When talking about technology, it is always difficult to try to foresee what the trends might be.
Not long ago, Big Data was the center of conversations that now have been overtaken by Blockchain. If we tried to guess where technology was going some years ago, we never thought we would not be talking about Big Data as much now.
So, what happened to Big Data? Are we not using it anymore? Obviously we are. The increased number of devices connected to the Internet has a direct impact on the quantity of data we generate or share. Companies now have a “Chief Data Officer.” Arriving to the conclusion that we generate data. What has happened? Where is big data now?
Big Data has become a tool hidden in different applications. It has evolved from a result to a mean and its only when we look into its eyes with those glasses that we realize Big Data is everywhere.
As consumers, we understand Big Data is behind the predictive system of Google or Amazon, or in future intelligent cars. As professionals, we all see how Big Data is widely used in business not only by marketing professionals, but also by IT supply chain and logistics teams.
We know how companies have developed marketing strategies based on Big Data but, for what? One of the options would be to design specific individualized offers. In the insurance sector for example, a device that will be able to keep track of how you use your car, how often and for how long, could result in a more specific insurance cost to you. In the banking sector, big data can be used to identify fraud or to design mortgage offers adjusted to your specific financial situation even taking into account what your financial situation will be in the future.
Besides the specific use of Big Data, it has been used for general business strategies and value proposition where Big Data helps the most. In the past, companies made strategic decisions based on historic information or intuition. Nowadays, companies that strongly invest in Data processing systems are able to define more accurate paths to follow and leverage business value.