Data analytics (and big data, as a part of it) is not just an ordinary business tool. It is also not just a buzzword, it deeply impacts almost all modern industries. By the end of 2014 the size of Big Data industry has reached 16 billion, with a forecasted value of 48 billion over the next five years. The fact is that as an innovation point big data has much in common with the invention of the internet – it can revolutionize every industry and affect everybody.
Many industries benefit from data analysis and here are a few not-so-obvious examples:
- Farming. With the help of drones farmers are now able to collect precise information about the health of the crops, the level of field hydration and the crops growth dynamics. Analyzing that data, they are able to use fertilizers more economically or build a more effective irrigation system. As a result, production costs decrease and revenue is growing.
- Film making. Prior to filming its TV series project "House of cards," Netflix has performed an extensive research, trying to determine, who must be the director (Finch), who must play the main role (Kevin Spacey), and what the plot must be (it is a remake of an older series) in order to hit a certain audience. As its IMDB rating is 9.1, it is safe to say that the analysis was executed well and has contributed to the overall success of the show.
- Oil extraction. Kaggle has built software that helps oil companies to determine how much to bid on a lease of an oil spot or to determine optimal well spacing. Now oil companies are able to make more informed decisions, resulting in improved operational indicators.
- Professional athlete training. Using dozens of different detectors and tools, measuring almost every physical parameter of an athlete - blood pressure, heart rate, body temperature, muscle tension - coaches are now able to detect the best training strategy or even predict athlete’s performance.
- Fighting crime. The Smart Policing program, implemented in 38 different American police departments, funds and empowers local, data-focused, crime prevention tactics. A key feature of the program is “hot spot policing,” which analyzes geographic patterns to uncover highly likely crime locales.
Big data and data analysis has potential to improve performance and operations of any business. How has your company been affected by the revolution of big data? With the help of data analytics you can make your product offering more competitive, your services more targeted and your next steps in the market more strategic. It is very likely that your competitors are already taking advantage of data analytics that are helping to strengthen their product or service offering. If you haven't already, it is time to consider what big data and data analysis can do for you.