Before reading this blog, let me ask you this, we all know about big data, right? If yes, then great! But if not, you can read our blog on 7 Vs of big data.
Big Data isn’t about which data is big or large in volume. It is one form of data that is generated from various sources and consists of numerous types of data in different formats.
The various sources are Artificial Intelligence, the Internet of Things (IoT), the cloud, etc. In 2024, big data will not be a trend anymore. Rather, it has become an established part of many businesses.
Let’s shed some light on how big data has become as important an entity as it is now.
- The fast growth of IoT networks
- AI became more accessible
- Quantum Computing
- Smarter chatbots
- Dark Data revelation
- Enhanced cybersecurity
2024 was a year when big data coupled with AI moved to the forefront of research and development. Now that we know what big data was all about in 2018, let’s have a look at some statistics about big data.
- 40% of businesses say they need to manage unstructured data on a frequent basis.
- 95% of businesses need to manage unstructured data.
- More than 150 zettabytes (150 trillion gigabytes) of data will need analysis by 2025.
- The big data industry will be worth an estimated $103 billion by 2027.
- 40.3% of respondents suggested that big data adoption was held up by a lack of organizational alignment or agility.
Full of information, right? Let us now cascade into what big data means to every industry in 2019.
-
-
- Patient-centric care
-
In this modern era, healthcare companies are more focused on refining the quality of patient care. More and more people in the healthcare industry are discovering the benefits of patient-related data.
This is imperative not only for patients but for the whole industry as it is increasing the quality of healthcare services
-
-
- Healthcare IoT
-
IoT devices help in tracking the patient’s behavior, ranging from heart functioning to glucose levels.
However, most of the data is unstructured, but few smart devices utilizing machine learning can possibly replace a doctor with the help of a simple phone call from a nurse.
-
-
- Dynamic Pricing
-
We all know the price is ever-changing and dynamic, but using machine learning and artificial intelligence in the retail industry can be one of the most cutting-edge experiences.
Prices for a product are subject to fluctuate based on season, demand, supply, and competitor prices.
Machine learning will enable a company to take into account all these factors and generate the right price at the right time.
-
-
- Retail Store Analytics
-
Consumer behavior insights are provided by in-store analytics, utilizing everything from video cameras to in-store Wi-Fi networks.
Big brands will track when a person entered and left the store, how he/she moved inside, and the key areas that they visited.
By using these analytics along with some basic demographic data, stores will optimize their in-store experience.
-
-
- Production Quality
-
Big data will allow organizations to leverage Six Sigma and Lean management programs that will help them reduce waste and eradicate any variability in the production process.
With the usage of big data and advanced analytics, manufacturers will examine key performance indicators that affect the overall quality of production.
-
-
- Supply Chain Optimization
-
With modern supply chains evolving and becoming ever more complex, a big data analytics solution will deliver clear supply chain visibility.
It will provide instant access to key supply chain information such as supplier performance, product quality along with order delivery time.
-
-
- Employee Engagement
-
Big Data has received so much attention, and there are so many uses to it that many companies forget about one application that has huge potential and can have a huge impact on their business and employee experience.
When done right, it can help track, analyze, and share employee performance metrics.
Applying Big Data analytics to employees’ performance can help identify not only the top performers but also the employees who are struggling.
These tools will allow companies to look at real-time data rather than depending only on annual reviews, which are based on human memory.
-
-
- Fraud detection
-
Every financial transaction leaves behind a data trail. For example, in case credit card information gets stolen, any transactions contradicting the buying habits of owners are detected by machine learning analytics.
The bank of the account holder can be alerted instantly so they can put a hold on the transaction until it is verified.
-
-
- Boosting Learning Effectiveness
-
By using Big Data, educators will receive numerous kinds of data about an individual learner. They will get personal evaluations, test results, attendance records, and other related types of data.
Teachers can analyze this data so that the learning process can be modified for specific needs.
-
-
- Improved Student Results
-
In the long run, big data will provide teachers with insights into student’s behavior. Teachers can put students’ results in context so that factors influencing them can be understood.
Teachers will observe the amount of time taken by the student to answer a question.
Well, now that we are equipped with Big Data adoption trends from all the industries, let’s shed some light on the challenges that Big Data will face.
- Issues with data management
- The proliferation of data silos continues as new data generation continues
- Data governance remains a concern
- Recruitment and retention of big data experts
- Data validation
Conclusion
In this ever-changing and dynamic era, data generation is inevitable and how we handle the data and what use we put the data to, is our choice.
It is the data that will drive our present and future. Data is required in every field today and applying that data to increase efficiency is the best use we can put it to.
But with roses come thorns. Similarly, with data come challenges like handling that data, its negative uses, and whether data is verified or not.
Imagine hackers accessing your financial data, or for that matter accessing and getting hold of a companies’ data, they can pretty much do anything with it.
So, we don’t know a foolproof solution to it right now, but like everything in the future, we will have a plan for it, too. It is a leap of faith the world has to take.
Recommended For You: