With the abundance of data available across industries, it is more important than ever for companies and investors to put this data to work. In recent years, companies that have leveraged data-driven insights have been able to revolutionize their respective industries and outperform their peers.
From smartphones to social media posts, people create and consume data every second of every day. Big Data is a popular term used to describe the growth and availability of this data. It also refers to the technologies and analytics that collect, manage and extract useful insights.
Data-driven insights can help companies make decisions more efficiently and effectively, often leading to outperformance compared to peers.
Big data is not about having more data, but rather about having the right data and relevant information to inform business decisions. Let’s look at some ways in which different industries are leveraging Big Data to drive innovation in their businesses.
Banks and investment advisors utilize people to manually sift through thousands of research reports, earnings calls and news data points to generate insights.
Big Data analytics companies have developed automated systems that can use natural language processing to convert millions of unstructured data points into a more accessible format.
Innovations in Big Data have allowed analysts to see complete datasets in record time. Rather than dedicating time and resources to aggregating unstructured data, analysts can now focus on what that data actually means, freeing up time to develop more impactful insights and investment decisions.
In the US, the average person spends over 50 minutes a day commuting to work, of which 20% is typically spent in traffic, representing approximately $42 bn a year in wasted fuel. In addition to the costs of congestion, traffic accidents cost tens of thousands of lives globally, with the National Highway Traffic Safety Administration (NHTSA) estimating that traffic accidents cost almost $826 bn annually in the US.
Autonomous vehicles leverage 360-degree cameras with a spinning-laser to map exact distances to objects in their vicinity and machine learning computers to interpret surrounding environment and driving rules in real-time.
Autonomous vehicles can reduce commute times, allow drivers to utilize their commute more efficiently, and significantly improve the safety of driving.
Learn more about innovations in Machine Learning:
Prior to the availability of voter-specific data (demographics, preferences, social media, etc.) candidates have had to use mass-marketing approaches to reach people because it may have been more challenging to identify swing voters and supporters.
By analyzing the voter information to craft targeted messages/ads that appeal to different groups of people, you can target efforts on fence-sitters, understanding the constituency in order to fundraise more effectively (email campaigns).
Political candidates are able to allocate their resources properly and make deeper connections with voters.
Learn more about how Big Data is used in Politics: