A week ago, I posted a blog in which I expressed some of the fears that come with the rise of big data. Now it’s not all threatening. In fact, I might have exaggerated slightly at the time of writing, in order to make my point clear. Of course, there are a lot of positive sides to Big Data, which create tremendous value for businesses and consumers alike. I will now highlight some of these advantages, and thereby provide a counter-view to my previous post.
These are only a few of the advantages of Big Data. The list of possibilities is simply too large to write down.
The value coming from Big Data originates in several ways. Big data can increase the transparency in business processes, making information more organized and usable. These processes can be further analyzed using Big Data, allowing for more well-reasoned decisions and ultimately higher performance. Big Data allows the business to target more specific groups of customers, increasing the amount of personalization. Consumers will therefore receive promotions that are more tailored to their own preferences, increasing their convenience (Manyika et. al, 2011).
Furthermore, a TED-talk by Marco Annunziata about the advantage of the Internet-Industrial revolution, in which machines inhibit properties that allow them to self-learn and analyze their problems (Annunziata, 2013). These problems being analyzed and solved automatically, while the human eye does not even notice it. As a result, we reduce the risk of unplanned downtime, optimistically to a point where we don’t have to treat risks anymore.
Reducing unplanned downtime will lead to a diminishment of costs, stress and time lost.
There are significant risks, and there are significant advantages. We can choose to only focus on the advantages of Big Data and IoT, but the risks will remain. It’s important to always stay on guard, in order to maximally utilize the advantages (Fardost, 2015).
Link to my previous blog post: http://wp.me/p7TpsB-3fg
References:
Annunziata, M. (2013, December 17). Welcome to the age of the industrial internet. Retrieved from https://www.youtube.com/watch?v=QBDShp6U7tU&feature=youtu.be
Fardost, A. (2015, March 18). Internet of things – beyond our current imagination. Retrieved from https://www.youtube.com/watch?v=sgMG7zRrcPk
Manyika, J., Chui, M., Brown, B., Bughin, J., Dobbs, R., Roxburgh, C., Hung Byers, A. (2011). Big data: The next frontier for innovation, competition, and productivity. McKinsey Global Institute.
