No one would have ever imagined how life could be with electricity before its invention. But, after its invention, electricity transformed the lives. In fact, the world changed completely thereafter. It has become the electricity of the 21st century. It has gained such a power that it can transform anything it touches, be it business or private life or the Government. The only difference between the power generation and it took a century for electricity to transform the world but Big Data is revolutionizing businesses in just a matter of a blink.
It is a rapidly famous term used to describe the exponential growth and availability of both structured and unstructured data. And big data has now turned out to be as important to business - and society - as the Internet has become. But do you wonder why?
The amount of data in our world has been continuously expanding. It is now in a state of exploding, and analyzing large data sets termed as big data will become a key basis of competition, creating new waves of productivity growth, innovation, and consumer surplus. Leaders in every sector will have to learn to juggle with the implications of it, not just a few data-oriented managers. The increasing volume and detail of information captured by companies today, the spread of social media, and the Internet of Things will fuel exponential growth in data for the foreseeable future.
The Revolution is here to re-define the next era of the business and the Government. It is harnessing the power of data to change the course of finance, banking, and other sectors to be smarter, more responsive and efficient. It can help the Government to perform better and deliver the most essential services more effectively like - garbage removal and recycling, public safety, street maintenance, etc. In Banks, it can help to structure the data as banks receive innumerable unstructured data everyday which they did not give much importance to earlier. For eg., Banks receive a number of calls regarding their services and have uncountable useful data points. With the help of Big Data, those useful points can be critical in changing policies to reduce customer complaints, etc. Now we have more hard facts to base our views rather than beliefs which were prevalent before.
The largest way in which technology is driving innovation is by shrinking the time it takes to answer key business questions. How do successful companies use data? Riva Richmond, the editor, Economist Intelligence Unit, presented a global survey of 373 senior executives.
1. Set clear and specific business objectives
2. Test various hypotheses and ask better, new questions of data
3. Use data insights to set a plan
WHY DOES IT MATTER?
Successful companies, denied as those that outperform their peers in profitability, have leaders who support the use of data and also have open, collaborative cultures. When it comes to decision making strong leaders depend more on data and facts than gut instincts.
- A top-down vision on how to use data is key
- Investment in data capabilities is critical
- Culture matters: if a company isn't open, the data results can't be implemented
- Hire and cultivate employees who understand both data and business
- Ensure that data efforts and business strategy are aligned
The use of big data by companies to grow better, work faster, and expand into new markets is just the beginning. The widespread use of insights from data analysis is a societal tipping point. It is the progress in how we work, how we make money, how we live, how we tackle problems, and how we think. Technologies pushing huge data forward are ultimately pushing society way forward.