If you’re someone who likes keeping up to date on the latest trends in tech, then big data needs to be on your radar.
Big data is fundamentally changing the way businesses in many industries operate. Keep reading to learn about six big data transformations taking place in the business world.
1. Marketing Strategy
The world of marketing has been evolving over the past few years. Thanks to big data, marketers have the ability to compile large amounts of information about prospects and gain better insights as to who their customers are.
Big data and analytics can help marketers improve their search engine optimization and create more impactful content by providing detailed insights into performance. With this vast repository of information at their disposal, marketers are able to develop more targeted campaigns and initiatives and get the most out of their budget.
2. Dark Data
If you’re not familiar with the AI world, then the term dark data might be new to you. Dark data refers to data stored in repositories that have not been analyzed or processed. The way dark data is stored makes it difficult for analysis to be performed on it. However, big data is making it increasingly possible for complex data management systems such as those storing dark data to become more accessible to everyone.
The sports world can also benefit from the revolutionary use of big data. With the help of connected devices and data analytics, coaches are able to assess athletes’ performance in revolutionary ways and make decisions based on the accessible information. This is especially true in sports such as Formula 1 where pit crews use big data in vast quantities to analyze every aspect of the race.
You’ve probably already encountered chatbots or digital assistants at some time or another. Beyond being a great customer service tool, the applications for chatbots at the enterprise level are equally promising. Big data is facilitating the implementation of more advanced Chatbots.
5. Disaster Response
Big data can save lives when it comes to disaster response and recovery planning. Emergency response teams can access and analyze real-time traffic systems, sensors, cameras, water quality, urban planning documentation and much more. This would also give them better tools to plan and predict what can be done in case of a disaster.
Imagine if potentially illuminating patient information was available to doctors everywhere. With big data, this can be possible. Shared data (i.e. medical histories, DNA profiles) between healthcare professionals could be used to further life-saving research efforts. Data acquired from wearable devices could even be used to help make predictive diagnoses.
Big Data Transformations: The Bottom Line
The transformations within these six sectors are a testament to how business is changing in light of new disruptive technologies.
Within this innovative technology lies the basis of a strong investment thesis. Diversified investment products such as the Evolve Innovation Index ETF (TSX: EDGE) provide investors with access to companies involved in big data and cloud computing.
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