Welcome to the Big Data Blog

Published on Apr 09, 2018

Welcome to the Big Data Blog

Welcome to our first post on the Big Data Blog here at Tonka. We are excited about our new venture and looking forward to bringing you relevant and interesting articles and other content in our drive to join the conversation on Big Data, highlighting the challenges that throws up for companies across all sectors in the modern tech landscape.

With more and more data being produced daily from a growing number of sources Big Data is becoming not just a buzz word but a real force behind innovation throughout the technology sector. The power of Big Data should not be underestimated. Information from wearables, our phones or other devices, apps, our purchasing habits from the online products and services we buy is all stored and companies with access to data on this scale face unique challenges when it comes to storing, protecting and using this data.

Facebook creates 300 terabytes of data per day and their data triples in size each year. 90% of the world’s data has been created in the last two years and total data is expected to double each year. By 2020 there will be the equivalent of 5,200 GB of data for each human on earth.

Tablet Social Speech BubblesBut Big Data is not just about the amount of data that is now being stored, it is the huge potential that access to this wealth of information can deliver. Many companies have a wide variety of data in different systems and in different quantities. It might not be Big Data but it is often unstructured, held in Excel spreadsheets or coming from sources such social media, texts, call logs, email or pdfs. When this data is used in real time and interpreted alongside the goals and vision of a business it can have real impact across all business functions.

One of the key challenges faced by companies that collect and store a large amount of data is the actual storage of the data itself. Most people understand the terms gigabyte or terabyte but there is actually a discussion about what to even name the growing amount of data beyond yottabytes. When companies aren’t using the same language to describe this volume of data working across the sector on best practice will be tricky.

Focusing more on the data itself another key challenge becomes the interpretation of the data for the benefit of your business. Genevieve Elliot, the Head of Data and Customer Strategy at Vicinity Centres in Australia, talks about how they use the data from the Wifi they provide to shoppers in their shopping centres giving a small insight into how this can benefit your business. They are able to use this data to see that customers are comparing their potential purchases in the store they are in, with what they are being offered online before making a sale. Communicating that to their retailers and offering more at the centre to entice shoppers to make that purchase are vital to their business model going forward. It also provides them cutting-edge real-time insight into the new generation of shopping habits giving them an advantage to innovate first and fast.

A recent article in Harvard Business Review cited Big Data as a new potential goldmine when it comes to using data in Content Marketing. Large companies know only too well that traditional marketing and advertising is not going to take them forward. In this article Alexandra Samuel suggests that by taking the vast and often disparate data that companies have on their audience and providing real insight into their sector can create content that interests and engages as well as cementing the company’s position as a leader in their chosen field.

At Tonka we understand the challenges that Big Data is throwing out to business and we want to be part of the conversation about how we can innovate and find solutions for business to help you navigate the sector. As our blog grows we will be covering key topics in the area to provide you with a path through this new landscape. Join us.

tags #bigdata #analytics #insurance #claims

Posted in Insurance AI Blog on Apr 09, 2018