Treasure trove: Big data plays crucial role in modern business strategy
Individually, the data points may seem random, but with the right tools the millions of data points may tell a story, or predict a trend that few research methodologies are able to discern
Firms are inundated by data every day, from product sales to clicks on websites and the number of people entering a shop. Individually, the data points may seem random, but, with the right tools, the millions of data points may tell a story, or predict a trend that few research methodologies are able to discern.
Companies now realise they have a treasure trove of valuable insights and information about customers at their fingertips. Many are investing in big data, recognising that it is a critical part of their corporate strategy.
Research firm Forrester estimates big data industry will grow 12.8 per cent a year over the next five years. Almost 40 per cent of firms are implementing and expanding big-data technology adoption, the firm found in a survey last year. Another 30 per cent of respondents said they planned to adopt big data in the next 12 months.
The uses of big data stretch across industries, from e-commerce to health care and gaming and from the private to public sectors.
Governments, the biggest collector of personal data, are using data to improve tax collections, fine-tune policy and fix faulty train lines.
The Australian government uses big data on welfare services, customising policies for individual circumstances, saving more than A$314 million (HK$ 1.83 billion) from 2013 to 2015.
