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Fourth Industrial Revolution: A Futurist Perspective on Big Data and Data Analytics
20 Sep 2019
Human lives are converging with digital systems, automated machines, and large-scale data analytics. With the emergence of the Fourth Industrial Revolution (4IR), brands now create cyber-physical systems that aid almost every industry—from football to cinema—through the use of data.
Modern-day technology makes it possible for large volumes of information to be collected at a much faster rate than before. And with the help of Machine Learning and Artificial Intelligence (AI) this information can be used for better analysis, insights and foresights.
The ability to harvest large quantities of data and formulate possible future scenarios from these numbers—this is Big Data. This allows companies to interpret consumer behaviour and invest in the right strategies.
Trailblazers like online streaming service Netflix have set phenomenal examples. Netflix’ predictive analytics allows them to recommend content for audiences based on user preferences. By collecting about 3 million daily searches, the streaming platform tracks what viewers enjoy in order to customise recommendations for each individual user.
These insights also inform the way they now create original content—like their edgy political thriller, House of Cards. From the design and color of the series’ posters to the choice of cast in Kevin Spacey and direction by David Fincher, as well as the kind of storylines that appeal to their viewers, Netflix’s data allows them to uniquely design what they produce—and knowing what will be a success before they invest in it.
House of Cards debuted in 2013 with all of the first season episodes released in one day—and it was a big hit. The platform has since done the same with other original series and films.
How did they secure their success? We predicted the rise of Big Data and the 4th Industrial Revolution back in 2014. Here is throwback to a futuristic video...
Copious amounts of data can inform and direct an organisation’s decisions. In a world where the digital is becoming a means to the personal, brands can now engage with their users better and craft experiences that matter to them. The question is: are you ready to use the technologies available today that help create human solutions for tomorrow’s customers?
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