Big Data has been influential across multiple industries, allowing companies to explore their underlying potential. Companies can have a significant impact using the power of Big Data over longer periods of time. With 90% of the world’s data created in the last two years, it’s important to analyse the data for valuable insights. Companies around the world are focusing on Big Data to uncover valuable insights. That’s why the Big Data sector is expected to reach $260 billion by 2022, according to various estimates.
What’s next in the adoption of the technology?
With the rise of core platforms such as Machine Learning and AI, the potential for Big Data has increased radically. There are large-scale integrations yet to be made, with a significant number of applications that can be deployed. Companies are also being valued by the information that they can manage, with Big Data playing a significant role in the conversation.
The increasing scale of Big Data adoption
After you’ve understood the benefits of Big Data adoption, it’s time to scale up the platform. It’s important to gather all the resources available and invest them in Big Data launches across the enterprise. These could be related to operations, marketing or finance domains. Big Data has the power to revolutionise the way that a company executes its strategy.
It’s not just the technology industry where Big Data can be leveraged: it’s all industries. The technology has underlying advantages that make it significantly more appealing to decision-makers across the board. From biotech to e-commerce, Big Data is being used across global economies. It’s time to enhance the portfolio under which Big Data operates.
You can start by understanding the needs of your distinct areas of excellence. From there, you can review the impact of Big Data and make critical integrations where necessary. For example, you can install Big Data methodologies to enhance efficiencies and improve workflow management. You can also do the same in the marketing domain, by harnessing higher quality consumer insights. The scope of Big Data is immense, with many companies reviewing their existing requirements frequently.
Data is a strategic asset within an organisation and those who are able to organise, maintain and manage this data emerge as market leaders. That’s why increasing the scope of Big Data should be the next strategic initiative as you move further ahead.
Cross-platform integrations with other technologies
Big Data alone may not be enough to create truly transform experiences for customers or stakeholders. That’s why AI and Machine Learning, among others, should be integrated to create more dynamic results for the company. With the help of AI, Big Data can be used to develop scalable platforms that generate business value. The technology can also leverage machine learning to make meaningful predictions within the industry.
Big Data is also being used in specific tech areas such as facial recognition, image analysis, and communication assistants as well. These cutting-edge solutions are using Big Data to enhance their overall impact on the organisation. Big Data is being used as the go-to platform on which they’re able to generate results.
With the advancement of mobile, Big Data is being leveraged to create more customised solutions. Your customers can get a tailored experience every time they interact with your brand. This is enabling greater adoption across key markets, beyond technology firms as well. Companies are trying to understand how impactful Big Data can be outside of traditional analytics and business intelligence.
Decision makers need to understand how Big Data can be integrated with existing systems such as cloud, CRM, analytics and documentation. This can help them uncover meaningful areas to explore, especially when reviewing the impact that technology can bring to the table. For example, the Bank of China leveraged IBM’s Big Data solutions to integrate data coming in from social, mobile, customer insights and more to create a robust data model. This enabled them to deliver personalised customer experiences.
Enhance privacy and data protection strategies
One of the most important areas to be concerned about is data security and protection. This is key as there are areas where Big Data can be exploited to retrieve protected information.
Enhancing compliance across the company
When companies increase their policy scope, technological capabilities and adherence to best practices, they’re better protected. Big Data can also be extended to other areas when there is a layer of compliance present to protect the firm.
Monitoring data-mining activities
Authorisation, access, and utilisation should be monitored from end-to-end so that all uses of Big Data are safe and secure – you don’t want severe consequences from poorly monitored activity. This enables companies to have better checks and balances when dealing with sensitive customer information.
The increasing strength of data security
Companies can become better protected when working with multiple layers of talent and technology pertaining to Big Data privacy. They can hire top analysts, technology experts, and compliance teams to develop a more robust model around the core technology.
Transparency in data collection
Companies that require specific types of information need to be transparent with users if they haven’t done so yet. Data collection needs to follow the regulations laid out by each industry and the relevant national laws applicable to where the data is being collected.
Enhancing the overall privacy of users is critical as it can increase the strength of the organisation and how customers perceive it. The repercussions of a data leak are incredible, with companies losing millions of dollars each time they’re hacked. The PR damage and loss of consumer trust are significant as well.
Big Data is a critical area of focus for many companies around the world. It’s important to scale-up Big Data so that you’re able to derive valuable insights long-term. Security and privacy are also important areas to avoid the risk of leaks and hacks. Companies that strategically align themselves with effective Big Data practices are able to explore their unique potential.