Our world is a big web of data flowing through each and every system, application and device we use. It has almost been a decade since personal data made the headlines as “the new oil of the internet” and “the new currency of the digital world” and today it stands to be more than just that.
There is no denying that the internet of things (IoT) was here to stay. It was the development of new technologies which provided new and improved enhancements in the world of digital transformation. The most important part of this growth was analytics, capturing every single move to help analyze and initiate better service.
Research shows that by the end of the year there will be an estimate of 4.9 billion connected devices and could hit 25 billion by 2020.
At this rate, digital technologies and analytics are due to undergo an avalanche pushing companies and enterprises to pursue big data, analytics and digital transformation to ascertain that they find their ultimate business values with the help of big data technology.
Big data and analytics is becoming more mainstream with each passing year and is a vital part of the technology trends which cannot be ignored.
A report by the International Data Corporation (IDC), projects that the market for big data and business analytics will grow to $203 billion by 2020. “That’s a compound annual growth rate (CAGR) of 11.7% over the next years”, according to IDC.
Transformation With Big Data Analytics
In today’s digital world, it is all about speed and efficiency. Customers want personalized and reliable services and their expectations can only be met if the organizations can access and harness their data to squeeze out tactics for better satisfaction and engagement rates while identifying new opportunities.
Big data has grown in its technology, usefulness and its adoption in various fields of businesses. One of the biggest strengths of big data is that it can profile the customers to provide them with one-on-one and real-time conversations, easing them into making a purchase.
At EVC Ventures, we have focused on new technological advancements to change the way big data analytics is used and interpreted, establishing a foundation of analytics to improve higher education and enterprise processes.
Technologies which are using analytics to take it to an all new-level are:
Big data has many hidden opportunities which cannot be interpreted by a human mind alone. Machine learning helps institutions and enterprises identify user-profiles, securing their access to multiple systems.
It assists institutions to unlock historical data to determine the risk, associated cost and outcomes by building new processes. This way higher education can analyze and extract the patterns buried deep in the data as it thrives on big datasets to learn and apply the final results to quality insights.
Image Credit: EVC Ventures
Predictive Analytics plays on the historical data to analyze behaviors and usage patterns and relationships of the users in any industry.
It uses big data analytics to interpret situations and base their decision on a probability range, creating a data-driven culture, offering the Higher Ed space the information to expand in all areas of campus life and operations, actively analyzing the enrollment data and identifying what would likely be a better fit for the students.
Augmented AI program analyses patterns of large data sets to make decisions while using machine learning and deep learning algorithms to solve problems and help organizations to make smart decisions.
This is a revolutionary way to approach the data and can be seamlessly integrated into the existing architecture thereby cutting costs.
The Bottom Line Is
Without data, it becomes difficult to validate customer relationships and understand the necessary gaps which may exist but cannot be seen with human eyes. Big data provides context to unstructured data stores, sampling them to provide the right information to the consumers quickly.
These technologies when leveraged in the right way for structuring large data sets, can change the way a business works and performs, giving every step a new meaning. Can’t wait to see how this technology unfolds in the coming days.
(Disclaimer: This is a guest post submitted on Techstory by the mentioned authors. All the contents and images in the article have been provided to Techstory by the authors of the article. Techstory is not responsible or liable for any content in this article.)
About The Author:
Anjli Jain is the Managing Partner at EVC Ventures, a $50 million fund focused exclusively on early stage investments in Ad Tech, E-Commerce, Gaming, Education, Mobile Apps, Enterprise Software, Wearables and Internet of Things (IoT). EVC Ventures also operates EVC Accelerators in the United States and India where it provides capital and mentorship to help entrepreneurs turn ideas into unicorns.