Anytime something hits big and sticks around there will be naysayers. Critics who just can’t help trying to knock something down a peg or three. Such is the reality of the Big Data revolution. Sure, it’s transforming how we shop, how we stay healthy – how we live in so many other ways. And it’s changing the way business operates in everything from supply chain to human resources to production and sales. But that hasn’t stopped the finger pointers in the peanut gallery from trying to claim Big Data really isn’t so big.
Those in the industry know better. The more we learn about how we can harness the power of big data, the more excited we become. There’s potential here, and, at least so far, there’s no ceiling on that potential. And we’re not alone in this perspective. Over the past few months, media reports have filtered in listing a plethora of new and exciting Big Data based projects.
Data’s Impact on Crime
Researchers at UCLA are working on predictive models that will help law enforcement know when crimes are more likely to be committed. No, we’re not talking about Minority Report style “guilty before the crime’s been committed”. This is about preparation and monitoring. Crime prevention by presence and good data – not being judge, jury and, as in the movie, executioner.
Data’s Impact on Current Events
Then there’s a platform being developed that combines predictive analysis with current events. Businesses want to use this to determine ahead of time how current events that haven’t happened yet may impact their sales or supply chain. Of course, there are other potential applications.
Data’s Potential Impact on U.S. Presidential Election
For instance, what a presidential election may mean for various markets and even individual organizations in those markets. One such program, Open Text’s Election Tracker, is involved in analyzing and visualizing key data connected to the United States presidential election. Not only does the program crunch an incredible amount of data from innumerable news sources, but it also processes poll data and other disparate voter specifics, coalescing all of that into a predictive picture that helps campaign prognosticators make more informed moves and help voters make more informed decisions.
While insiders say not to take Election Tracker too seriously quite yet – this is the trial run, after all – the technology is already helping data scientists get better and build broader reaching and more accurate data algorithms. Just another way Big Data is helping define today and tomorrow.
Roman Temkin is a real estate developer from NYC.