Big Data, the next frontier
for innovation, competition and productivity
Big data is more than the machines that calculate data, but the data itself and how to use it. At its core, is the analytics: descriptive, proscriptive and predictive.
Big Data is an opportunity to find insights in new and emerging types of data and content, make business more agile, and answer questions previously considered unknowable. For example: Google predicted a flu outbreaks weeks before the CDC; Macy’s in-store customer analysis gives them the kind of information that on-line retailers have; and Mercedes is redesigning every part in their cars with the goal of offering an unlimited warrantee.
Big Data could add $300 billion in potential value to U.S. Health Care with an estimated 9% yearly productivity gains or add 60% to retailers operating margins. Big Data will also require almost 2 million new technology workers.
Big Data is the new definitive source of competitive advantage across all industries. For those organizations that understand and embrace the new reality of Big Data, the possibilities for new innovation, improved agility, and increased profitability are nearly endless.
Here are a few new companies with ideas on how to use this new transformative technology:
Zest Financial: Using Big Data to determine a better credit risk profile vs. the traditional FICO scores now being used. FICO scores do not tell the full story. They claim this new credit risk analysis allows banks to issue up to 40% more credit with less risk (better risk analysis and identifying undetected good credit risks.) Several banks testing this opportunity to increase income and increase market share.
Apixio: Clinical health care information is currently saved in a variety of formats. Their software platform fixes the differences in the data formats so the different types of data are universally searchable for Doctors and Nurses – in real time. This gives these health professionals actionable insights to better manage patients and increase revenue.
GNIP: Many companies are using social media data from Twitter, Facebook, Google, Word Press, YouTube and other sources to gain insights into what people are currently thinking. They can use this data in real time for example to trade the stock market or update their pricing or get promotion ideas, etc. However, there is a lot of noise in this data so their software platform allows the client to filter out the noise giving them only the data they want.
RetailNext: This Company helps brick & mortar retail stores compete with on-line retailers. They integrate data from technologies like face detection and on-shelf sensors to help retailers know their customers and learn how shoppers behave in their stores. They claim this
Here are a few videos you might find interesting: