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part of these companies. Retailers may become able to track individual
customers and their behaviors by monitoring their internet click streams.
Knowing this, they will be able to make small changes on websites that will
help move the customer in a direction to buy. They will be able to see when
a customer is making a decision on something they might purchase. From
here, they will be able to “nudge” the customer towards buying. They
could offer bundled products, benefits, and reward programs. This is real-
time targeting.
Real-time targeting also brings in data from loyalty groups. This can help
increase higher-end purchases made by the most valuable customers. The
retail industry is likely to be the most driven by data. Because they’re
keeping track of internet purchases, conversations taking place on social
media, and location data pulled from smartphones, they’ve got tons of data
at their fingertips. Besides the data, they have better analytical tools now
that can divide customers into smaller segments for even bettering
targeting.
Will big data just help management or will it eventually replace it?
Big data opens up new ways for algorithms and analysis, mediated by
machines, to be used. Manufacturers are using algorithms to analyze the
data that’s being collected from sensors on the production line. This data
and analysis help the manufacturers regulate the processes, reduce their
waste, increase outfit, and even cut down on potentially expensive and
dangerous human intervention.
There are “digital oilfields,” where sensors monitor the wellheads,
pipelines, and mechanical systems all the time. The data is fed into
computers where the data is turned into results that are given to the
operation centers where the oil flows are adjusted to post production and
reduce the amount of downtime for the whole process. One of the largest
oil companies has managed to increase oil production by five percent, while
also reducing staff and operating costs by ten and twenty-five percent.
Products ranging from photocopiers to jet engines are now tracking data
that helps people understand their usage. Manufacturers are able to analyze
data and fix the problems, whether they’re just simply fixing glitches in
software or needing to send out a repair representative. The data is even
predicting when products will fail and being used to schedule repairs before
they’re likely to fail. It’s obvious that big data can create huge
improvements in performance and help make risk management easier. The
data could be used to even find errors that would otherwise unseen.
Because of the increasing demand for analytics software, communication
devices, and sensors; prices for these things are falling fast. More and more
companies will be able to find the time and money to get involved in
collecting data.
Will big data be used for the creation of brand new business models?
Big data has already been responsible for the creation of new industries
surrounding the analysis and use of the information it has. But the
company categories that are also being produced big data have business
models that are driven entirely by data. Many of these companies are
intermediaries in a value chain. They are generating valuable “exhaust”
data from transactions.
A major transport company was keeping data about their own business, but
they were also collecting vast amounts of data about what products were
being shipped where. They took the opportunity and began selling the data
that they were collecting to supplement economic and business forecasts.
There was another global company that was learning a lot by looking at
their own data. From doing the analysis for themselves, they eventually
decided to branch out and create a business that analyzes data for other
organizations. The business aggregates supply chain and chop floor data
for manufacturers. It also sells relevant software tools that a company will
need to improve their own performance. This side business that the
company opened is outperforming the manufacturing business, and that is
because of the value of big data.
Big data is creating a whole new support model for the markets that already
exist today. Companies have all sorts of new data needs, and they need
qualified people to support that data. As a result, if you own a business,
then you may need an outside firm to analyze and interpret any data you’re
producing for you.
These specialized firms can take large amounts of data in various forms and
break it down for you. These firms exist because there is a need for support
for larger companies in many different industries. The employees they hire
are trained to locate and capture data in systems and processes. They’re
allowing larger companies to focus on their work and doing the data
aggregation for the company. They assimilate, analyze, and interpret trends
in the data, and then they report to the company about any notifications that
they have.
For a company that doesn’t want to hire out a firm, they have the option to
create a data support department within their own company. This would be
more cost-effective than hiring an entire outside firm, but it does require
very specific and specialized skills within the company. The department
would focus on taking the data flow and analyzing, interpreting, and finding
new ways to use the data. These new applications and the new data
department would monitor existing data for fraud, triggers, or issues.
Big data has created a whole new field of studies in colleges and higher
institutions of learning. People are training in the latest methods of big data
gathering, analyzing, and interpreting. This path will lead people to critical
positions in the newly trending data support companies.
Big data has created all sorts of changes, and it will continue to make even
more. In education areas, big data will influence and change the way that
teachers are hired. The data will be able to look at recruiting processes and
predictive analytics will be able to look at the traits that most effective
teachers are going to need to most properly maximize the learning
experience.
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