Anand Mahurkar, founder and CEO of Findability Sciences, agrees with the pundits who say big data is the new oil or even the new soil. Anand insists that, for tomorrow’s generation, everyone needs to know the data well so that they can run businesses with less friction using this new oil, and farm in the new soil.
What gold nuggets have you uncovered using big data and analytics?
For the first time, we understand human insights from electronic data. When we started looking at internal transaction data, along with the social data an individual creates, you get deeper insights on behavior, influence, expectations and reactions. For example, at higher education institutes, we were able to free data from silo applications and discover hidden connections leading to new insights on their network relationships. From social media data, we uncovered people who are influencing or can influence our customers' business. By tracking the sentiments, themes, phrases and tones we identified who can be an authority in a given subject and engage with them effectively.
Should tomorrow's generation acquire analytic skills, no matter the degree? Why or why not?
There is a paradigm shift in the way every stream of life, society or business interacts with data, ranging from creation to consumption and delivery of outputs. Data is a new oil or soil. Analytics was considered as the domain of only IT people, or researchers. But for tomorrow’s generation, everyone needs to know the data so that they can run the businesses of the future. May it be small, medium or large, with the new oil there is less friction and farming in the new soil effectively bears sweet fruits for the businesses where the upcoming generation will be involved.
So no matter the degree, everyone in the new generation should acquire data science (analytics) skills. These skills are going to be as basic as a language skill for any stream of education and foundational for becoming part of any business or organization.
How can big data, combined with analytics, improve our world in 5 to 10 years?
Data and content creation are now in the hands of the masses, ranging from schoolchildren, to stay-at-home parents, to business professionals. Earlier the content was generated by only a select few, inside the four walls of an office. The reporting and management of that information was based only on the data generated by this select few and, hence, it had a very narrow view of what businesses were supposed to know.
In the next 5 to 10 years, with big data getting bigger and new analytics capabilities becoming available every day, the world is going to improve. We stand to see communities with less conflicts, better governance overall, unmatched law enforcement, better customer service, improved healthcare diagnoses, proactive health services and the value of money and overall well-being index of the world we live in , going up.
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