Knowledge is power and to accumulate knowledge you need information. With the advent of the internet and the popularity of social media and cell phones, an extremely large amount of information has become easily accessible. With AI Cognitive analysis or even simple statistical analysis based algorithms, knowledge can be extracted from this information.
Companies like Google have been using these techniques to process the gigantic amount of information they gather due to the nature of their services. Knowledge extracted from big data can be used quite effectively not only to streamline and perfect your business and services, to attract more customers, but also to do mind blowing things like conduct a market analysis and establish a customer expectation baseline on products still in the conceptual stage. This is groundbreaking and Big Data has become more valuable than gold. So much so that most companies today are collecting whatever data they can, from their customers and employees in the hopes that it might give them a competitive edge in the future. Even more valuable is structured data that has been organized and archived and is easily accessible.
Anyone thinking of building a mobile application or website now needs to consider the advantage of analytics in improving their product and services over time as well as the implications of the data collected in the long run. Who knows what secrets lay hidden in the Data that can potentially solve some of the world’s biggest problems.
-Triman S Bhullar