Gone are the days when data was unstructured with no relevance, and the business owners would rely only on the customer choices and on the irregular information gathered – data was small then and the business owners had to rely on logical reasons & gut to implement strategies and lure customers – today the new DNA is in place and business projections are taking a paradigm shift.
Business is today moving into the understanding of less stress over business challenges (which they face now) as business forecasts are more predictable thanks to the knowledge and application of big data, machine learning and artificial intelligence.
With the right use of new technology, data scientists can help improve business’s ability to: –
1. Ability to forecast future events with high level of precision
2. Ability to take decisions with minimum chances of errors
The small grocery store down the corner of a street will now be able to smart sell and keep his customers happy by connecting with them exactly when there is a need.
People will be able to live longer as biologists can utilize the latest machine learning algorithms to produce robust risk prediction and environment factors to predict important health-related outcomes as in the case with www.23andme.com which will impact an increase of average life-span of people.
Improvement in average age of consumers will drastically impact the way targeting happens in advertising. So far the core audience for marketers has traditionally been 20 – 44 but in couple of years this will result in birth of another core audience, which I believe would be in a range of 45 – 65 – these will be adults who will have more affluent incomes and health to enjoy luxuries.
“The world is now awash in data and we can see consumers in a lot clearer ways.”- Max Levchin, PayPal co-founder.
Soon the passive players will not survive due to the Big Impact which businesses are going to witness.
Authored by Zeeshan Sajid Amin,business turn-around specialist and millennial leadership executive
