For any corporation to thrive (or even survive) in a data-driven world, they need to leverage the value of data. The last few years have shown that this comparison is not mere hyperbole. In some cases, big data deals with a scale of data that is larger than the human mind can perceive.ĭue to the real-world value that data provides, it is now considered by many as a form of currency, even going so far as to describe it as the “new oil”. This is used nowadays to optimize traffic flow, forecast weather, help with pharmaceutical research, and predict consumer behavior. As the name implies, big data involves collecting and processing large amounts of data for advanced analytics. With more powerful data processing capabilities, the field of big data has emerged. A large dataset also provides insight into manufacturing operations that can e used to enhance efficiency and enact improvements. Manufacturing facilities use arrays of sensors to gather real-time data about their operations, allowing for automation and minimal downtime. Outside the area of marketing, large-scale data collection is also practiced by other industries. Who has not been enticed by a well-timed and uniquely appropriate advertisement that has shown up on their phones? This data is then used as tools for targeted marketing. Data on the places we go to, the websites we visit, and the topics we talk about are collected through our devices and social media channels. Whether we like it or not, we already provide data that corporations deem to be commercially valuable.
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