The term ‘big data’ has been used for a while now, but there is still quite a lot of confusion around what it actually means, partly because it is constantly changing and evolving. In the present day almost every action that takes place leaves a digital trail and forms some kind of data, whether that be playing a game online, browsing a clothing site or using GPS on our smartphones. ‘Big data’ can be described as the collection of all this data and the potential to use it in many different ways.
Therefore, big data is now viewed as a game changer and potential game changer in many sectors, as it works on the premise that the more you know about anything the more you can predict future behaviors and trends.
Big data has begun to revolutionize businesses in a very extensive way, especially in the area of marketing as it is able to give businesses a 360-degree view of their customers. Big data is helping customers and even competitor information be harnessed in a way that enables them to identify new opportunities within both their customer base and industry. It enables faster decisions to be made and the right new products as well as services to be introduced. This is because the data allows future trends and buying habits to be predicted.
Big data has been the driving force behind many companies outperforming their competitors. Established companies and similarly new entrants are using it to drive the creation of strategies enabling them to compete and innovate. Online companies are perfectly positioned to utilize this data, and in so many cases, it is the online gaming industry that has been quick to embrace the concept. We can already see established online casino operators like Unibet using big data to perfect their services and promotions to appeal to specific audiences and players.
Another example of how big data can be used in a business based in a retail environment is an existing customer entering a store. Their profile can then be checked as a result of big data, which will give an insight into their buying habits, preferences and desires. This will then mean that the staff within the shop will be able to offer products targeted to the real needs of the customer. It helps businesses understand how they are perceived by their customers and then make necessary changes to their products or services on offer.
It is also been used outside of the business world to do a lot of good in many areas. It is making it easier to respond to disasters, for example sensor data can now be used to predict where an earthquake may take place. Then in the aftermath of a disaster human behavior data can be analyzed to get help to survivors. Big data is also helping to improve healthcare by the analysis of images and records of patients, allowing disease and illness to be spotted early and innovative medicines to be created.
It is almost certain that big data will continue to play a massive part in the world moving forwards. Whether this may be in business and customer insights, healthcare advances or other areas such as gaming and understanding player habits, it is going nowhere and has proved to be a game changer across so many different areas.