This fourth industrial revolution is leading us towards a whole new environment where the intelligence will be combined with physical computing resources to make them smart enough to serve our need. Our main motive for approaching this typical neural network and other complex algorithms of machine learning or deep learning is to take accurate and quick decisions in businesses or various other critical scenarios.
Now, the way to perform complex operations in businesses, scientific researches, retail, healthcare, computing, and, security sectors has become very easy. Unlike the traditional computing environment where things were very challenging to accomplish especially in marketing, retail, finance, etc.
What are this technology up to?
Well, talking about the intelligence it is obtained by feeding smart models with crunched and analyzed massive data sets. Modern businesses have Hadoop, Spark, Hive, NoSQL and Tableau like tools to process the unstructured data at a faster rate. Since more and more devices are getting connected every day over the network to exchange information, more and more data is generated every second throwing many opportunities for beginners and professionals to deal with this massive data sets. One can go through Tableau Course, videos, blogs and other resources easily accessible over the web to explore the art of crunching, analyzing and visualizing huge data sets.
Let’s take a closer look into this transformation:
Walmart: world-class e-commerce and retail giant, is leveraging the useful data to grow their business in a very effective way. Its e-commerce platform uses advanced AI and ML algorithms for pattern analysis, recommendation engine, predictive analytics, providing a personalized experience like tasks.
The data collected from multiple sources such as a customer’s past shopping experiences, feedback, survey, forums, search, and other historical and trending data etc., are analyzed to deliver the valuable insights for making quick decisions, generating leads and converting them into a customer, maintaining customer relationship management, improving engagement, assistance.
- Targeting customer’s geographically
- Recommending them with the product of their needs under their pocket.
- Providing a great user experience with personalization.
- Analyzing customer patterns
- Monitoring of the delivered product to ensure that the whole retail chain is working smoothly in a defined streamlined manner.
- Managing their stocks in inventory to fulfill a user’s demand from the nearest warehouse.
- Avoiding and monitoring all the incoming and outgoing requests to identify the malicious or harmful attempts for forgery, cyber attack etc.
The global big data and analytics market is expected to reach 40.6 billion USD by the end of 2023. This figure was just limited to the 8.5 billion USD in 2017 and increasing at the CAGR of 29.7 percent.
When talking about the Salesforce, which has influenced most of the SMEs over the internet by availing them with intelligent CRM models to let them close their deals easily. Einstein analytics- a business intelligence tools offered by Salesforce is taking the whole marketing and sales strategies to the next level. Now businesses can leverage the data-enabled tools offered by this technology to drive every single part of their business operations.
With their provided cloud solution, businesses can explore more opportunities and convert them into a customer. These platforms are powered by the provided data. More valuable data you will have for business, more accurate will be the outcome.
Now, you must be thinking where does this intelligence come from? Well, business is all about getting the right thing at the right time and the right place. Today’s market is becoming data-centric where consumers gather all the possible information of a product or service before buying it. Thus, to deal with a customer, you need to show how they will benefit from your business so that you can make them understand your offerings.
Similarly, Starbucks an incredible coffee maker and distributor is using big data and intelligence to boost their sales. With 25000 global stores, Starbucks has to deal with 90 million transactions every week. While dealing with this much of data, Starbucks processes them to streamline their working operations to raise more revenue. They also offered a mobile application with strategies like reward points and offers to improve a user’s engagement with the firm.
Thus, we can see how data is the new black oil in the market. With the pace it is being generated, it is also availing opportunities to fetch useful insights from them. Companies are looking for data scientists with knowledge of Data Science with sas talents to show them the right way. With data science, they can visualize the whole gathered and real-time data to fetch useful details during decision making like phases.