Apart from the inevitable election of Kanye West as the president of the United States of America, what will our world look like in 10 years?
Big data analytics is the next trillion-dollar market according to an American investor, philanthrophist, author and CEO of Dell inc Michael Dell. The market for big data technology and services are forecasted to grow at a 23.1% compound annual growth rate, reaching $48.6 billion in 2019 (Forbes, 2015).
Information is POWER!
The power of information increases when it is shared. With the help of big data, online retailers could track not only what customers bought, but also what else they looked at, how they navigated through the site and many more.
Have you ever wondered how Spotify are able to create a playlist that are based on your music taste? Well they use algorithms to predict music that individuals would like to listen to next. Big Data makes better predictions and smarter decisions.
From Big Data to Big Mac; How big data revolutionizing the food industry
In the past years, McDonalds has been using a data-driven culture by turning to trend-analytics to better understand what is happening at each individual restaurant to identify the best practices to improve restaurants overall.
The three factors that McDonalds use in an attempt to optimize their drive through experience include:
- Information provided on the menu
- Types of customers coming through.
Thanks to big data in the cloud, information are more accessible regardless of expertise or budget. Businesses using Big Data will see $430 billion in productivity benefits over their competition not using data by 2020 (Forbes, 2016). But then again, we all thought by the year 2015 there would be flying cars, but all we are left with are selfie sticks.
Feel free to comment and share your thoughts on the topic down below!
Till next time, sayonara!
Brown, A. (2015). Spotify’s new feature wants to work out your new favourite artists. Express.co.uk. Retrieved 15 April 2016, from http://www.express.co.uk/life-style/science-technology/592622/Spotify-Discover-Weekly-Feature-Playlist-Custom-Recommendation
Forbes Welcome. (2016). Forbes.com. Retrieved 17 April 2016, from http://www.forbes.com/sites/bernardmarr/2016/03/15/17-predictions-about-the-future-of-big-data-everyone-should-read/#203d5c5d157c
Forbes Welcome. (2016). Forbes.com. Retrieved 17 April 2016, from http://www.forbes.com/sites/gilpress/2015/12/15/6-predictions-for-big-data-analytics-and-cognitive-computing-in-2016/#53464fc3409e
McAfee, A., & Brynjolfsson, E. (2012). Big Data: The Management Revolution. Harvard Business Review.
No flying cars Marty, the most popular technology of 2015 is just selfie stick. Back to the Future. (2015). Starecat.com. Retrieved 17 April 2016, from http://starecat.com/no-flying-cars-marty-the-most-popular-technology-of-2015-is-just-selfie-stick-back-to-the-future/
WIRED, H., & Industry, H. (2016). How Big Data is Revolutionizing the Food Industry. WIRED. Retrieved 17 April 2016, from http://www.wired.com/insights/2014/02/big-data-revolutionizing-food-industry/