What does Big Data mean to businesses?
The evolution of how we use and understand data is faster than ever, with analytics being applied in almost every industry, especially in boosting commercial elements within businesses. Big Data value is the center of what makes it so relevant to our world today.
by Ridzwan Razalee
One of the values Big Data has offered to the world is the democratization of how businesses operate. You no longer need a taxi to get paid for picking someone from the airport. Owning a hotel is not a requirement for making some extra cash for providing someone with a bed to sleep in for a couple of nights.
Airbnb and Grab are just some of the companies which prove just what Big Data can do for the local community and economy. It creates a new business ecosystem for everyone to thrive.
Big Data is not just limited to those with big fundings in Silicon Valley, but those of us running our home-based operations can also benefit from it. Organizing items such as purchase orders, bookings, finance has never been easier, and all this is available to any of us today with Internet access.
Understanding a business market segment is a great way to ensure business growth. Companies such as Facebook, Amazon, and Instagram are helping people understand online habits, interests, and who are the most likely suited customers for a business to operate.
However, big data is not limited to just online or social media platforms. Digital platforms such as billboards on highways, bus stops, and even train stations can have their advertisement benefit from big data.
At REKA, we have the honor of taking the understanding market segment to a new level as we collaborate with one of our Japanese partners, Murata. Sensors installed at traffic billboards through our collaboration help gather information such as the number of vehicles during traffic, weather, and even carbon emissions.
People still react to advertising on these platforms, so it would be of great benefit if we could have an even more in-depth understanding of what is the most effective way of using these platforms for advertisers.
The future would highly depend on how we gather and manage the information which we obtain. Big Data is shaping the world. Not just in business but other fields from medical, transportation, and even education.
Text analytics, machine learning, predictive analytics, data mining, statistics, and natural language processing are some of the advanced techniques used to gain new insights from previously untapped data sources.
With such tools within our reach, let us build a better future together.
REKA is a Research & Development company from Malaysia that focuses on delivering digital technologies and automation within organizations. Being one of the first startups to build autonomous vehicles within the region, REKA’s outreach has stretched to other countries around the globe, helping organizations to go digital, strategizing technology implementations and helping the community with Science, Technology & Arts.