Big Data Technologies
Big data sets can be a powerful tool for many businesses and organizations. While big data had limited value before computers, new algorithmic technologies can render meaningful information from large sets of data. The following guide explores how researchers can discover exciting trends and other information from big data sets.
Over the past 50 years, researchers have started to gather large data sets to study different trends. While it may not be possible to manually discover trends, some algorithms can reveal powerful connections between different sets of data.
For example, life insurance companies determine insurance premiums based on an individual’s average risk of death. A life insurance premium for an older overweight smoker will be significantly higher than the premium for a young, healthy person. However, insurance companies also use other data to determine an individual’s expected lifespan.
Location, credit rating, criminal history and work history can reveal powerful information about one’s expected lifespan. By collecting this information with new life insurance policy applications, an insurance company can determine if there is a correlation between certain life decisions and one’s estimated lifespan. For example, individuals with a low credit rating usually die at a younger age when compared to people with a higher credit rating.
In addition, data sets can be a powerful way for a business to determine the efficacy of an advertising or marketing campaign. For example, many websites are designed to persuade consumers to make a purchase. While it may seem counter-intuitive, small changes on a website like the location of a banner can make a huge difference in conversion rates.
One of the best ways to design a sales website is through organic research. With organic research, a website will present dynamically generated content to a website viewer. Each viewer will experience content that varies slightly in appearance. Based on which design increases conversion rates, a business can decide which form of advertising works best.
In addition, big data sets can be a powerful way to create a correlation between lifestyle choices and certain diseases. For example, it can be very difficult to determine how a variety of lifestyle choices can impact one’s health. While a smoker isn’t pursuing a great lifestyle, how do other decisions impact the risk of lung cancer?
With big data sets, it’s possible to tease out a correlation between lifestyle factors and the risk of certain diseases. This can be an excellent way for scientists, doctors and health researchers to understand the risk of certain diseases.
For example, a recent big data research project showed that it isn’t a good idea for men to receive prostate cancer screening. Data showed that men who received treatment and didn’t receive treatment had the same survival rates.
Big data can be a powerful tool.