The collection, analysis, and evaluation of data has always been the key to enabling businesses to understand and optimize their market presence, their relationship with customers, and the processes and structures within their own organization. Thanks to digital technologies and communication media, the amount of data available today has increased drastically, and the trend is continuing: every two years, the volume of data available around the world doubles in size. These vast, complex, and mostly unstructured data volumes are referred to as Big Data. Immense digital growth, however, not only provides a source of potential for companies, but also involves risks, for example when handling such large data volumes.
Is digital evolution a solution?
How can we take on this challenge? Is it possible, for example, to learn from the history of digital evolution? For instance, as digitalization has progressed, the Fraunhofer Institute has come up with algorithms that use simulated compression to reduce data volumes. However, this isn’t that easy when dealing with information that is sometimes highly sensitive. The digital situation in 2017 calls for digital transformation in how we handle Big Data, cloud computing, and deep learning, too, so we can process these data volumes in an appropriate way.
Business models for using Big Data
Industry 4.0 and artificial intelligence are no longer anything new for companies today. The market is changing faster than ever, and not only since the rise of social media. Companies must therefore act – not only by implementing new methods of analysis, but also by finding business processes and models that are suitable for dealing with Big Data so that they can profit from it. Last but not least, there is also the question of data security – not only with regard to safeguarding the organization’s own know-how, but also to protecting the interests of customers and business partners.
Big Data on transformationbeats.com
Our world is becoming increasingly complex, a place that creates constant streams of new data that can provide companies with valuable information. Handling large data volumes in a smart way and raising awareness of Big Data itself are therefore indispensable. Transformation Beats reveals how companies are dealing with the challenge and how they are using it for their business models. Experts in fields such as business, science, , law, IT, and marketing analyze the many complex sides of the topic, categorize it, and show possible ways forward.
