“Two and a half quintillion bytes or 2,500,000,000,000,000,000 bytes. That’s how much data humanity generates every single day. And the amount is increasing; we’ve created 90% of the world’s data in the last two years alone,” writes Michael Belfiore for IBM’s Watson Blog.
Many businesses struggle with this ever increasing data, especially growing unstructured data, but other businesses in an assortment of industries are succeeding by using cognitive computing technology to turn big data into big insights. Mr. Beliofe provides a summary of several industries succeeding with big data:
Telecommunications – cognitive computing tools are being used to index documents, images and manuals giving call center agents access to more actionable data to better solve customer issues. Every second saved in call time is $1 in cost savings.
Finance – an auto finance firm is using big data to develop better customer insights that not only allow them to serve customers better but also to improve data security.
Healthcare – by being able to better capture and analyze unstructured data, one health system is using this data to help identify patients with risks for chronic diseases to improve treatments and reduce readmission.
Fitness – the rise of mobile and wearables has led to a fitness app that tracks your performance and progress and coaches you through your workouts to meet fitness goals.
Retail – a clothing retailer has used big data to drive a better in-store experience using sensors and Wi-Fi data to track customer behavior while in the store.
Travel – one airline is using mobile to access customer preferences, travel history and even allergies to provide more personalized service in-flight.
In each of these examples, cognitive computing technology allows companies to harness big data to create better customer service experiences.