Big data opens new avenues in analysis, predictions
As with every emerging technology, there is always an element of hype attached to it. And the same is true in case with Big Data. However, the hype surrounding Big Data is warranted simply because it opens a whole new avenue on how data should be analysed and leveraged to actually predict things.
World over, data scientists and experts are upbeat about Big Data because it can provide correlations, which leads to discovery of patterns, which in turn allows the prediction of the future. Businesses too feel they have a lot to benefit from such capabilities of Big Data. Understanding customers buying patterns, replenishing stocks in the right quantities at the right place and time are just a few things businesses can look forward to achieve by leveraging Big Data.
So has this predicting capability put to use in the real world? In fact yes! According to Julie Bort of Bussiness insider, in the US, MasterCard created its own big data division, which analyzes billions of records. During analysis the company learnt that when someone buys gas at around 4 p.m., the person will likely then spend $35-$50 on groceries or at a restaurant. The gas purchase didn’t cause the food purchase.
Julie further cites examples of companies like Google, which created a realtime flu tracker by watching where people searched for terms relating to illness and mapping that data from the Center for Disease Control.
Apart from these there are even more examples, there are several more where Big Data has actually been employed for its prediciting capabilities. No doubt, businesses leveraging Big Data will have a upper hand, however for that to happen businesses will have to stop playing the wait and watch game and be early adopters.
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