Industry Thoughts On Big Data

Data availability for companies is rapidly increasing, rendering traditional analysis methods ineffective. Big data emerges as a crucial tool, allowing organizations to boost efficiency, uncover new markets, and enhance competitiveness. While many businesses use big data for decision-making, its value is still debated. This post explores its application in five different industries.

An electric future
The transition from traditional gasoline-powered vehicles to electric vehicles has been a gradual process for some. There has undoubtedly been an increasing buzz around electric vehicles and big data has been pivotal towards this. Big data along with intelligent algorithms can help to provide insights on mapping charging stations, vehicles energy efficiency levels, reducing greenhouse gas emissions etc. which can help make a real difference towards futuristic green cities. There is a need for companies to team together to lead these outcomes together. 

Companies like enterprise-rent-a-car have worked as a good model of this information exchange to companies seeking to achieve greener practices.

"Information is the oil of the 21st century, and analytics is the combustion engine.” – Peter Sondergaard

— Trueblogposts (@trueblogposts) October 25, 2020

Protecting our ecosystems
The trade of wildlife, timber and fisheries products is pervasive but largely hidden. Much of this trade impacts some of the most endangered species and their habitats. Not only does this have devastating effects on species across the world, but also local communities. The focus on developing better algorithms for modelling and predictive analysis can help strengthen conservation and global trade protocols. Exchanging case studies and lessons learnt, finding a way to collect more precise data, forging partnerships between other conservation practitioners are just a few examples. 

Combining machine learning with supplement analysis can help expedite the process of identifying illegal online sales and track the supply for the billion-pound criminal industry of wildlife trafficking.

An end to food waste
Food waste is a serious yet often overlooked problem. According to the United Nations’ FAO an estimate of 1.6 billion tonnes of food is wasted, where 1.3 billion parts remain edible. This further contributes to an estimate of 3.3 billion tonnes of CO2 emissions into the atmosphere. Leveraging big data and data analytics to collect real-time operational data throughout the food waste disposal process can help increase the number of organic waste streams. 

The data can help distinguish inefficiencies in food management processes and initiate improved processes. In many cities, IoT and big data have already set a mark for smarter waste processing.

“Consumer data will be the biggest differentiator in the next two to three years. Whoever unlocks the reams of data and uses it strategically will win.” – Angela Ahrendts

— Trueblogposts (@trueblogposts) October 19, 2020

Boosting recruitment services
Big data has a tremendous impact on the way businesses look to recruit individuals for their companies. With a large extent of information proliferating online, it makes it impossible to use the same methods of headhunting that was used 10 to 5 years ago. Recruiters are inundated with so much information than ever before which makes big data processes relevant more than ever. Big data can be applied to sift through prospective candidates for tech positions. It can help bring judgement on their publicly available source code such as their Linkedin profile, social media channels, their past projects and even the way they think about technology. 

Not only does big data help make hiring processes faster, but it can also help bring in a wider pool of talent from different backgrounds.

Creative projects in place
Big data and data science can help resolve complex problems and drive a company's innovation potentials. In order to deliver real change, companies need to consider finding solution to real world environmental problems and to support social development. According to an article released by upGrad, there are numerous big data projects you can take part in from home. Ideas like analyzing crime rates, building cybersecurity protocols, malicious user detection and even predicting health statuses. It is wise to note that there are many hurdles which might be encountered. 

According to Harvard Business Review, an estimate of 85% of big data projects can fail often due to insufficiency assessment on prospective project risks. 

So... Paint the global data sphere?
The application of big data is truly endless. This post includes just a few ideas inspired by events I attended in the past (see below for more details). If there is anything you would like to add-on or share, please feel free to comment below.