5 Ways Big Data Analytics Power Productivity & Profits
The field of Machine Learning and Artificial Intelligence has driven technology during the past five years. It is to be noted that the algorithms being used in these fields has been available since the 1990s.
However, one thing that drives artificial intelligence apart from these algorithms was missing, data. Machine learning is an extremely data-intensive field. The last five years saw an exponential rise in the amount of data being generated and hence made machine learning possible. Now, the growth has become almost uncontrollable. The endless number of sensors around us, the millions of messages going across the globe, the very movement of the clouds generate so much data that it has become difficult to organize and store it. The tremendous growth in the amount of data being produced is known as Big Data.
Users across the internet, on average, generate as much as 2.5 quintillions (1018) bytes of data every day. For comparison, an average computer today has 1 trillion (1012) bytes of memory. Hence, it would take more than 2.5 million such computers to hold just a single day's worth of data. With the onset of the Internet of Things (IoT), basic utilities such as light bulbs, fans, curtains, etc. are being fitted with sensors which aggregate to even more data generation. As Augmented Reality and Virtual Reality develop, the need for powerful data processing and storage modules is also growing.
From the above discussion, one thing can be said - analysis of Big Data has always led to the growth of new technologies. Let us now see 5 ways in which Big Data powers productivity and profits:
Quantitative Trading using Big Data Analytics
Gone are the days when analysts used to spend hours deciphering trends in stock prices and banging their heads on the table due to the sheer volume of data. The precision and power of a machine can never be matched, and hence trading has seen a new dimension today. High-frequency trading has become much more refined thanks to various quantitative analysis tools. Due to the incredible amount of data we have today, technical, financial research has become much more comprehensive. Big Data Analytics combines the best of both worlds – a machine's raw processing power and a human's decision-making capabilities based on comprehensive evaluation of the analysis. It has helped increase both, productivity and profits.
Internet of Things – A new age of automation
There was a time when people used to dream of homes where everything is automated. Lights turn on when you walk in, and breakfast is served when you wake up, an AI which would listen to you all the time and obey your commands. Their dreams have finally come true. The latest technology has enabled manufacturers to fit sensors even in our most basic utilities. These sensors continually track the user and deliver an automation experience. For example, a light bulb would have a sensor which tracks for activity in the room. Each second, millions of data points are produced by these sensors which are being handled by advanced Big Data Analysis algorithms today.
Faster and Improved Decision Making
Earlier, decisions used to be based solely on information being processed by the human mind. Even though our mind is blazingly fast, it fails to scale to trillions of bytes of information. So, when it comes to decisions such as which marketing campaign should be run by a company or what is the bottleneck in a framework, it is the simulations through big data analysis which help in the evaluation of millions of possibilities in an organised manner.
Accuracy in the Healthcare Sector
In May 2018, a team from the United States, France and Germany showcased a study in which a machine detected 95% cases of skin cancer correctly as opposed to a team of dermatologists who could detect 86.6% of the cases correctly. How was this possible? Big Data Analytics. The researchers had ‘trained' the machines with over 100,000 cases of cancer through imagery. Only then it was able to detect the future tests correctly. This is the power of Big Data.
Improving the Performance of Electronic Devices
2018 saw the release of numerous gadgets focused on Artificial Intelligence. Samsung, Huawei, Vivo and other tech giants released smartphones with tons of AI features. These included AI battery management – tracking user activity and focus the use of battery on most used apps, AI camera – auto-detecting the best settings for a scene and more such under-the-hood features. It can only be said that this has been possible due to Big Data Analytics. This not only helps increase the productivity the user but also helps companies to optimise and focus their resources, thus yielding in maximum profits.