Data is a vital asset to the economy and societies. The need to understand and make sense of this data is driving innovation in technology.
Big data is a large amount of data that has been produced quickly from a variety of sources. Humans or machines can either create data. Examples include sensors that gather climate information, digital photos and videos, GPS signals, purchase transaction records and satellite imagery. It can be used in many areas, including healthcare, transport and energy.
The future knowledge economy will centre on creating value at all stages of the data value chain. The good use of data can open up opportunities for traditional industries such as transport, manufacturing, and health. Analytics and data processing, particularly big data, can make it possible to:
- Transform the service industry by creating a wide variety of innovative information products.
- Using improved business intelligence to increase productivity across all economic sectors;
- We can address many of the problems that our societies face more effectively.
- Boost research and innovation.
- You can reduce costs by using personalized services.
- Increase efficiency in the public sector.
Big data is the basis of business intelligence. It allows companies to understand customers and improve their business processes. Companies with direct access were the first to perform predictive analysis and conduct research based on big data. These companies included IT companies working in Internet services, ecosystems, finance, retail, and telecom.
Personalization of retail communications and products offers the most important and understandable task at the initial stage. Big Data array stores information about transactions and the purchase history. This allows you to segment your audience and show the products that will be most appealing to it. Young mothers will be able to receive recommendations for baby food and pacifiers after they have purchased diapers.
Advanced analytics technology can also analyze secondary factors that affect communication effectiveness, including the perceptions of these proposals.