The attached Forbes article outlines 17 predictions for the
future of Big Data. In particular I want to touch on a few points that are made
within the article and try to expand on what they mean for the future of
business. There are clear logical connections between the different points that
the article makes, ranging from the way they continue to develop an industry
and change the economy as whole.
To start, it’s crazy to think how young the field of Big
Data really is. Recording, tracking and analyzing statistics, particularly in
the world of business, is something that profoundly affects success, but hasn’t
been able to be performed until recently. That being said, the article outlines
how the volumes of data are going to continue to grow. Not only will how much be added on but also what can be tracked. More specifically,
turning things that seem qualitative into quantitative forms. Doing this allows
a company to instantly track something that before seemed harder to understand.
This is another example of how the ways that data is analyzed will continue to
improve.
Not only will the technology used to analyze it improve but
the ways that us, as the directors, learn to think about the data. As we gain a better picture of the
capabilities of data, we will be able to become more specific about what we
realize it can tell us. This will not be an easy task and all companies will
have expanded divisions for digital departments (whether it be for purely
collections, processing and analyzing or for privacy and protection). As much
as humans are afraid that we will lose our jobs to computers and AI will take
over the world one day, in these instances, it’s really only creating more
positions to build, maintain and improve these things. In addition to companies
expanding their own departments on these things, more companies created to
handle these things in particular will emerge. So much of our economy is based
around specialization and in an up and coming field like this, there’s no
better place. Whether it be specialized around housing and collecting data or
processing and reporting it, there are plenty of opportunities and more
importantly, money to be made.
After the data is collected, the steps that follow will be
improved-upon. Software that is created to analyze the data much faster is in
high demand. The article references the uses of prescriptive analytics as well
as machine learning, which both make the job significantly easier. After all,
the point of collecting and reviewing such data is ultimately to make informed
business decisions, and this is will decrease the turn-around time for such
decisions to be made. Since the article also outlines how all businesses will
be data businesses, this will naturally make all fields more competitive
(though barriers to entry we decrease as well since entrants will have access
to much of the same software will be available, they will just need to collect
their own data in the field). No matter what industry a company is in, they
will be able to collect much richer data regarding their user-base. In turn,
the consumer experience will improve in virtually all areas. It may be either
through an account on an app or a website, or though notifications sent through
a rewards program that runs through a company card (like Target or Stop and
Shop), the consumer is naturally going to be attracted to the best experience.
This isn’t something that the article focuses on, but I do believe it may be
overlooked in the field in general because it creates a new perspective on why
Big Data can be so essential.
In all, there are plenty more that can be said about this
Forbes article, feel free to read it yourself and provide your own commentary! The link to it is: https://www.forbes.com/sites/bernardmarr/2016/03/15/17-predictions-about-the-future-of-big-data-everyone-should-read/
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