Data is everywhere. With the rise of social media and the Internet, much more data is being generated than ever. This has led to the development of a new field called data science. Data scientists use statistical and analytical methods to interpret these huge amounts of data in order to solve complex problems.
With the rapid growth of this industry, it is important that both companies and employees know what big data is and how it can be used to their advantage. Here are some ways to learn more about big data and why you should care about it.
What is Big Data? In its simplest form, Big Data can be defined as the collection of large-scale raw data that can be used to provide information that is often informative and important. This information is used for things like business intelligence (which aims to provide companies with complete and up-to-date statistical analysis), predictive customer analytics, content enrichment, web analytics, automated systems verification, and many other purposes.
The term is actually taken from the computer language definition of artificial intelligence, which is a field dedicated to applications that use artificial intelligence to collect, classify, analyze, and act on unstructured data sets.
With the use of a variety of tools, Big Data can be used to support any number of advanced trading strategies. In fact, Big Data has become one of the key ingredients in many successful companies. You can take data from any source and analyze it to find answers that allow:
- Reduce costs.
- Reduce the time.
- Develop new products and optimize offers.
- Make smart decisions.
You can find examples of Big Data are everywhere - it's ubiquitous in media reports, pop culture, government reports, and just about every other outlet you turn to for information.
Take the example of Barack Obama in 2012. After his first term, the US president decided to use Big Data for his reelection in 2012. He hired a team of approximately 100 people specialized exclusively in data. 50 of those 100 people were working permanently in the central offices, another 30 were mobilized throughout the different headquarters of the country and 20 were solely focused on the interpretation of all the data received.
Illustration made by Sarah A. King from The Washington Post
The efforts of this campaign focused on 3 aspects:
- Registration - Collect data from convinced voters
- Persuasion - Addressing doubters effectively)
- Voting of the electorate - Ensuring that supporters were to cast the yes or yes vote
Some of the most effective strategies this campaign had were the following:
- A team was in charge of collecting data at the field level and providing very quick feedback via email notifications by the online team (it improved in time and efficiency); or
- They detected the groups of people in which TV advertising would work best and crossed voter data with other demographics, audiences, advertising prices, programs in this way the impact and segmentation were improved.
- With their analytics, the Obama team optimized communication and the response of the like-minded electorate, not wasting resources, time and money on voters who were not supporters of his party.
In short, Big Data is changing the world, the implementation of Big Data in your company has many benefits, if you are going to make the most of your company's data, you must take full advantage of its analysis capabilities. Big Data is no longer just about optimizing business, sports or political decisions, but also about innovating, storing data, developing, visualizing things or even creating new products.
At Ancient Technology Group we are experts in Big Data and what motivates us the most is being able to help companies understand their business better than anyone else, in this way you can take advantage of historical data to make better and more informed decisions to reduce your need to make many decisions repetitive or obsolete. It can also reduce your reliance on outside expertise when it comes to decision making.
If the implementation of Big Data in your company is something that interests you, request a talk with one of our representatives, we are sure that we can complement each other very well.
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