DATA ANALYTICS’ GROWING VALUE TO SOCIETY

August 1, 2015

Data analytics (DA) is the science of examining raw data with the purpose of drawing conclusions about that information. Data analytics is used in many industries to allow companies and organization to make better business decisions and in the sciences to verify or disprove existing models or theories.
Big data is a popular term used to describe the exponential growth and availability of data.
The amount of data in our world has been exploding, and analyzing large data sets—so-called big data—will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus. Leaders in every sector will have to grapple with the implications of big data, not just a few data-oriented managers. The increasing volume and detail of information captured by enterprises, the rise of multimedia, social media, and the Internet of Things will fuel exponential growth in data for the foreseeable future.

How Big Data is handled differently by the World’s Top 10 Most Innovative companies – 2015

CATAPULT – For taking the guesswork out of injury prevention.
The company makes a variety of devices that turn physicality into data—measuring things like an athlete’s power and movement efficiency—which can be crunched to uncover vitally important information like whether an athlete is developing an injury, or whether certain workouts are overly stressful. That helps teams keep their players safe and game-ready—and last year, word spread rapidly. Sales grew by 64 percent, and Catapult now works with nearly half of NFL teams, a third of NBA teams, and 30 major college programs.

NEXT BIG SOUND For making music out of the music industry’s data.
Next Big Sound’s analytics explain which bands are about to break, which late night shows really impact an artist’s trajectory, and many, many other quandaries that for decades had been the exclusive domain of mercurial executives and their so-called “golden ears.” NBS has partnered with Spotify to allow its 500,000+ artists to see the data being collected on them, so that they can employ if for their own purposes.

MARK43 – For putting cops in the cloud.
Cloud-based records management and analytics system is helping to make policing smarter, more efficient, and more accountable. Its web app makes it easier and faster for cops to enter arrest and incident reports, reducing a process that can take several hours on decades-old legacy systems to about 30 minutes. Mark43 then adds a layer of algorithmic intelligence, connecting data such as social-media activity and phone records (obtained via warrant) to those police reports to give even patrol cops a more complete picture of a criminal or a syndicate. Mark43 is already in use by Los Angeles County Gang Units and is to be officially deployed across an entire major metropolitan department.

 

-Archana J

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