Coping Big Data with disruptive digitization
Our world revolves around the data Albert Einstein
From the early stages of civilization to achieving the current epitomical state in almost every field, man has been constantly eyeing towards the future. The quench for assimilating more by keeping innovation at parallel pace has been one of the greatest suit of mankind. Though, one interesting fact regarding any discovery or innovation corresponds to its evolution in factual form i.e.: depicting in the form of figures of what impact have been befallen by particular enchantment.
Factual facts relates to the set of data which is used to validate the proposed concerns in any industrial revolution, both quantitatively & qualitatively. It is because of data, today, that we are enjoying a digitalized lives. In the upcoming era, big data analysis is as certain as the setting of the sun, if one wants to keeps its stakes high in the market.
Daunting facts about data
World is experiencing a new kind of digitized formation, as a result of which, bulk of data needs to be scrutinized to make decisions. Some strong facts about the data escalation are listed below,
- According to IDC, data in 2020 will account up to 40 zettabytes.
- According to German IT association, sales of products and services from the information and communications technology (ICT) sector rose by 3.8 percent worldwide in 2013, to the record value of 2.84 trillion and predicts, India& china will be playing a major role in making digitization up to 2020.
- According to the study, a 10 percent increase in a country’s digitization rate leads to a 0.75 percent higher gross domestic product (GDP) per capita and a 1.02 percent lower unemployment rate
- The use of digital technologies resulted in the creation of almost 400,000 new jobs in North America and Western Europe in 2011, it led to the creation of nearly 3.5 million new jobs in the Asia-Pacific economic region.
- In a study, it is found that Germany could grow by 207 billion dollars by adopting more digitization with technology.
- One in a 5 directors of Fortune 1000 companies are striving towards digitization
- More than 90% of all the data in the globe was generated over the course of past two years
- Cited from McKinney, the board of one electronic-parts manufacturer, for example, realized it was at risk of losing a significant share of the companys customer base to a fast-growing, online industrial distributor unless it moved quickly to beef up its own direct e-commerce sales capabilities. The competitor was offering similar parts at lower prices, as well as offering more customer-friendly features such as instant online quotes and automated purchasing and inventory-management systems. That prompted the board to push the CEO, chief information officer, and others for metrics and reports that went beyond traditional peer comparisons
- According to recent statistical report, on an average, we generate 1.8 million Facebook likes and upload 200,000 photos. We also send 204 million emails and 278 thousand tweets. Approximately, 100 hours of video are uploaded to video platforms like YouTube, every minute…
- US would be requiring 6 million jobs by 2025 related to big data hype.
- com give its customer privilege to go in start customizing any wear one may like. Behind the stage, big data modelling is always on the run, showing customer various style and colors.
- Likewise, Amazon may feel great to visit but have you ever pondered how it shows below every image a sign Customers also purchased these? The have got full modeling experts which are analyzing millions of transaction every moment with respect to geographical area aligning with the buying power.
- Big marts like TESCO use customer signaling moment within he mart to prioritize the orientation of products.
- Google executive bought in 200 Million dollars by just shifting to blue color swift after analyzing the patterns.
- MacDonalds can make variations in menu, restaurant design, training designs by tracking customer interaction, in-house traffic, ordering patterns etc.
- Financial institutions are now shifting to a new era by enabling the ATMs to give loan to customers
As per above all facts, it is clear that data prevalence along the innovation is a new paradigm. So, what exactly data here refers to?
Data is basically reflecting to BIG DATA terminology. It does not refer to the data companies have got in their CRM databases but we are talking about data that combine companys data with its suppliers, its customers (like social media, blogs etc.) and even from external sources like weather forecasts, demographic data etc. The size of this data s beyond the capability of typical database software tools. One cannot state the exact figure but it can go from terabyte to multiple petabytes. For instance, it would take a paper of 50,000 trees to write a 1 terabyte text. Now one can imagine its mega-size alongside fits.
How big data can help underdeveloped countries
Change is inevitable, while, progress is optional
With so much creativity being deployed in the global industrial infrastructures, under develop countries are finding it hard to comply with the changing trends. The need is to cast a light on principles by which big data can be easily implemented within specified premises. Some of the points are listed below following which, a way to big data can be carved.
- Industry sector must start analyzing their processes and look for an opportunity to improve by setting the metrics against which he performance would be measured.
- Adopt the globally verified optimization practices within their systems by adopting the new dawn approach
- Look for wastages and variation from their processes by streamlining it in best way possible.
- Adopting the practice of thorough documentation.
- Making an ease in financial sector i.e.: offering micro land and insurance packages to the needy people.
- Deployment of IOT following the RFID technique b which soil can be prepared in the best way possible to uplift & strengthen the agriculture of country.
- By offering massive open online education courses along the proper examination check can sustain and proper the digitalized environment
- In case of uplifting the services sector like hospitals, making a portfolio of individual patients and maintaining the data base ,while comparing with the similar cases all over the globe would help in better diagnosing of cure
- Transportation system can be benefitted from the approach by using operation research algorithms in computing the best route possible.
- Food and beverages can cast an eye on the global competition by evaluating their metrics compliance in the light of big data.
- More sustainable electric power grids initiation along the renewable resources deployment can make a use of big data.
Time is evolving at a higher pace now than ever before. It is a call of the time to take appropriate measures o maintain an equilibrium shift to new tools & techniques by abandoning the traditional mindset. To summarize in a phrase, one may say that
Either be an initiator to disrupt the market or get ready to be disrupted