Big Data and the revolutionary trend


Big Data and The Revolutionary Trend

June 7, 2020
Name: 阮氏蘭香
Student ID : D0458704
Reference: https://www.vir.com.vn/big-data-and-the-revolutionary-trend-38707.html

The latest trends in the application of future technologies such as Big Data and Cloud into business and management will be discussed at “SMAC 2015: Connecting values – Evoking potentials” organised by MobiFone on December 2 in Ho Chi Minh City.

Big Data is a collection of organised and analysed data. A research team at Massachusetts Institute of Technology ascertained the relationship between Big Data and business outcomes: predictably, the higher the level of data usage, the better the financial and operational performances. Productivity, profits, and stock values in companies that apply data analytics appear to be higher than those competitors that do not use Big Data.

The Revolutionary Trend

1. Communication with customers

Big Data is a helpful tool that allows a business to identify these tough requests, while at the same time sensibly influencing purchase decisions, and having a real time conversation with each customer.

2. Improvement in production

Thanks to Big Data, products can be evaluated and considered from various angles, which helps managers to adjust their products and marketing strategies, and change them for the better. Big Data reduces the time needed to create thousands of different design versions on computers down to minutes, and enables control in minor changes such as a material’s influence on price, operation time, and productivity.

3. Analyse the risks

Predictive analyses made by Big Data give managers a glance at news reports and keep them continuously updated with the latest events of the industry and the market

4. Storing data in safer ways

Managers can use Big Data tools for the company’s comprehensive data landscape to evaluate internal threats, determine which sensitive and confidential data are under poor protection, and modify storage security systems

5. Create new revenue streams

Data collected from both the market and customers via Big Data is not only valuable for corporations themselves but also for business managers who can sell the data to fellow players in the same industry, thus creating a whole new income stream.

6. Customise your website immediately

Big Data analytics activate real time customisation for a business website’s content and design to adapt to every online customer based on gender, nationality, and reasons they visit that site.

7. Constructing an innovative medical system

With techniques capable of building a gene map and Big Data tools, possessing one’s own medical profile gene map may soon become commonplace. Medicine has now moved closer to the stage where doctors can personalise medicine by tracking down genetic elements causing diseases and formulating treatment for those particular illness.

Comments

  1. WennyJune 7, 2020 at 10:21 PM

    This is a really interesting article. I personally agree that big data will revolutionized the business trends. Since big data posses a lot of useful benefit for doing business. It will help business to improve and become better because they have the data they needed to be able to make an improvement plan and do forecasting. Thank you for the article.
    By: D0773630

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