How Data Analytics Impacts Innovation

Big data is more than just a buzz word thanks to its proven ability to impact innovation and drive forward progress within SMB’s and enterprises.

75% of companies are prioritizing big data when making hiring decisions, making it the most sought after skill by large companies.

Today there is so much information available, and that information can reveal so much – if only someone knows how to read it.

Three of the verticals with the greatest wealth of information – and therefore the greatest potential for usable insights – are healthcare, agriculture and blockchain.

Let’s see how they have been transformed by the emergence of data analytics.

75% of companies are prioritizing big data when making hiring decisions. Click To Tweet

The Healthcare Industry Growth

Innovation in healthcare is rapidly increasing and impacting the industry as a whole.

In order to digitize the experience and make it more efficient, healthcare companies have been aggregating information about patients, diseases and patterns in medicine.

Big data analytics gives value to that data by packaging it into applicable insights that have the potential to improve the understanding of medical conditions from symptoms and ailments to genetic mutations.

In clinical trials, big data is being shared by pharmaceutical giants looking to cure types of lung cancer. In the personalized medicine field companies are creating tailored medicine according to genetic material, and big data plays an active role in predicting the spread of the Ebola virus throughout Africa.

Bringing Innovation to Agriculture

The growing population and longer lifespan is impacting more than just healthcare. The agriculture industry will require transformative innovation to meet the sustenance needs of an increasing amount of people.

Big data is already being used to optimize agricultural processes and plant growth in order to reduce production time and supply chain costs associated with growing and delivering agricultural goods.

It is also being used to recognize production patterns based on climate. Colombian rice farmers saved more than $1.7 million by adjusting their crops according to big data predictions.

The agriculture industry has to innovate to meet the sustenance needs of a growing population. Click To Tweet

The Next Step for Blockchain

The financial world has been undergoing a transformation since the 2008 recession and the introduction of blockchain technology. Since then, many companies have been looking for ways to leverage the technology further and discover more applications for it.

Incorporating big data innovation into blockchain and blockchain-driven AI technologies will improve data integrity for corporations.

Blockchain technology will be most radically impacted by big data when companies will be able to aggregate information gathered via blockchain and leverage that into insights, predictions and value.

As blockchain technology continues to evolve and innovation in big data is intertwined with blockchain, the implications will surely be felt across all industries.

Living in an Age of Knowledge

We are living in an age where information is increasingly digitized, co-opetition and cross-industry collaborations are prevalent and consumers expect more from companies.

All of these factors combined mean that companies have greater access to information than ever before and more technological capability to understand that data in a meaningful way.

Read GDPR Summary Part 1: Breaking Down the New EU Data Protection Rules to learn about restrictions on how enterprises can use all of this data.