The Business Behind Big Data – Why 2015 is the Year you need to Pay Attention to it

You’veheard of Big Data, and I know you’ve heard of Machine Learning maybe even
Cognitive Computing. But it’s time to move past just the buzz words and really
dive in to what it could mean to embrace these concepts with open arms and
apply it to your business in 2015. 

image

 We
generate data at an insane pace and with certain advancements in recent
years, we’re capturing the data through websites, apps and even wearable
technology. In 2010, Google’s Eric Schmidt said that we generate more data
in 2010 than we did from all time up until 2003. In the past five years,
the data we generate has most likely doubled what it was in 2010 and this trend
isn’t slowing down anytime soon. This is why data capturing is only going
to increase in 2015. 

 All
that data being captured is now transforming into Machine Learning or
artificial intelligence. It’s as if you hired a team of people that always
sit behind the data looking for patterns, relationships and suggest new ways to
make your business better. The truth is that Machine Learning has been
around since the 1970s, but has seen a tremendous surge in growth in the past 5
years as data is now in digital form. We have devices that measure data that
we’ve never had before such as temperatures, movement, location and velocity.
Now with the “Internet of Things” movement where wearables are becoming
more necessary, this data is turning organic and essentially every person who
consumes a piece of technology on a regular basis is already leaving a
footprint of predictably. 

The
world is also getting hyper personal. Consumers are getting
spoiled with Machine Learning technologies that impact us every day, whether that’s video titles based on
Netflix, goods on Amazon or your own traffic route with Wayz. 

 As
we move into 2015 we will see tremendous growth in this area with IBM’s deal
with Twitter
to directly impact consumer insights, Google’s acquisition of DeepMind will surely unveil some
fantastic new developments in their Deep Learning escapade, and Microsoft
using Machine Learning in its Skype
Translator

which will not only translate real time but mimic tones and speech patterns so
it makes sense in other languages. 

 This
is the year that you need to beginning to capture data and if you already do,
think of different segments of your business that you aren’t and capture it
immediately. Secondarily, get a data scientist to start processing how this
data is captured so you could collect patterns in the data. Finally, now that
you have the data and can detect patterns within it, it’s time to make real
business decisions that impact the bottom line and move your business
forward in a direction you never thought possible. 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s