The world revolves around numbers and data. Data measures interactions, purchases, likes/dislikes, and millions of other sectors. Without data, the world would be blind to what is really going on behind the scenes, especially in the business world.
Faster Scientific Study Results
Tools for breaking down and categorizing data is making it easier to sort information. In terms of scientific research, the results of studies can be analyzed much faster. When situations of a potential national tragedy surface, the ability to collect, sort and process information faster may help response times to tragedies and disasters. The data will also be used to calculate new options for advanced warning systems, safety protocols, and predictive technology.
Social Media Marketing Boom
If you really think about it, social media is big data. Most uncategorized bits of information come from social media. The use of big data for social media marketing makes sense as businesses can customize campaigns for a small, unique demographic group. Boosting sales group-by-group, yields a business more revenues in the end.
Social media networks have target marketing process in-place. This helps professional individuals and businesses analyze numbers returned from positive impressions, social media sharing, sales conversion rates, and overall reactions to marketing campaigns.
Predictive Data Strategies
This is rather handy. Businesses can use predictive data strategies to attempt to predict how many consumers will attend a specific event, how many will purchase a product, and how society will respond to a specific type of advertisement. The ability to make financial predictions and plans through robo advisors, predict reactions through data scrubbing, sorting and scenario-based results can help businesses become industry-leaders, corner their niche, and create products that make a positive difference in the lives of consumers.
Limits on Mobile Data Usage
Vendors cannot keep up with demand. There will be limits on mobile data usage, and that is merely to protect the connection. Billions of people worldwide use cell phones and a majority of those users also access the Internet from mobile devices. In order to prevent the cluttering of data signals, mobile service providers are limiting the amount of data that each user can have monthly.
Better Risk Identification
The use of statistics and analytical reports will be used more in 2016 to identify risks for businesses. It would thus be easier to manage identity theft risks, better address tracking and privacy concerns, develop better encryption technologies for sensitive data, and prevent hacking and cybercrimes.
The types of risks that can be analyzed include sales based upon similar product releases, industry specific disruptions, and the types of products that consumers are purchasing. Businesses will also be able to see market histories in a clearer fashion to determine the sales patterns of products and services to determine whether or not to introduce a new product/service or revamp an existing product.
Micro tasks are becoming more popular as these provide a clearer insight into productivity, pinpointing specific markets, and completion of data-entry type jobs. Micro tasks typically take seconds to complete. An example of micro tasks here would be reviewing information regarding an upcoming new, innovative air bed that tells consumers they will get a better night’s sleep. Those working on inputting the data from the survey would input responses by a sorting process to see which consumers favor an air mattress construction over spring form mattresses.
These simple micro tasks are important to businesses as it gives them exact information from consumers in the market for a new bed.
Complex and Unique Algorithms
The need to use a pre-formatted algorithm is lessening. Businesses can create their own unique algorithms to collect exact bits of information and categorize a set group of answers into a separate classification. It can be used to measure how consumers respond to the same question or similar topics and analyze how they are answered differently based upon the wording of a question, as an example.
Businesses can go a step further and create a complex algorithm to measure how a demographic group responds to one set of questions in relation to information provided by broader data collection processes using simple data sorting software.
Data is needed for every aspect of life. Numbers make an impact, especially when displayed publicly. There is a reason that humans sit behind desks and analyze numbers all day long. Without data the world has no clue what is really going on in terms of business, shifts in society-related acceptances, and technological advancements. Much of society believes that being informed through statistics solidifies information delivered and makes it more believable.