The Impact Of Big Data On Businesses, Workforce and Society
In the era of data and information, big data is no longer new to businesses and society. Big data has existed for many years. It is known that via big data solutions, organizations generate insights and make well-informed decisions, discover trends, and improve productivity. But big data is more than that. Big data provides unlimited opportunities for businesses and makes an impact on businesses, the workforce, and society.
Let’s delve in!
A short description of big data
The word ‘big data’ refers to data sets that are complex and massive in terms of quantity. Big data are data that include hidden information like market trends, unknown associations, patterns, customer preferences, etc, and need to be discovered. Sometimes, big data describes the process of collecting and analyzing large amounts of data, enabling businesses to make informed business decisions. Big data cannot be processed by traditional data processing apps.
Read our previous blog post about Big Data vs. Data Science: HERE
Big data can be generated and aggregated from various sources, including social media networks, websites (browsers), mobile applications, text messages, geographical locations from wearable devices, and other media files, etc. The main drivers for the growth of the big data market must be mentioned are sensors and Internet-of-Things devices.
It is predicted that the global big data market will be worth 103 billion US dollars. This is twice the market size in 2018. It is estimated that by 2027, the software industry will become the largest data market field, accounting for 45% of the market share.
Data are generated every day, organizations are looking for an innovative way to optimize, manage, analyze, and store these data so that they can gain a competitive edge, have streamlined processes, and stay ahead of the competition. In 2016, a Gartner survey revealed that organizations are utilizing big data to solve problems; 48 percent of the companies invested in big data.
The impact of big data on business
As data continue to grow, organizations are looking for an innovative way to optimize big data and make a decision through the generated insights. One of the major effects of big data on businesses is that their dependence on the internet increases as well as the amount of data generated by the rapid development and evolvement of technology. A whitepaper by Seagate IDC predicted that the global datasphere will be 175ZB by the year 2025.
Big data provides accurate (if being processed appropriately) and the latest information/insights for businesses so that they can make smarter and faster decisions. The big data analytics platforms also allow businesses to improve operations and efficiency, gain a competitive advantage and explore more big data use case opportunities.
Moreover, organizations aim to increase revenue by providing better customer services with the help of big data. Improving customer experience is probably the primary goal of most companies. Other goals which can be achieved with big data help must include better marketing strategy, lower cost, and improved efficiency.
Over the past decades, big data has brought social and economic benefits to businesses; leading to some government agencies have established policies to promote the development of big data.
Big data can be used in many industries like Banking, Financial Services, and Insurance, Retail, Manufacturing, Logistics, Media and Entertainment, Oil and Gas.
The impact of big data on the workforce
Not only impacting the business world, but big data also has a huge impact on today’s workforce as well.
Nowadays, many organizations use the internet to connect with customers, conduct sales, and increase productivity. So, experienced data scientists, big data engineers, and analysts are in-demand jobs because they’re the ones who can make use of the vast data sets generated on the internet.
If you’re surfing on the internet in general or social media, you’ve probably already seen many institutes and universities offer online big data courses. This is due to the growing demand for data scientists and big data engineers. According to a report conducted by Indeed, the demand for data scientists is expected to grow by 16 percent by 2028.
There is a significant technical gap due to the lack of data scientists and engineers. Companies lack technical talents, therefore, the analytics positions are still vacant in many organizations. In the future, there will be a massive amount of unstructured data to be managed, new software and technologies to work with, we might experience more companies suffer from skilled candidates shortage.
As a result, organizations are relying more on bots and RPAs technologies to perform automation on mundane, repetitive tasks like sourcing, data entry, and cleaning data.
The impact of big data on society
Because big data impacts organizations which then impacts the economy and which impacts society and which impacts big data technology. It likes an endless cycle. The use of big data in the manufacturing and healthcare industry has increased the level of industrial automation, security, and privacy.
Big data can also be leveraged to forecast weather, natural disasters, urban and community planning, traffic management, logistics and machine efficiency, personalized healthcare, customized learning, autonomous vehicles, fraud detention, translation, smart homes, robotics, etc.
Big data is really the future of businesses. Like said, big data not just generate insights, but also has a positive impact on the society, economy, and the workforce. The use of big data will lead to more jobs, new standards and regulatory structures, etc.
But keep in mind that all businesses are different. Each of them has its own business requirements and must adopt a different approach toward big data. By properly taking advantage of these endless possibilities that big data brings, organizations can reduce costs, enhance or even automate processes, simplify operations and increase business value, plus, be a pioneer in their industry.Read our other articles to know more about big data challenges and opportunities, big data consulting services, and big data case studies.