Many companies have invested in big data as well as artificial intelligence so that they are in a good position to compete in the future. Big data might sound like a relatively recent concept – but surprisingly, the technology has existed since the 1950’s. This begs the question, if big data has been around since the 50s, why are companies interested in it in 2018?
To put it simply, it is because the technology to collect, store, process and transfer the gargantuan amounts of data that are constantly funnelled around in big data didn’t exist in the ‘50s but exists today. Or rather, it did exist, but it is finally cost efficient for companies today.
Big data and AI is set to shake up the world like never before. Here are some byte sized facts that are fascinating.
- Big data trains AI systems and helps them to learn.
- Businesses all over the world are reporting measurable results after investing in big data and artificial intelligence.
- Natural Language Processing (NLP) is now being used to its full potential in many applications.
- Big data is influencing business decisions and is improving the performance of the workforce.
One of the most publicised aspects of big data is understanding and targeting customers. It makes a sort of customer genome which companies can use to target the customers that are most viable to market to. Big data analyses customer behaviours and preferences. It does this by looking through social media data, browser logs, text analytics and sensor data.
A famous example of big data being used is when the U.S retailer Target predicted when a customer would be expecting a baby before she knew about it herself. Another example of big data being used is the increasingly popular on-demand music streaming service Spotify. Spotify uses Hadoop big data analytics to collect data from the millions of users worldwide who use their service to curate good music recommendations to each individual user.
Big data is also being used to optimise business practices. Examples of this include retailers who choose their stock based on predictions made by the system which analyses social media data, web searches and weather forecasts.
Organisations who invest in big data usually have common goals. These include:
- Enhancing customer experience
- Cost reduction
- Better target marketing
- Streamlining existing processes to make them more efficient.
Whether you like it or not, big data is the future and companies all over the world are investing in big data so that they do not get left behind.
If you want to make good use of your data just like leading organisations such as Spotify and Target have done, we have a solution for you. iMovo, work with best-in-class technologies to enable organisations to mine and visualise their information in a meaningful way that helps them to take the right decisions at the right time. Get in touch with us now and we will find the perfect solution for your current needs.