Big data is expected to hit $42bn as an industry before the close of the year, and it is clear that this is not slowing down anytime soon.
Not only is data progressing fast, people want data that is current. Real-time data has made headlines due to advancements in a number of industries – including construction and transportation.
Real-time data with drones and Waze
Companies and municipalities are putting drones to use more than ever to gather real-time data.
Drone manufacturers in India reported earlier this month, 15 million farmers are using real-time data that they gather to help them cultivate corn, rice and wheat.
Agricultural industries all over the world are using this data to create aerial maps, build a portfolio, locate areas of water, and to map out growth patterns. Real-time data usage is also expanding in the construction industry. For instance, municipalities are using this data to remain up to building codes, plan zoning changes and study elevations.
Most recently, GPS directions company Waze partnered with Esri, an international geographic information system company, to expand its planning and real-time analytics capability. This expansion is great for society as a whole, since municipalities are getting access to crowd-sourced data, and can use it in their growth and decision-making.
Having access to this sort of data transcends industries and allows for more exploration and precision.
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Using real-time data in your business
When you have access to real-time data, you are able to study your customers and market strategically. Understanding customer tendencies in real time lets you make changes and progressively increases your ROI.
You will also have a greater grasp on your own processes, since the analytics help with everything from planning schedules and optimizing workflow to minimizing operating costs in your facility. It is important that you continuously hone these analytics to use them for specific purposes in your business.
Touching base with a data analytics company will give you an edge on your competition, particularly if you start now, while the field is still growing. Forbes forecasts that big data will soon surpass the $200bn mark, a sure bet that business and society will only become more data-driven every year.