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Big Data and Creativity

Big DataWe’ve all heard about how important it is to be able to collect and process vast amounts of data in real time, and about the impact big data has had on businesses in the past few years. And it’s true that in many industries, it’s impossible to remain competitive without being able to handle those large data sets. Attempting to operate without the amounts of information the competition has at its disposal is next to impossible.

Big data is important – perhaps even indispensable – for business, but it’s a death knell for creativity if used in the wrong way.

Not All Industries Are the Same

All businesses need to remain profitable, but not necessarily to the same degree. Certain industries are fundamentally different. Health care, education, and the entertainment industry all affect society at a fundamental level, and if any of them are run purely from a profit maximizing standpoint, society suffers.

A House of Cards

The original Netflix series House of Cards has become an enormous hit since its debut 4 years ago, surprising everyone except its creators. They knew it would be wildly popular, as they had used sophisticated data tools to analyze Netflix viewers’ viewing data for the previous several years to guide the creative process.

While this has resulted in a very successful series this time, there is a fundamental flaw in using big data in this way, in an industry built on a foundation of creativity.

The process the House of Cards producers followed can really only result in giving people more of what they already like. There are only so many permutations of the same thing possible to make, and eventually the people will become bored.

Pattern Recognition

The real power of big data tools is in being able to sift through huge amounts of information and identify patterns in that information of which people would otherwise be totally unaware. This enables the ability to take action and make decisions that leverage the beneficial patterns and eliminate or minimize the damage of the negative patterns. When big data is harnessed in a creative pursuit, it does what it is meant to do: identify patterns. The only thing this generally allows the people involved to do, however, is recreate those patterns.

Art Is Different

Art is necessary for the healthy functioning of a society. Without creativity, new expressions a culture wither and die. Big data can be a very useful tool on the business side of the creative industries – marketing, distribution, that sort of thing – but for the sake of creativity itself, it has no place in the creative space.

How Businesses Benefit from Fast Data Analytics

shutterstock_328634297As the Internet of Things (IoT) expands in popularity, people are using more devices with interconnectivity. This includes using smartphones and tablets to control home security systems, appliances, fitness tracking devices, televisions, and many other systems to maximize convenience. Because of this interconnectivity, IoT has given businesses access to better raw data that helps them understand their customer base and the performance of their products.

Fast data analytics can allow many companies across a wide variety of industries to develop better processes for customer service, marketing, and other aspects of their business.

Following are some examples of how certain businesses can utilize fast data analytics to their benefit.
Financial Companies Can Closely Monitor Business Transactions

Many financial firms handle millions of transactions with customers on a daily basis, which means it can be difficult to effectively detect delays or breaks at any given moment.

Fast data analytics has allowed financial companies to more easily monitor business transactions, from specific processes to complete transactions. Firms can use automated algorithms to make sure that every moment of every transaction receives the same level of attention through monitoring software. These algorithms can determine if flows have any issues that need to be addressed, allowing for quicker responses.
Insurance Firms Can Experience Faster Processing of Claims

Similar to financial firms, insurance companies often deal with millions of claims every day. In some cases, insurance companies might work with monitoring systems that are outdated, causing them to potentially miss certain issues and spend more time and resources identifying and solving them.

A faster data monitoring service can help insurance companies detect delays in claims processing, bringing issues to the attention of IT professionals who can address them faster.
Securities Firms Can Meet Industry Compliance Requirements

2010 saw the introduction of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is a U.S. federal law that was intended to regulate financial institutions and help avert crises in the industry. To avoid legal troubles, securities companies must remain in compliance with this Act.

Dodd-Frank compliant businesses will have the ability to report SWAP trades within minutes, which is made possible by fast data analytics. This technology provides securities firms with the real-time monitoring they need to say within Dodd-Frank regulations.

These are only a few of the many instances where fast data analytics can help businesses in both customer experience and accountability. Fast data analytics implementation helps companies make positive change.