Question

Discuss What is the Role of Technology and Big Data in Innovation & Entrepreneurship

Answer 1

Customers live in an unpredictable world of anticipation, where everything is moving at breakneck speed. With digital advertising, consumer reviews and apps generating data at an increasingly rapid rate and in larger and larger quantities, bringing the vast amount of information to be used in real time is the difference between capitalizing on the benefits of a target audience's 360-degree view and losing consumers to rivals doing so.

In the near future, data is expected to expand by ten times worldwide. If the incentives that this data provides are properly adopted, they will provide an infinite amount of benefits. If ignored, they may lead to loss of market share leading to more disruptive competition and eventually to closure of sector.

The ability to evaluate, perceive and make informed big data business decisions is essential to every organisation's success. In competitiveness-growing markets, it is imperative that these organizations protect the capacity to make fast and increasingly complex decisions to meet evolving consumer demands in changing market conditions.

Worldwide data production will increase to 163 zettabytes by 2025, which is ten times that of 2017 data. Typical computational systems are struggling to handle the volume of today, far less the increasing volume that is looming on the horizon. The tools and innovations of Big Data continue to provide strategies for handling this relentless influx of knowledge, along with the ability to make smarter, more educated, data-driven business decisions more quickly. Because of this, companies will be spending $260 billion on big data and analytics technologies by 2022 according to IDC.

With the aid of big data, you will discover new ways of obtaining actionable insight from your own knowledge, which will help you understand your customers better and outperform your competitors. Additionally, thanks to improvements in your efficiencies and business processes, you can also experience a boost to your bottom line results. Big data provides the opportunity to anticipate what consumers look for in new products or services. This offers data-driven evidence and reasoning for product growth, which increases the probability of the success of the new product or service, while reducing the risk of capital failure.

Rather of waiting for consumers to tell you what they are looking for and losing market share to more creative rivals who have come into the market quicker, you can drive creativity from your data and satisfy the needs of your customers like never before.

Today, Netflix uses data not only to boost the experience through its suggestions engine but also to enhance the quality of the content itself by funding new projects based on what audiences want, which also increases their own profitability. Analyzing a customer's details in real time, combined with history of website visits, social media messages, and past calls and chats, will help identify a few problems that the customer may be facing. This provides a head start for the customer service team and will allow them to offer the customer informed and timely solutions.

Big data helps to provide market insight that can cut market expenses and maximize spending. The findings of big data can be used to change business processes, based on the effect of different variables, helping to cut costs and raise profits. This also assists in reducing unnecessary costs and improving productivity. The amount of information available in big data decreases the time it takes for a threat to be detected and handled. This helps IT teams to predict an attack to come and mitigate damage, or prevent it from ever happening.