As our capabilities of mining Big Data keep growing, its effects on our global economy and just about every conceivable industry keep getting more pronounced and difficult to ignore. Due to their sheer volume and often speculative nature, discussions on the best ways to use this knowledge are themselves becoming as inscrutable as Big Data itself, and it won’t be long before we are talking about hiring an analyst to process the articles on Big Data so that we may find the best way to start leveraging it. With this in mind, we decided to focus on one particular aspect of the subject and try to give a general overview of the mutually beneficial relationship between Big Data and top business intelligence software on one side and mobile applications market on the other.
While mobile applications are by no means the only source contributing to the overwhelming growth of Big Data – estimated at petabytes per minute they are definitely one of the most versatile and prolific ones.
Apps from around the world are gathering information on user habits, desires and gripes with different areas of service provided. However, the fact that they can gather inordinate amounts of information is not their most important characteristic. What sets them apart from some of the other sources is their ability to gather specific kind of information.
This makes data obtained in this way much more manageable, which is to say infinitely more useful. Instead of presenting you with a sea of information which may or may not contain some nuggets of wisdom or insight, app providers are able to specify the areas they are interested in. By doing this they are not only ensuring that they are not foraging blindly in the forests of All-Knowledge, but that others might also make better use of their exploration. While not exactly acquiring structured data, it is much easier for them to find info they are interested in, and perhaps even organize it to an extent.
Once they have all the pertinent information, they can easily employ it in making their product better. This in turn gives them access to a whole new set of users, providing even more data until the whole maelstrom of whirling information consumes us all (conservative estimate, might not happen). This way both spheres feed each other and feed off each other, hopefully contributing something useful to other industries as well.
There’s no denying that just about any enterprise could benefit from a well organized and executed data mining strategy. However, because of their type of deployment, steep and ever increasing competition, and even more pronounced need for constant improvement and innovation than is registered in some of the other industries, applications market relies heavily on user feedback, and there is no better source of that feedback than Big Data. Datameer study linked above puts telecommunications industry in the third place according to the Big Data usage, with 14% adoption, just behind Financial services with 22% and Technology with 16%.
However, tweaking the features and presentation of particular apps to accommodate the desires of users are not the only benefit. While helping with the research and development phases of producing an app, this overabundance of information is also of immense value for the marketing of the apps themselves. By gathering info on the app usage frequency, geographical distribution, user’s age, habits and requirements, app providers know not only how to make something that people will need, they also know where to market the finalized product so that it lives up to its potential.
Finally, a number of apps rely directly on input from the ether of Big Data. In order to give you the most pertinent suggestions and offer some of their primary functionalities, they need to tap into this source. They do this by combining what contextual knowledge they managed to glean from the client’s use of the app with the information they have gathered from previous users.
With machine learning developing at the pace it currently is, the extent to which our apps will be able to become familiar with us and our habits might become somewhat unsettling, convenience it provides aside. For instance, any kind of review app will not only consider the direct input by the users , but will also take contextual clues into consideration when recommending you a service. Similarly, shopping apps will rely heavily on your previous searches and purchases, as well as your location, interests and so on. They are then able to combine that info with everything they have so far learned about the demographics you have been determined to belong to, and present you with a highly personalized suggestion.
While 89% of business leaders seem to believe that Big Data will have as huge an influence on various business operations as internet did, actual adoption rates are much lower. This is by no means surprising when you consider the difficulties that accompany this step. However, the challenges scale to your requirements, and there are areas of Big Data and best Business Intelligence exploration that are available to smaller enterprises while still being lucrative enough to consider.
If you only need access to a specific area of information supplied by Big Data mining, you might be able to get it by simply hiring a skilled analyst and springing for appropriate bi software. This might sound as wishful thinking when you consider current estimates stating that only 0.5% of available data is analyzed and purposefully used, but with a clear focus and some trial and error, it can be done. One of the reasons why you should consider this is found in the fact that it is your product (ie. the app itself) that will provide a lot of the data that you need to analyze, which makes it infinitely more manageable.
Development of the Internet of Things might lower the percentual contribution of different apps to the variety that is Big Data, but they will always be an important source of information, and app developers will keep relying on that information in their work. While we may hope that our abilities to probe the ever-growing depths of unstructured knowledge will keep pace with the expanding breadth of that knowledge, that hasn’t exactly been the case so far. However, even though a lot of potential of Big Data remains unexploited, that is not to say that the part that we managed to tame and use to our advantage is insignificant, quite the opposite. The only thing left for us to do is hope that while we know that Data is going to keep getting larger, our growing understating of ways to mine it for useful information will at same time help us make it smaller.
FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.