Our world is becoming an increasingly digital space, with an almost inconceivable amount of data being created and stored every minute. Big Data is the buzzword used to describe this immense volume of data which has intrinsic value and can yield invaluable insights to organizations, regardless of their industry, to optimize performance.
For instance, because of Big Data, managers can potentially measure and drastically know more about their organisation and translate that knowledge into enhanced decision-making and performance. There is already evidence of the use of Big Data in our everyday lives, from Google’s spell change suggestions and calls from credit card companies about suspected fraudulent activity. All this is the result of the analysis of billions of patterns from past trends.
While appreciably awe-inspiring in its scale and scope, this unprecedented reservoir of data, that is constantly increasing, is futile unless it can be unraveled to find the knowledge within. A key feature of Big Data is, as the name implies, its size, which cannot be efficiently processed by traditional tools and techniques. Big Data analytics has thus become the hot trend, with an increasing need for advanced analytics techniques which incorporate components such as predictive models and statistical algorithms powered by high-performance analytics systems.
Understandably, the need for quicker and smarter decisions and the governing of big data is driving the trend of the growing need for Artificial Intelligence (AI). The confluence of Big Data with AI is inescapable as the automation of smarter decision-making is the next phase in the advancement of Big Data. Owing to this emerging drift, the need for human intervention is predicted to reduce drastically. Thus, while Big Data offers tremendous potential to gain knowledge that can be turned into actionable solutions, the fear of automation is inevitable.
On the other hand, the manipulation of data, be it in market research projects or the results of medical examinations, is moot if it cannot be crafted into a uniquely molded strategy that is applicable to the client. It goes without saying that data manipulation in the absence of business acumen is voided in our competitive corporate world.
A two-pronged approach involving both complex data analytics and business intelligence will be imperative for the foreseeable future. So rather than being threatened by automation, we must find a way to have a symbiotic relationship with it. And this is precisely the mindset that we, at Beacon Consulting, have adopted. By constantly staying on par with technological developments, we strive to harness the vast ocean of analytical tools available to optimise research processes and focus on delivering solutions that are both cutting edge and infused with the necessary human intervention to tailor them to best suit the needs of individual clients.
Find out more about our services at www.beacon.com.sg