Big Data in Industry
Many believe that Big Data is a new asset which will help companies catapult others to become the best in class.
What is it about Big Data that is so appealing across industries? Simply, data is intertwined into every sector and function in the global economy and much of modern economic activity would not be able to take place without data.
Big Data relates to large meres of data which can be brought together and then analyzed to inform decision making and discern patterns. The insights which Big Data brings, will become the basis of competition and growth for companies worldwide through further enhancing productivity as well as generating significant value for the global economy by increasing the quality of goods and services.
Previous trends in IT investment and innovation such as cloud adoption and the impact of this on competitiveness and productivity can be mirrored by Big Data which serves as a crucial way for large companies to outperform their competition. Across industries, time-honored competitors and new entrants to the market will use data-driven strategies to compete, innovate and seize value. The knowledge that big data brings informs the creation of new services and the design of future products. In fact, some companies are using Big Data to conduct controlled experiments to inform better management decisions.
What is Driving Businesses to Adopt Big Data?
- Reduction in operational costs and increases in efficiency: These factors are driving adoption of Big Data deployment by medium-sized to large businesses in Asia-Pacific (Kable Global ICT Intelligence)
- Better understanding of consumer behavior: Businesses are taken by the benefit of strengthened customer services and relationships through the deployment of Big Data solutions allowing a greater understanding of consumer behavior
- Decision making and business strategy: Executives operating in North America often cite this as a reason why medium-sized and large businesses are using Big Data (Kable Global ICT Intelligence)
Big Data in Agriculture
It is well-known that feeding the world’s swiftly-expanding population requires agriculture to produce more. This is where Big Data comes in. Data ownership and access to it is of great importance to farmers.
Learn more about Big Data in agriculture here.
Machine learning has evolved from the study of pattern recognition and computational learning theory in artificial intelligence. Using algorithms, machines can figure out how to perform important tasks by generalizing from examples. There is a large variety of learning algorithms available for different fields. Machine learning exploits the opportunities hidden in Big Data. The data that is fed into a machine learning system can be learnt and applied to the results for high-quality insights. It promises to extract value from big and disparate data sources with a lot less dependence on human direction. It suits the complexity of dealing with disparate data sources and the huge variety of variables and amounts of data involved. Machine learning thrives on boosting data-sets breaking free from traditional analysis. It helps to discover the patterns buried in the data. The more data, the more effective the learning, which is why machine learning and Big Data are intricately tied together.