Big data analytics has been heralded as the savior of industries everywhere.
This exciting new technology is expected to add hundreds of billions of dollars to the global economy within the next few decades.
By this time, big data analytics will be one of the core drivers of business growth by creating a more intimate relationship between companies and their customers.
Even more than blockchain, big data analytics is set to cause a global revolution and change the world in which we live.
In this article, we will take a look at the top 10 uses for big data analytics in the near future.
1. Data-driven Moviemaking
Companies such as our own Largo are leading the way in data driven moviemaking.
After several years of intense development, we completed a sophisticated new big data analytics program that we called LargoAI.
This artificial intelligence-driven program comprises of over 4,000 lines of code and has already analyzed over 30,000 movies.
LargoAI can analyze movies or scripts and break them down scene by scene into their ‘ingredients’. This allows the program to create a recipe for a particular script or movie and then compare it to past movies of a similar nature.
Currently, LargoAI is able to use this information to do everything from providing an accurate predicted movie gross, offering suggestions on how a movie can be improved to make it more appealing to the target audience, to helping production companies maximize their ROI through precise target marketing.
Data-driven moviemaking is set to revolutionize the global movie industry within the next few decades.
By allowing the industry to understand more about what audiences want, big data analytics companies such as Largo are going to ensure a healthier film industry for years to come.
2. Social Media
Social media companies are at the forefront of big data analytics development. It was recently reported that Facebook actually had more sophisticated facial recognition software than that used by the FBI.
While revelations such as the Cambridge Analytica scandal should have awoken users up to the misuse of their data, it seems that our thirst for global connectivity allows us to ignore such serious violations in favor of better social lives.
Social media platforms use our data for everything from tailoring our newsfeeds to allowing third-party advertisers and companies to access those of us who they find most suitable for their products.
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The global medical care industry will be one of the chief beneficiaries of big data analytics.
Everything from our medical records to drug supply chains will undergo a revolution in the next few decades.
Being able to analyze large amounts of data will also allow medical companies to identify illnesses sooner which will lead to more effective treatments.
For several years now, Google has been able to use big data analytics to accurately predict flu outbreaks at a very early stage.
Such applications of big data analytics are just the tip of the iceberg. This technology will also be able to help with tailor-made insurance policies and treatment plans, to name but a few.
4. Banking And Finance
The banking industry is already pouring millions of dollars into the development of big data analytics solutions.
The reason why is that it stands to make enormous sums of money once these programs are able to identify patterns in the global stock market that will allow increased efficiency of margin trading etc.
Core business processes such as loans and mortgages will also benefit enormously from increased efficiency and risk assessment. This will massively reduce banks’ risk to exposure and help them boost those all-important profits.
5. Food Stores
Supermarkets lose millions of dollars every year thanks to poorly managed supply chains and inventory. Another area that they are also keen to improve is customer retention and in-store experience.
Big data analytics will solve both. Supply chains and inventory will be managed by AI programs that will monitor inventory and goods in real-time.
If the store’s inventory falls below a certain level, these programs can automatically initiate a new order. Also, these AI programs will have already learned what items are popular at which times of the year.
From this data, they will automatically order more types of food such as chocolate before events such as Easter and Christmas, etc.
It won’t be long before our favorite stores know what we want before we do.
Smart cars are the way of the future. Thanks to their inbuilt GPS and computers, our cars will soon not only be driving us around but will also understand where we want to go before we do.
Within the next few decades, you will be opening your front door to go to work or to meet a friend, only to find your car already sat there waiting to take you.
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Big data analytics is going to help ensure that you have the perfect holiday.
The demise of the travel company was made very apparent recently with the failure of Thomas Cook. Why pay someone else to arrange a holiday for you when your computer can do it for you?
With big data analytics programs, soon you won’t need to lift a finger.
By accessing your data relating to past holidays, preferences, food tastes, etc., big data analytics will be able to understand what kind of holiday you want and arrange it for you.
Platforms such as Tinder already offer a great way for you to meet people from literally anywhere.
In the future, these companies will be able to use your data relating to past preferences in such things as appearance, personality, location, etc., to match you with the perfect person the first time!
9. Environmental Efficiencies
In the United Kingdom alone, consumers currently waste 1/3 of the food products that they purchase. While waste is the driver of global growth, it is clear that it won’t be able to continue much longer.
Automated AI smart devices such as fridges will able to help prevent such waste by taking over the food order process entirely.
Also, they will be able to monitor food according to its sell-by dates to make us aware of when they might be going off.
The application of this process will help with everything from reducing electricity use to allowing more effective car sharing etc.
10. Improving Lives
Whether it is helping to plan your day so that you use your time better or automating chores such as paying bills or picking the kids up from school, big data analytics will one day help to improve anything we set its mind to.
Since AI has the ability to learn, it has the ability to improve. Such systems have an enormous potential to improve our lives and the world we live in.