Internet and technology have been changing the way in which business operate, the way in which companies acquire new customers and the way how they interact with their clients. Technologies that businesses utilize allow them to collect, store and analyze large amounts of data (such as company’s transactional data, customer behavior data and other) and use that data to leverage their business performance. With the increase in popularity of Internet usage customers also have been changing the way they interact with their favorite brands and the way they shop in general. People have been shifting more towards online shopping because it is more comfortable and less time consuming. They can also compare products they are planning to buy by checking a variety of online stores and finding the best price for it or they can choose the best product by reading online customers reviews. Our online behavior or transactions we perform as customers’ leaves data residue that can be captured and tracked by companies and used to their advantage.
Handheld technologies have been improving and enabling more and more people to perform a variety of online transactions at any place and any time they desire to do so. As online transactions continue to grow, the amount of Big Data will also continue to grow. Businesses will continue to develop more sophisticated software that will allow them to better collect and analyze data and to make better SMART business decisions. Machine learning will be the next and biggest change in Big Data Analytics. We already see how large companies such as Amazon, Netflix, Facebook, and LinkedIn have been successfully using machine-learning techniques to improve customers’ user experience (by suggesting the products you might be interested in buying or movies that you might like to watch based on your viewing history and others) and therefore increased profitability and customer loyalty. More robots will be created to substitute human work functions (such as delivery and packaging services, virtual personal assistants, smart advisers and others) and we will also see more autonomous vehicles on our highways. According to International Institute for Analytics, businesses using data will see $430 billion in productivity benefits over their competition not using data by 2020.1
Sources:
1. Forbes, March 15, 2016, Bernard Marr (https://www.forbes.com/sites/bernardmarr/2016/03/15/17-predictions-about-the-future-of-big-data-everyone-should-read/#747df3801a32)
No comments:
Post a Comment