The Big Data Revolution: Doing More for Less
Whether you like it or not, we are in the midst of a big data revolution. We are faced with a multitude of available data. If we use it right, we have a chance of speeding ahead by uncovering hidden insights. This could enable us to do far more than we have previously been capable of.
We have reached a tipping point in human productivity, one in which machine learning and intelligent technology is enabling us to reduce laborious tasks, and put the time saved into masterminding innovative solutions.
Disruptive Innovations and Emerging Technology
63% of executives are concerned about the increasing pace of disruptive innovations and the rise of new business technology in their industry*.
Fears suggest that this may affect competitive risk management amongst the business community.
Will access to business intelligence software create an information gap?
Is digital inequality the disruptive force of the 21st century?
And what is the cost of not knowing?
Quantify the Qualitative
Where analysts traditionally spent the majority of their time reading and analysing reports, we now face a dynamic shift in focus. Machine reading technologies are enabling machines to read reports for us, searching for the key terms we are interested in.
We now have the capacity to access big data in a qualitative way. This creates the potential to create rapid efficiencies and greater understanding of the risks and issues we are facing in business.
“According to Thomson Reuters, there are more than 13,000 analysts active in the market today, issuing 2.7 million monthly estimate revisions for corporate earnings.
Quite clearly, meaningful analysis of these reports is beyond the capabilities of an unassisted individual, or group of individuals“. Source: FTSE Global Markets
The average financial analyst gets through 200 reports on average per month. That works out at around 1 report every 45 minutes. Datamaran can give you that information in 1 minute. This is the big data revolution: you can now get through a month’s worth of reports in an afternoon.
Where analysts traditionally spent the majority of their time reading and analyzing reports, we now face a dynamic shift in focus.
Machine reading technologies are enabling automated reading, highlighting key terms we are interested in. We now have the capacity to access big data in a qualitative way. This creates the potential to create rapid efficiencies and greater understanding of the risks and issues we are facing in business.
Where human error and judgement fall short, sophisticated technology and analytics software that utilise techniques from the field of Natural Language Processing can assist us by highlighting the patterns in the data that were previously invisible to the human eye.
At the intersection of human and computer interaction, this technology gives us incredible potential. However if it is ignored, it could also present a considerable business risk.
Big Data in Healthcare
McKinsey & Co say big data is revolutionizing the healthcare industry. They recognize three major short term opportunities:
- Preventing negative health events from occurring
- Linking the health system around the patient, to reduce overlapping expenses
- Really understanding the health value chain
Next Generation Financial Services
Data driven decision making is now a central role of senior managers, and it is being used effectively to negotiate regulatory risk, enhance productivity and identify new business opportunities. Accenture talk about how CFOs can leverage big data to predict the future dynamics of business.
How Big Data is Changing the Business Landscape
The Datamaran database shows that “data driven decision making”, and “evidence based decision making” are increasingly mentioned in corporate financial reporting. Use of these terms in corporate disclosure has increased by 180% since 2014.
Furthermore, the term “big data” has been mentioned by 529 of 1296 corporate reports across the financial services industry in 2016; by comparison, no companies in 2010 mentioned the term in their reporting.
“A recent example I really like, highlighting the usefulness of data for businesses, comes from a study that used data consisting of Facebook “likes” to predict personality traits. Using this data the researchers were able to predict someone’s personality with more accuracy than their colleagues, friends or family. The only person marginally better at predicting their personality was their spouse!
Being able to predict customer personality with such a high degree of accuracy would be extremely beneficial to businesses”. Angela Onslow, Data Scientist, eRevalue. Read the article here.
Angela will be speaking at our exclusive Roundtable event in London later this month (25th January).
If you would like to explore how business intelligence software can help you, request a demo of Datamaran.
“Thanks to the ever-increasing sophistication of analytics and other innovative data related technologies, data is no longer a massive, indecipherable lump of facts, but a vibrant source of useful insights leading to better business decisions.” Source: Accenture