We see new trends coming up every year. Things change quickly and lose their spark even faster, especially in this day & age of innovation. But Big-data is here to stay! Big Data will be the one key that unlocks the answers for this decade.
With the availability of data, humongous data everywhere amassing with time, the chance to create models to predict and find marketing metrics has shot up. The world just does not need simple basic analytics now, what it needs now is the advanced analytics methods. But it’s not easy to develop predictive technologies that will change the world.
The future of wearable technology is not those fancy wearables, it’s what lies inside. It’s analysing the data.
“The future of wearable technology in fitness and health, Big Data’s impact in health industry isn’t about the fitness bands and health monitors – it’s about what can be done with the data they collect” – according to the founder of health firm LifeQ.
— Kirk Borne (@KirkDBorne) December 18, 2014
“Mobile health is following a very similar evolution to weather forecasting, going from simply going outside, through barometers to sophisticated computational forecasting,” said Riaan Conradie, a computational biologist and founder of LifeQ speaking at CES in Las Vegas.
You must be wondering how are we generating so much data & how can we put it to use. Let’s see a few examples:
1) Moving around with your smartphone: Playing on your favourite app or chatting with your friend is generating data. But how to use that data? How to store that data? Big Data is the answer to that.
2) Casinos have started using sensors in their chips to accurately determine how much you’re betting (*Source Blackjackinfo ). This data is being collected to improve the transparency.
3) Internet browsing: This is probably the most simple example. Google processes more than 40,000 searches per second. Yes, per second. Imagine the amount of data that is getting captured and analysed.
— Kirk Borne (@KirkDBorne) January 3, 2015
Few companies have leveraged the analytics out of the data they collect and made a significant impact on their operations / revenues. But only the big players like Google, eBay, Amazon etc. (10 best Big Data companies) have been able to get the best out of it. With data virtually floating everywhere, it’ll not take long for all the firms to boil down to key operational decisions affecting their processes using this data.
Cyrus Mistry To Employees: Need to deepen understanding in digitisation and big data analytics; Env. remains challenging and competitive.
— Bloomberg TV India (@BloombergTVInd) December 31, 2014
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