When Big Data emerged a few years ago it was first questioned and then suddenly exploded in popularity. Big Data became so well known that people now refer to it as a buzz word and convict businesses of havingData Fetish. Many companies became obsessed with Big Data’s promise of success and jumped on the gravy train.
Four years later we are now seeing that It was never about the Big Data that determined success, it was about how it was used. The companies that understood this early on and adapted their company to better manage their data are the ones who are basking in success today.
A recent study has shown that companies utilizing big data are becoming smarter about how they are using their data. Companies are realizing that it is not so much about having a larger amount of data rather than having a sufficient amount of smart data. The trick is that smart data is like gold, analysts must search through large quantities of data to mine out the smart data that contain highly valuable insights.
As companies improve their data management skills they are not only becoming more equipped with better information, but they are also saving money. Having an efficient data analytics sector can result in major profits simply by having more up to date and accurate information to make decisions with.
It is exciting to see how companies have learned to manage their data and the benefits they are reaping from it. Using Big data as a tool is a great way to learn more about your business and your customers, which is why it has become such a great company asset.
Most Americans live at a very busy pace, constantly rushing from one thing to another. This sense of urgency to do everything and be every where at once doesn’t leave much time for things like groceries. The online groceries business is one that is growing rapidly in the United States. It is extremely convenient for many busy families and working moms and dads to simply pick out what they would like online and have it delivered to their home the following day.
Big Data analytics is allowing companies to learn their customer’s habits and preferences to ensure the smoothest, easiest process possible. As consumers browse groceries on the website of the store of their choice, their activity is being monitored; allowing companies to learn about their consumer’s habits. What do they normally buy? At what time do they prefer their groceries be delivered? Are they flexible on their time of delivery or do they want it on a specific time?
These are all things food providers can learn about each unique customer and accommodate to individual needs. The more convenient an action is, the more likely people will use it, build up a preferred company and continue to use them for years to come. Big Data helps companies become a trusted resource for people, ensuring customer retention.
Almost every physical object can be connected to the internet.
We are racing forward to an era of hyper-connectivity. Objects now have the ability to communicate with each other, all using DATA!
The Internet of Things is happening now!
The Internet of Things (IoT) is a term that has been thrown around for a few years now, but many of us may still not fully understand what it means.
The IoT refers to a network of physical objects or “things” that have the capabilities to both collect and exchange any amount of data. They do this through a variety of software, electronics, sensors, and network connectivity.
So many devices that we own are connected to this “Internet of Things”, and we are using this network of data everyday to make our lives easier. This includes everything from cell phones, coffee makers, washing machines, headphones, wearable devices and almost anything else you can think of. If it has an on and off switch, then chances are good that it is connected to the IoT.
Now that more and more objects are connected to the IoT, those objects can all communicate to optimize day-to-day practices, create new opportunities, and save us money!
This is a great video looking at 7 bind-blowing facts of the Internet of Things.
“In 2008, there were already more objects connected to the internet than people.”
“The ATM was one of the first objects of the Internet of Things, dating back to 1974.”
“This year we will have 4.9 Billion connected things.”
“By 2020, we will have 6.1 Billion smartphone users.”
“The global market for wearable devices has grown 223% in 2015.”
“By 2020, a quarter of a billion vehicles will be connected to the internet.”
“All of these devices collect and transmit data, contributing to our Big Data world!”
The traveling industry is welcoming Big Data with open arms for they can use it to track traveling trends and determine when they will be the busiest. This type of information allows companies such as Southwest to determine the optimal time to raise prices or offer deals. Depending on the demand for flights during a certain time period, the airline companies can raise prices and be confident that people will still buy purchase them. This is why we are always told to book our flights with plenty of time in advance; the airlines know that those who wait until the last minute to buy a flight are desperate and will pay whatever is necessary.
Airlines look at the big data to determine which days throughout the year tend to be most heavily traveled and which days people prefer not to travel on. The cheapest days to fly are Tuesdays, Wednesdays, and Saturdays. These days are less expensive than the others because these are the days people don’t necessarily like to travel on. They are inconvenient and therefore less desirable. More sought after days will cost more money, especially around the holidays. Data has shown that there is the most widespread travel between Thanksgiving and New Years. The holidays are when people take extra time to visit family and loved ones they don’t otherwise get to see. Airlines know this and increase their prices knowing that people won’t put a price on seeing their family for the holidays.
Not only the airline industry can use big data to rake in some extra cash. Consumers can look up the data on when airlines raise and drop flights to save themselves some dough on booking their next travel accommodations. As we are right around the corner from this holiday season, hopefully everyone has been proactive, looked at the data and have scored great prices on their tickets home!
How will big data effect the black Friday sales this year? Well, big data has allowed the retail industry to know more about each individual customer than ever before. This means that stores will be able to market to us in unique ways that will prompt us to buys more. When we are thinking about buying something we want, all it takes is to see that item pop up on a screen or an email that says it has a slight discount and we are all over it. If that add popped up with some other item that we didn’t want, we wouldn’t think twice about it, but because the stores know what to advertise to us, we fall right into their trap.
So how many people will be lured in this black Friday? According to the National Retail Federation the average American spends $749 on holiday shopping. Black Friday is the biggest shopping day of the year and is where stores make the majority of their yearly sales. With Big Data heavily influencing the retail market it will be interesting to see if there are more online sales than in the stores this year compared to black Friday’s in the past.
Hopefully people will make use of big data and buy the items they want online rather than spending hours parked out in front of a retail department. Maybe this Big Data leap will move our generation to buy online with ease and actually spend black Friday, outside, enjoying their day off with loved ones. To learn more about how Big Data can predict spending habits, Check Out this great Article!