Companies are using big data for pricing, maintenance, and more.
The big data revolution is upon us. Firms are scrambling to hire a new brand of analysts dubbed “data scientists,” and universities have responded to this demand by introducing data science courses into degrees ranging from computer science to business. Survey-based reports find that firms are currently spending an estimated $36 billion on storage and infrastructure, and that is expected to double by 2020.
Fouad Bendris’s insight:
Predicting demand. The first use case involves predicting demand for consumer products that are in the “long tail” of consumption. Firms value accurate demand forecasts because inventory is expensive to keep on shelves and stockouts are detrimental to both short-term revenue and long-term customer engagement.
Source:: Strategy & Governance