The ever-increasing volume of data does not find enough storage space and does not have enough processing capabilities. But for the present, statisticians are exploring ways of sampling data to be able to gather its advantages. The smaller samples can be used instead of the complete data set. But the choice of that sample must be a true representation of the data. Statisticians have found that randomness in the data set improves sampling precision. The increase in the randomness of the data will, therefore, increase the interpretations of the data. It has paved the way for a new approach to low-cost data collection. Though this approach has its inaccuracies, it is the best choice in the current scenario. In this article, we have come up with some examples of how business organizations have gained significant success by adopting data analytics tools.
- When H1N1 flu, popularly known as swine flu, was discovered in 2009, doctors were not aware of how widely and quickly it could spread and had no vaccine to prevent it. But amazingly, weeks before the CDC (Centers for Disease Control and Prevention) discovered that it was an epidemic, Google’s web service, Google Flu Trends, predicted how fast and where the disease was spreading. This prediction was possible due to the company’s ability to derive meaningful results from data analytics that pours in at the rate of 24 petabytes/day. Healthcare is just one of the areas where data analytics is making a big.
- Oren Etzioni founded the e-service Farecast, which was initially developed with the idea of predicting the fares of airline The service helped the travelers decide whether they should buy a ticket or wait for the prices to drop further. Farecast was developed using the big data analysis technique that analyzed the previous pricing trends of the airline tickets using the transactional historic pricing logs. The motivation behind Oren’s idea was a casual interaction with one of his co-passengers during air travel. He bought the ticket earlier and at a relatively higher price than his co-passenger. That prompted him to create Farecast so that passengers like him could predict the fares.
- IBM Watson is another biggest application of data analytics Watson can predict any trend based on provided input, understand multiple formats of data, and interact with humans. Watson is a self-learning machine that can scale its functionalities as per the requirement of the users. Watson can analyze and interpret any data input. Unlike traditional analysis techniques, Watson can process all input formats with the same precision. Currently, Watson is effectively used in domains like healthcare, sports, business, and education.
Watson can “interact and reason” effectively with humans. It can generate personalized suggestions and recommendations for the user based on his or her previous emotional and personality records.
Apart from these organizations, there are many other successful initiatives such as MyLifebits, Cloudera, and MongoDB that have used data analytics tools to optimize their business operations.
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