Our improving ability to harness the power of Big Data is transforming our entire world and shaping our reality, and in some cases even our wildest dreams for the future.
There are two ways to deal with this avalanche of data, see it as a problem or as an opportunity for value creation. Its complexity makes it quite understandable that when he began to see the potential of this trend was seen as a problem, but the technology is proving to be not only able to manage it but also the associated opportunities are enormous.
Consider the following:
- Barack Obama won his first election to the presidency by developing a system to monitor social networks and adapt their speech according to the individual needs of each town he visited.
- There are AI systems that help doctors diagnose diseases professionals and detect epidemics early every day.
- The Oakland Athletics, by all accounts a baseball team of below average spending ability, achieved spectacular results thanks to the massive analysis of the statistics of the players’ batting history.
- Applications can analyze our musical tastes to know what song we want to hear at any given time.
- Fashion companies are using social networks such as YouTube to spot trends when they appear and accelerate their supply chain accordingly
Big Data is a technology that is shaping the future and fostering opportunities for innovation in three key areas: development of new business models, discovery of new product offerings and monetization of data to outside companies.
Executives have seen in the Big Data a different potential value, take retail, for example, where more importance is being paid as they feel that are key to achieving a competitive advantage. Although there are still many obstacles remain, particularly with regard to culture, strategy and business operations, organizations are gaining more ground with its initiatives Big Data are analyzed beyond transactional data, they are exploring all kinds data, in particular location data (used to identify the location of a physical device), followed by text data (unstructured such as emails, slides, Word documents and IM data).
In addition to exploring these new data types, leading companies are combining structured and multi-structured data in a single analytical ecosystem, allowing acquire new knowledge and in turn leads to progress and innovation.
See how large companies, and not just technology companies, they are becoming the main users of the technologies of Big Data:
- GroupM, a company of the advertising group WPP, which has a centralized its big data in a single office in New York, has enabled big data to save $ 120 million.
- Macy’s, the retail giant, has reduced the time to optimize price changes form 27 hours to just 1 hour … and they about 73 million items.
- GE has improved the efficiency of its power generation plant by only 1%, has accumulated savings of $66 billion.
- Linkedin is using Big Data in their recommendations for “people you could meet,” or “Groups that you might like,” among others.
Cities have also incorporated elements of Big Data in different aspects of their daily management. Thus, issues such as energy management, traffic and parking, water intakes or cleaning in cities like Seattle, Chicago, Boston or Lyon are managed in a better way and more efficiently by Big Data applications. In Spain, meanwhile, their penetration is still not massive, in 2012, only 4.8% used the Big Data; percentage rose to 7.6% in 2013 and to 19.4% this 2014.
Finally, the Big Data charge is expected to grow exponentially through 2020, and in that year it will reach 4300% of the generation of today’s annual data, thanks to the rapid technological changes of transition from analogue to digital, and the rapid increase in data generation, both by individuals and by big business.
Is your business ready for the era of BIG big data?