Shopping on e-commerce sites like Amazon is something that many people love to do. Along with convenience, the platform offers a recommendation list which narrows down your choices without any excessive searching. This considerably adds to your shopping experience and allows you to window-shop new items easily.
This is made possible through the use of databases as Amazon compares your last purchase with the data of other users. The shopping site also uses big data applications to source product data and track goods stored in their warehouses.
Data and technology have made their way into our lives and have forever changed the way we use the internet. Global organisations have experienced a huge transformation, riding the data wave. While you may be aware of businesses collecting data from customers, you may be surprised to learn of the advancements achieved through big data trends.
Big data influence goes from streamlining our Netflix watchlist options to measuring learning outcomes at school and creating improvement within the education sector. Read on to learn about some other major impacts that big data has made.
Big data in 2020
Data science for business has made massive strides in the past decade and has emerged as a useful tool for organisations. It’s estimated that by 2023, the big data industry will be worth £59 billion. Businesses can compile and analyse large amounts of information, which is roughly 2.5 quintillion bytes of data per day, towards effective decision making.
A company looking to design a new product often relies on data to connect with its audience. The digitally led royalty programme of Coca-Cola is a great example of using data to strengthen your connection with customers and upsell new products.
Companies not making use of big data are missing out on one of the greatest technological tools of the 21st century. Emerging trends in big data analytics will pave the way for a more futuristic tomorrow, and as a business, you need to be prepared for this!
Big data trends
While big data is making its presence felt in almost every sector, it has brought some astonishing changes in the following three prevalent industries.
- Healthcare - countless measures are being taken to improve medical facilities everywhere, and big data applications play a pivotal role. Electronic health records (EHR) are of great importance to hospitals as they contain patient information for easy accessibility by staff.
As hackers and data theft risk are high in the case of electronic storage, a new blockchain-backed data innovation is underway through which decentralized information can be securely shared.
Given that blockchain has a transparent network, any suspicious activity will stand out, making it difficult for the miscreant to steal vital information.
- Supply chain management - while healthcare directly impacts us, supply chains also indirectly influence our daily lives. Many products we use regularly are either prepared or sourced from different parts of the world.
Therefore, to ensure the smooth flow of goods, supply chain activities must be carefully strategized and monitored. New trends in big data analytics in this field allow operation managers to supervise all work and find blockages in the supply system. Data analytics also helps in optimizing inventory, as seen in the case of Amazon, which uses it to distribute items according to customer needs and demographics.
- Energy consumption - one of the biggest global challenges that we face is regulating energy consumption, and big data analytics is playing an essential role in making this endeavour successful.
Big data applications are being used to track energy consumption on a daily basis.. Based on the input, we can gain a better understanding and reduce daily usage. The partnership of German-based multicorporate Siemens with LO3 Energy is a good example of industry giants that are collaborating and using data to monitor energy resources and consumption, and are using this to design new alternatives.
By pursuing data science for executives, you can take your career to great heights. Special skill sets that include critical thinking are a prerequisite for this field, and you can get all the necessary knowledge you need through the Data Science for Executives course offered by the London School of Business and Finance (LSBF).
Additionally, you can check out other short courses offered by the institute including Emerging Technologies, Digital Transformation and Leadership, Cybersecurity for Business Leaders and Artificial Intelligence - Risk & Opportunities for Your Business. Each of these programmes aims to build your knowledge and give you an in-depth and targeted understanding of this vast sector. Click on the links above to learn more!
This article was written by Nandita Kaushal.
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