The amount of data generated by companies has been increasing in the last one decade following the latest advancements in the entertainment, business, and communication industries. The concept of big data has become hard to ignore by most business owners who usually have a problem tracking, organizing, and analyzing data. Companies generate different types of data ranging from marketing and sales, financial transactions, legal operations, automated traffic monitors, and the global climate technology. This means that they no longer rely on the internet traffic to generate information on the educational efforts, humanitarian work, or any commercial operations.
Why Big Data
Companies have used big data to make sense of the ever-increasing data volume in the business industry through collection and analysis of large sets of data. The ability to coordinate large amounts of data has made it easy to understand complex issues such as customer service, business optimization through tracking and analysis, performance levels, and improvements in security. Simple activities such as GPS location using cell phones or hitting the like button on Facebook contribute to loads of data developed worldwide.
Big data is ideal for analysis of areas such social media and entertainment, surveillance footage, consumer images, as well as embedded and medical devices on the body or objects. It is, therefore, clear that the industry will continue to expand each day due to the numerous factors brought by data growth. Companies will look forward to developing ways of using big data to improve their efficiency and increase their profits. Some of the things you should expect to see from big data by 2020 include:
1) An Increased Usage of the Big Data
Big data is highly likely to maintain a steady growth, unlike other technological advancements that keep on fluctuating every year. Every data captured by most industry doubles after 1.2 years contributing to the generation of a current total of 3.2 zettabytes and an approximated value of 40 zettabytes by 2020. Additionally, the value of big data industry is bound to increase from $130.1billion to more than $203 billion in 2020.
2) Increased Website Security
Big data analysis digs even the hidden information in a website, which would be hard to do using conventional ways. Most website owners do not know that their sites are under attack until they receive a warning from their browser or search engines. They, therefore, can use big data to track any hackers or fraudulent behavior that would be happening on their sites. Some software such as Spark Streaming have been used in detecting fraudulent transactions and stopping them in time before they happen.
3) Excellent Customer Service Will Not Be a Problem
One of the functions of a business is to ensure the complete satisfaction of their clients. Big data analyses the client's preferences, shopping habits, and their personal information. Additionally, they can also monitor any referral that a customer made on social media, the reviews, and the response of a product in the market through big data.
4) Most of the Data Generated Will Be From Mobile Phones
Use of the mobile phones in the business industry is increasing at a rapid rate meaning that most companies will opt to run their activities using them. Technological advancements also allow integration of most software with the mobile phones allowing one to perform an operation from any location and increasing generation of data.
Big data in companies will continue to increase now and in the future as long as companies are using the internet and computers to carry out their operations. Companies, regardless of their size, are highly likely to use some form of data analytics by 2020, meaning that tracking performance levels and improving their service delivery will be more efficient than ever before.
This blog is listed under Data & Information Management Community