Big Data Innovations with Case Studies
Big Data innovations have been consistently increasing in the past few years. With each passing year, there is an improvement in Big data technologies. Earlier Big data was limited only to storing, processing, and extracting value from data of all forms and sizes.
Later, with development in Big data, it starts supporting large volumes of both structured and unstructured data along with proper security. It also starts governing and securing and providing privacy. Thus we can say that with time, systems are getting modified and enhanced according to the need and requirements of the technological world.
1. Machine Learning – Next Big thing in Big Data
Machine learning is among the hottest trends today, and it will continue to play a vital role in the future of Big data as well. It will help businesses in preparing data and in conducting a predictive analysis. It will also help companies to overcome future challenges easily.
According to Ovum, “Machine Learning will be at the forefront of the Big data revolution.”
2. Better Privacy with Big data
The biggest challenge for emerging technologies like Big data is the security and privacy of data. The massive volume of data that will be created in the future will make privacy an even more critical factor that needs to be considered. Data security and privacy are like the backbone of the Big data industry.
3. High Demand for Data Scientists
Undoubtedly with the increase in demand for Big data, the need for data scientists, analysts, and management experts will also shoot up.
There will be a lot of companies adopting Big data technology, which ultimately raises the requirement of data scientists. This will also help data scientists and analysts to draw higher salaries. Thus data scientists will have a bright future like never before.
4. Change in Business approach
Businesses will buy Algorithms instead of Software. They will prefer to purchase algorithms instead of creating their own. They can modify the algorithm by adding their own data to it. This will provide businesses with more customization options as compared to when they are buying software.
Generally, we cannot tweak software according to our needs, and the business will have to adjust according to the software processes. But with the buying of algorithms, businesses can adjust algorithms according to their needs and requirements.
Big Data Case Studies
1. Walmart
Walmart is one of the world’s largest retailer companies. It has around 2 million employees and 20000 stores in 28 countries.
“Walmart had started using Big data analytics much before the word Big data came into the picture.”
Walmart generally uses Data Mining for providing better services to there users. They used it to discover patterns that can be used to provide product recommendations to the user. It helps to increase its conversion rate of customers.
The main objective of using Big data at Walmart is to optimize the shopping experience of customers. It also helps in increasing logistic efficiency. Technologies like Hadoop, NoSQL are used to provide customers with access to real-time data. This real-time data is collected from different sources and centralized for effective use.
2. Uber
Uber uses the personal data of the user for close analysis. They generally monitor the features and services which are mostly used by the customers. It helps them analyze the patterns and usage, and determine where the services should be more focused.
One of the biggest uses of Big data in Uber is surge pricing. It helps uber focus on the supply and demand of the services due to which the prices of the services provided change.
For example – if you are running late for an appointment and you book a cab in a crowded place, you must be ready to pay twice the amount. Thus, surge pricing affects the rate of demand, while long-term use could be the key to retaining or losing customers. And Machine learning algorithms are considered to determine where the demand is strong.
3. Developers will join the Big Data Revolution
According to a study, 6 million developers are working with Big data and advanced analytics. This is around more than 33% of developers in the world. And this percentage will inevitably increase with more development in Big data in years to come. Developers will get the lucrative salaries that will attract them to work in Big data technology.
4. Big Data will help to Break Productivity Records
Future investment in Big data will deliver a higher return on your investment, especially when it comes to boosting your business productivity.
According to IDC, organizations that invest in this technology and attain capabilities to analyze large amounts of data quickly and extract actionable information can get an extra $430 billion in terms of productivity benefits over their competitors.
5. Moving to the Cloud will increase
It is really surprising that the company’s crowd is moving to the cloud in great numbers. Initially, there were issues regarding the cloud, but later it was realized that the cloud is relatively safer than anything for storage and processing.
It is also observed that there are a great number of employees who work independently and frequently require cloud. And this means there is a need to provide secure access to data and analytical tools to them from anywhere in the world. Thus, making Big Data increasingly important.
Conclusion
Big data is not just limited to a term; instead, it is tied up with a lot of emerging technologies like machine learning, blockchain, artificial intelligence, IoT, etc.
All these technologies are going to be viral and make revolutionary growth in the coming years. Big data will act as a key source for all these emerging technologies. Big data will undoubtedly impact the technological world with its incredible innovations.