Data is the future
Most, if not all, of the applications we use daily, are connected to the internet, which opens the door to a massive amount of data. A simple like, the viewing time of a movie or a click on an ad are just a few of the millions of actions made within an application. This information is then stored by hundreds of companies.
Seagate (NASDAQ: STX) forecasts exponential growth in the amount of information globally, reaching 163 zettabytes by 2025; this is equivalent to viewing 489 million times the entire Netflix catalogue.
Organizations driving the data industry will become increasingly relevant. The development of new data-driven strategies will strengthen partnerships between companies and Capgemini SE (BATS EU: CAP), one of the world’s leading consulting firms, and in the digital age, cloud storage will be key to further empower the millions of applications available, and services such as those from Snowflake (NYSE: SNOW) will be essential.
Companies that manage to optimize the largest amount of data will have a higher probability of success in decision-making, and that is what it is all about, collecting as much information as possible to eliminate any margin for error. Zara makes use of “Big data” to study consumer preferences in order to anticipate fashion trends; the analysis of data obtained from social networks or tracking sales through tags are just some of the elements used to identify, design and sell new products in their stores.
The value of information is breaking down all kinds of boundaries between industries; companies such as Starbucks (NASDAQ: SBUX) or Coca-Cola (NYSE: KO) are also focusing a large part of their resources on technology to improve their business model.
Starbucks (NASDAQ: SBUX) has its own application for placing orders, but it also collects data in order to conduct new studies to learn about and improve the user experience. The implementation of artificial intelligence in these cases is useful to determine which drink is the most ordered, the most frequent schedule of the coffee shops, as well as the possible income that new coffee shops around the world can obtain.
If we talk about the beverage industry and big data, we have to take data to the next level, and it could almost be defined as the real “Big Data” since the massiveness of companies like Coca-Cola (NYSE: KO) makes evident the need to implement data analysis in all industries with great potential. Currently, it is estimated that 1.9 billion Coca-Cola (NYSE: KO) products are consumed per day; approximately 33% of the world’s population consumes a product of the soft drink brand in less than 24 hours.
This large amount of data led the company Coca-Cola (NYSE: KO) to develop campaigns based entirely on the tastes of the consumers themselves, to such an extent that with the information obtained from users, who made their own mixtures in the beverage dispensing machines, they clearly identified their preferences, and this led them to develop a drink with these characteristics, but ready to consume, as was the case with the launch of the “cherry sprite.”
The digital era is undoubtedly covering all aspects of human reality, and those companies that are in contact with our data will have the enormous responsibility of transforming the things we do that might seem insignificant in terms of information, such as buying a soft drink in a vending machine; but that in the future will be the greatest added value of companies since with the right information the best decisions will be made.