Can You Put a Price on Big Data?
The internet era has changed the economic and political landscape completely. The power of big data has revolutionised most business processes and now allows for decisions and analytical judgments to be made with more certainty than ever before.
In order for a business to be more valuable and profitable, owners, or the management team, need to focus on two main ideas:
1. Researching how businesses can use data acquisition technology to leverage potential
2. Analysing how big data can help to innovate on existing products and create more profit
This market analysis impacts how companies will develop their strategies and allow them to work towards achieving their goals.
They will also have the ability to get more insights from their existing and potential consumers along the way too. This useful information is a way of tracking consumer behaviours and in almost all cases increase sales.
Experts recognise that speed and security are both vitally important in delivering effective big data analytics. Speed means that data can be generated and analysed in moments, allowing for businesses to make important decisions immediately, if necessary.
How big data helps businesses
Secure data transfer is important for business and government institutions in areas where fraud detection and crime prevention are involved. Big data analysis programs can be used to understand situations from recorded data all over the world. One of the companies which joined the technology of big data to forecast situations is Palantir, a business located in Palo Alto, California.
Palantir has designed a program which is now being used by the US intelligence department to detect and prevent acts of terrorism. Through the examination of the information on terror suspects, the program puts together the data which can lead to the arrest of high-profile criminals – priceless for those in charge and paramount to the safety of us all.
Big data also helps to understand pattern analysis. This is applicable in many fields, including business where it has made millions for companies using it to understand what the consumer wants and delivering products and services as their clients demand them. Putting a pound or dollar value on its worth to any given corporation is nigh on impossible but, rest assured, companies would rather have big data than not!
Predicting the future value of big data
In 2018, the global big data market is forecasted to be worth $48.3 billion. North America is the current leader in the market in terms of revenues and the forecast indicates that it will still hold its position until 2018. The next leading market is Europe which is also known for its intensive business use and analysis of data to create an enhanced experience for the relevant company’s customers.
With improved data integrity, big data creates new opportunities. The popular social media platform Facebook is said to collect more than 500 terabytes of user data per day. The posts that you have liked in Facebook, the places where you checked-in and your usage of GPS are all collected.
Organisations such as Netflix have used this data to transform customer perceptions and activities into business models. Startups can take advantage of this information to determine how they could further expand their niche market.
And, with the massive amount of data available, investors and companies can use the analysis gleaned from big data research for the growth of the world’s economy and improve their finances as well.
While it may be impossible to put an actual figure on what any one company’s big data is worth one thing is for sure – it’s here to stay.
Author – Maytech specialises in helping organisations harness the power of big data through seamless, scalable data acquisition solutions. Find out more by visiting Maytech online today.