slow. Undoubtedly, big data is changing the world in ways we’re unaware of.
We’re living in the era of the fourth industrial revolution — an era of big data and artificial intelligence. Big data is the new oil. If you’re not aware, there has been an explosion of data resulting in the culmination of newer technologies and better products.
There are 2.5 exabytes of data that is generated every day. The need for big data and analytics has never been this intense. Several organizations have already centered their business around big data. The data world has created a new sensation in several sectors, but what exactly is data, why do we need data and why it is priceless?
The answer is simple. It depends on the way organizations are looking to transform their products.
Data science is a term that has just recently found its name in the market. Before this, it was the statisticians. The experts who were indulged in qualitative analysis of data where companies employed them to analyze the overall performance in businesses and sales. However, with the emergence of newer technologies like cloud storage, computing process, and analytical tools, the field of computer science merged with statistics gave birth to data science.
Data analytics were being surveyed based on finding solutions to the problems of the public. For instance, a survey on several children in a certain district would lead to a decision where the development of a school may come up. This was just an example, but with real data and real statistics, computers would be able to do more than just providing solutions but even predicting the events of tomorrow. Thus, the need for data science and big data analytics today.
The production of data in the past years has been more than the human-kind would have seen. It is also predicted that the number of data will rise 3X times in the next three years. Data, be it structured or unstructured will continue to rise exponentially.
Big data and analytics are changing the world today, here’s how: –
Making a connection between people and societies
If you’re still wondering what this connection is all about, well as simple as it sounds the best example is social media. It is one of the best example one can quote. The new medium of connecting people and societies has led to a higher rate of data generation and newer financial metrics. Companies that can analyze these metrics such as the average revenue cost per click or monthly and daily users per day. Such platforms generally will have high-performance metrics.
- In the health sector
Big data and analytics play a major role in this field. Big data analytics generally accelerates the speed at which the researches need to work upon. For instance, a DNA strand can now be decoded faster, say in a couple of minutes. Further to this, it will help with faster cure and the ability to detect faster cure as well as predict disease patterns.
- An exciting way to search
Earlier it was perhaps difficult to find out information about anything and everything. But today, people are used to going online, browsing it over the browser. You can find any kind of information you’re looking answers for.
- The retail sector
Advertising and marketing have been the biggest industry in big data analysis. Big giants like Netflix and Amazon have made complete use of big data collection by producing recommendation engines. Future purchase suggestions were displayed based upon the interest of the customer that was displayed.
Big Data and Analytics is becoming a high-value asset because of its ability to connect with different people, allowing ways to measure and control.
Data is changing our world and we need to stay prepared while transitioning into a data-centric world.