Technology , Innovation, the Future
15th October 2018•Uncategorized
Technology is an accelerant for humanity and we are now entering a new phase, referred to by the world economic forum, entitled “The Fourth Industrial revolution”.
1st Industrial Revolution = Steam
2nd Industrial Revolution = Electricity
3rd Industrial Revolution = Computer and Communication technology
4th Industrial Revolution = Digital, Physical & Biological systems.
Technologists predict that by the end of the century 70% of the jobs we are currently doing now will be obsolete. Although this sounds a scary thought, revolution creates evolution and new types of jobs will be created e.g. web developers did not exist 100 years ago.
*Source: IBM (slightly outdated but you get the picture)
First of all, data is generated from us via smartphones, laptops and computers:
Secondly, large amounts of data is collected via the Internet of Things (IOT) i.e:
The term “Big” Data refers to the huge data sets we are all building although the term “Big” is now left out.
What Benefits can we gain from these huge data sets?
As an example; I am a bit of an amateur cyclist, albeit a bad one, although I still have 4 sensors when out cycling:
Speed Sensor – To tell me how fast I am going
Cadence Sensor – Calculates the amount of times the pedals go around (Revolutions Per Minute (RPM))
Heart Rate Monitor – Records beats per minute (BPM) to record how hard I am (actually) working.
Power Meter – How much power I am generating (watts) (how hard am I pushing the pedals)
All the above sensors work together in line with GPS to log data throughout the entire ride. Once the ride is complete all this data is uploaded to a web based system so I can review the statistics. By reviewing the statistics allows me to know where my weak spots are allowing me to train them effectively (of which there are loads). It sounds complex but by using the data I can make far better decisions than just guessing. I also know how fit (or unfit) I am at all times.
Big data in healthcare is changing the way we identify and treat illness along with improving life and avoiding preventable deaths. Some of the cool things currently happening:
The way in which we buy and sell things is changing rapidly and retailers are adopting a data first approach whether they are on or offline: Some of the cool things currently happening:
Financial services, banking and insurance
Large data sets and algorithms have been used to trade stocks and shares however data is now being used more widely.
Some of the cool things currently happening:
The way in which we watch TV has changed. Gone are the days of going to the video / DVD shops (they have all but disappeared). We now consume TV on demand with services like Apple TV, Amazon Prime, Netflix. These players have now have also started to make their own programs. How do they know what to make? Data… Everything we do within these services i.e. Search for, play, pause, rewind, stop, skip etc.is analysed and is used to analyse what we like and how we consume. This is how House of Cards was made.
One of my favourite data stories crosses the pond to a family butchers located in North West London. The butchers were established in 1996 and had a good customer base however after a supermarket moved in opposite they noticed a big drop in footfall and subsequently a big drop in revenue. They knew they had quality on their side but found it impossible to compete with the multinational supermarket therefore they had to think smarter. They sought advice which prompted them to put inexpensive sensors in the shop window to measure the amount of people walking past the shop, how many people stopped to look at the window display and how many people came into the shop as a result.
Armed with this information, they were able to refine their messaging and shop displays based on what interested customers the most. That’s not the best part. One thing that the sensors also picked up was that there was a real increase in footfall at night, due to a couple of pubs located at the top of the road, which pointed to a potentially new revenue stream for the business between the hours of 21:00 to midnight. The butchers therefore decided to trial evening opening hours, serving premium hot dogs and burgers to folk heading home from the pub. The butchers also used Google Trends to see which food items were particularly popular. This led to the creation of their pulled pork burger with chorizo. Now that is a good example of thinking outside the box and a great example of a small company using data.
The above sectors are just a few examples of how data is changing the ways in which organisations are adopting a data first approach.
Our world has sped up and the rate of technology is changing 10 x faster than the industrial revolution. No business or sector will be untouched by the Fourth Industrial Revolution and it is happening as you are reading this article! One thing for sure is that data is a key business asset, central to the success of any organisation large or small.
Contact Origin today if you would like our agency help to unlock your data potential.
Technology and Innovation Director of Origin
Change starts here
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