The relevance of Big Data and the importance of real-time access
An example on the article is about Inventory. Inventory was calculated based on past sales with some adjusts based on the demand. However, now with Big Data, companies can use other metrics that really impacts sales, that can make their forecast much more reasonable and precise.
Nowadays, collecting data is really helpful and by not doing it companies can see themselves in a huge disadvantage, specially because most of their competitors are already doing it and developing methods of using it for growing and improving their sales.
With the development of many technologies such as 5G, the internet of things and others, many companies that uses Big Data in their advantage are now doing it by analyzing it in real-time. Two examples used in the article are about the retail industry, that can use smart shelves to be sure their customers can always find the right products at the right place at the right time; and also about Consumer Packaged Goods (CPG) companies, that can do a more intelligent distribution and prioritize deliveries to high demand stores.
A lot of people agree that the next big step for taking advantage of big data is by using it in real time.
Collecting big data has a lot of advantages, but it also have a cost to store and keep it. Also, data that are not used quickly can get "old" fast and be not that useful anymore. For example they mention that CPG companies that collects data from smart shelves can only get the most out of it if they use it in real-time. If they process it later, they can identify some trends, but it is difficult to say that they will see an immediate impact on sales.
Real-big data analytics already provided big returns for many companies that are willing to use it in their benefit.
This article was really interesting to read, with a lot of information to introduce the benefits of big data, providing a lot of practical examples of how it can be done. It really made me think and see how it can be used, and was not just an abstract idea inside my mind.
Article link: https://techwireasia.com/2020/05/the-relevance-of-big-data-and-the-importance-of-real-time-access/
Name: Erick
ID: D0766156
I think this blog in particular is really interesting because of how it mention the idea of data being the new oil. It gives a new perspective and let us see how the world has changed and is now digitized. The statement is also true because data is very valuable now days and most of the companies want as much data as possible in order to become better and be leaders in their targeted market. These companies collect data not only from them (inside data) but also from the value chain and all the way to the end user. Big data helps to change the way organizations see the world, understand it and operate it.
ReplyDeleteOne example that the article mention is the way big data made calculating inventory more reasonable and precise. Before companies only based the inventory by how many items they sold but now because of the data collected they were able to predict changes.
Now days if companies do not collect data they can see themselves with a huge disadvantage because competitors are already collecting the data and using it in order to grow and improve their sales. It is really interesting to know that because of 5G companies can collect data in real time, thought that in the past sounded impossible!.
Big data can have many benefits but in the negative side it can have very high costs for storage. The data also grow old if not used in time and need to be updated.
Anyways I see more benefits than disadvantages and would suggest companies to start collecting data in order to improve their business and shoot your shot with the "new oil".