“Data is the new oil,” though this statement has now been around for quite a while, it was largely rejected by many as just a cliché. But now as industries and even governments move deeper into the digital space, the true potential of data is beginning to surface and is accepted as the most prized asset for any organization. As it is with oil, this data unless mined, is of little value in the real world. With the progress technologies like machine learning and neural networks, Big Data is turning out to be the game-changer in many of the industries and is set to only expand in the coming years.
Since most of the business operations have now been online for years, companies around the world have amassed an astronomical amount of data that include every business activity they have performed. For instance, Amazon has a repository that contains data about everything it has ever sold, which is of little significance. However, when mined through sophisticated tools and technologies, it can reveal unprecedented insights into the sales, customers, volumes, revenue, profits, and patterns of how they are related to each other. This kind of knowledge can lead them to make more informed business decisions in the future and tune their existing business model if needed.
And while this technology is guaranteed to change the shape of every industry in the years to come, there are some immediate trends that are all set to reflect their influence in 2018:
As discussed, large clusters of data are mined to get more practical information, but that isn’t the end of it. Machine learning is a type of artificial intelligence where computer systems are made capable of learning from the patterns they observe and thus, can readily take actions in the future without explicit human intervention. Eyeing on the immense potential it holds, businesses are now heavily investing and adopting this technology to get a better grasp of their processes and automate parts of their operations.
Machine learning doesn’t only recognize what happened in the past, but due to their learning capabilities, can also predict what is most likely to happen in the future. Employing this technology give businesses an edge to make data-driven decisions that have proved to be much more productive and profitable than traditional decision-making procedure.
When IoT and Big Data collaborate, the possibilities of harnessing and implementing business intelligence is virtually limitless. Especially for industries like logistics, eCommerce, and others spread out over a large geographical area, IoT devices continuously generate massive amounts of data, which when properly mined, holds the key to streamlining and optimizing entire business verticals.
A more recent trend that is set to go mainstream in 2018 comes from mobile app development domain- the rise of intelligent apps. Mobile and enterprise applications are now increasingly deploying AI and machine learning capabilities to offer users highly personalized experience and services based on their past behavior. Additionally, now with an AI assistant on every phone, the app developers are moving to leverage their powerful and sophisticated technologies to tailor the experience of individual app users.
Apart from what we have discussed above, there are many more frontiers of change like security, new and improved mining tools, how and where data is processed and much more. While some of these technologies may take more than a year to be on the center stage, the one undisputed fact is that the earliest adopters will have the most to gain.
So, irrespective of industry, if you want your business to take the technological leap and guard its future, now is the time to get started. We are one of the handful app development companies in India who can rightly claim to have worked and adapted our development procedures in line with these futuristic technologies. Get in touch with our experts to discuss further how these technologies will influence your particular business and how you can transform preemptively to turn those potential changes into revenue-generation.
Mrityunjay is a content developer at Konstant Infosolutions- a leading mobile app development firm that caters to enterprises of all scales and industries with cutting-edge tech solutions. Being an engineer by education, a reader by passion, and a writer by profession, he finds no topic truly boring, yet nothing seems to content his craving as well- an essence he leaves in everything he writes.
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