Ever since the invention of computers many developments have shaped human lives. The invention of the internet was a landmark achievement which set up the stage for more things that followed. Many would have thought that the internet was the biggest thing ever but it was only a lead-in to developments in the world of big data, AI and IoT.  Big data, AI and IoT have revolutionized the world we live in but what exactly are these terms?

The concept of big data has been around for a number of years. However, businesses now make use of big data analytics to uncover trends and gain insights for immediate actions. Big Data Analytics are complex processes involved in examining large and varied data set to uncover information such as unknown correlations, market trends, hidden patterns, and customer’s preferences in order to make informed business decisions.

Can predictive analytics be used to forecast which movie will walk away with the top honor at the Academy Awards? Apparently not. While predictive analytics is useful to forecast future trends, behaviors and patterns- Oscar winners are not one of them. Often times it is used to lower risks, improve software or anticipate customer behavior. Combined with machine learning and algorithms, predictive analytics incorporate past and current data to provide the most logical conclusion.

Is your company a data company? Whether you actually sell software that monitors data or run a brick and mortar store, the answer is yes. Monetizing data a business already collects can significantly increase a company’s revenue.  Gartner defines Data Monetization as “using data for quantifiable economic benefit.”  Whether that entails selling your findings to third party sources or using this intelligence to create a more efficient product is up to the organization itself.