Why Every Business Is Now A Data Business

 


Data analytics is helping to answer the question of whether there has ever been life on Mars. While mission-planning decisions used to be based on the previous day's data, the move to real-time analytics vastly speeds up the time in which decisions can be taken by mission control. Patterns and anomalies in the datasets can be spotted far more quickly, and correlations which could provide mission-critical insights are more likely to become apparent, leading to a greater rate of scientific discovery and less danger of malfunction or failure. This has brought healthcare to the forefront of the data revolution, and undoubtedly a lot of the progress we've made in the fight against Covid-19 has been down to the vast increase in data we are generating, and our ability to analyse it. But now, with sensors in every smartphone and doctors able to share information across disciplines, the quantity and quality of the data available are greater than ever before, which means that the potential for breakthroughs and change is growing just as exponentially. 

Smartphones and other popular smart devices – including Jawbone, FitBit and others – now have the capacity to help people track their progress towards a healthier lifestyle. It is at the point where it can do this as accurately as a newly trained human doctor now – but much, much faster, allowing it to review thousands of images in minutes. All this is just the tip of the iceberg, and data volumes will only continue to grow. More often than not, when we sign up to a new product or service, whether it's a fitness tracker or a store loyalty card, we're happily giving access to our personal data – in return for benefits like improving our fitness or collecting points towards a free coffee. As more companies tap into the possibilities of data, and as the technology advances to gather more and more information, the amount of data available is predicted to grow exponentially. We will also get better at analysing these heaps of data. That's a drop in the ocean compared with how much value will be generated by businesses putting those tools and services to work – which is expected to be in the trillions. But, during a gold rush, everyone knows it's always safest to be the one selling the shovels! 

The IoT has seen enormous growth in recent years, and it's only just getting started. Today, there are about 21.5 billion devices that connect to the Internet. By 2024, that number is predicted to rise to over 80 billion. By 2026, the value of the global market for this technology will reach $1.6 trillion. Smart devices are transforming our world, our cars, our homes and our businesses. ‘Wearable' technology is a crucial part of the IoT, and the global market for wearable devices has also ballooned. All of these devices create a wealth of data, and we're only just starting to realize the implications of this now. So, in the near future, it's not unreasonable to imagine your refrigerator knowing when your milk is out of date and automatically telling your smartphone to order more in the next online shop.  Are we nearing true artificial intelligence? It's also been a tantalizing prospect for science fiction writers! The aim is to allow a computer to simulate human thought and mimic how our brains work. This allows computers to undertake things that we humans take for granted, like understanding natural language or recognizing objects in a picture. The system ‘learns' as it processes information, so the more data the system is given, the more it learns, and the more accurate it becomes. 

In practical terms, this technology could be used in any field in which a large amount of complex data needs to be processed and analysed to solve problems, including healthcare, law, education, finance and, of course, business.  As computers are more able to think like humans, they enhance our knowledge and capabilities. Just as the heroes of science fiction movies turn to their computers for analysis, predictions and conclusions on what to do next, in real life we're moving into an era where computers can enhance human knowledge in entirely new ways. This technology means computers can change and improve their algorithms by themselves, without being explicitly programmed by humans. Is ‘true' artificial intelligence just around the corner? Many scientists believe computers will never be able to ‘think' like a human brain. But, however you want to frame it, computers' abilities to see, understand and interact with the world around them are growing at an incredible rate. And as the amount of data we have continues to increase, so too will computers' abilities to learn, understand and react.  The technology has advanced to such an extent that it is now possible for computers to recognize and respond to human emotions. 

Known as ‘affective computing', this technology analyses facial expressions, posture, gesture, tone of voice, speech and even the rhythm and force of keystrokes to register changes in a user's emotional state.  Imagine the potential of this technology. Your computer could recognize when you are frustrated or struggling with a task and provide additional information to help you along. Your phone could tell you to take a break when your stress levels are high. Or, without being asked, your smart home could provide soothing music and lighting when you get in from a bad day at the office. If this all sounds a bit far-fetched, it's not. The same company is also working with a Japanese car company to create in-car technology that can detect when you're distracted or drowsy, and contact emergency services or your next of kin in the event of an emergency. Microsoft has even tested a bra that can sense stress levels in women. 

Just as computers can never learn to ‘think' in the same way as a human brain, these emotional machines will never really be emotional, but we're nearing the time when machines will at least appear to give us suitable emotional responses. The really exciting part is that we're only just starting to explore the possibilities of all this technology. The fourth industrial revolution – or Industry 4.0