Big Data Has Changed the Game for Everyone

Big data, moreover, digital data of any variety, is transforming the ways we live our lives. Those on the inside already understand the benefits of pooling masses of data from various online resources. Whether it's used for generative vs. discriminative machine learning, security reports, or marketing, data plays an important role in today's tech world. However, beyond the often-unseen cogs driving innovation, data is also being used by consumers. Today, the average person not only has access to more data but easier access to it.

Take, for example, a traveler. If you're planning a vacation or even just a day trip, what's one of the first things you do? Google your destination. Thanks to the power of collective thought, experiences, and contributions, you can get an overview of a destination from a myriad of perspectives. In fact, such is the power and presence of TripAdvisor that companies will actively monitor its reviews and respond accordingly. This site has become a proverbial well of information for travelers and can make or break an attraction.

Instant Access to Information Makes Informed Consumers

Sticking with the travel industry, comparison engines have also given users access to more information. Skyscanner is just one of many such sites. Users can input their search criteria and the database will scan through thousands of live deals. To do that manually would take hours. With comparison engines, it takes seconds. Users then have the option to sort, refine, and edit their searches to find the best possible deal. Again, this is a product of the big data revolution and the internet's ability to make information more readily accessible to the average consumer.

The list of examples doesn't end there. Let's assume you wanted to buy a house. As well as being able to search for properties, you'll need to know the latest rules, regulations, and deals. For instance, in the UK, changes to certain taxes in 2020 meant informed buyers could get a better deal. Stamp duty rates were cut from 2020 until March 31, 2021, and the Trussle calculator allowed users to see how much they could save. By entering a variety of variables, including location, property price, and current residential status, the stamp duty calculator showed the taxes a buyer would have to pay.

Everyone Can Use Big Data

Having access to this type of information is invaluable as it allows buyers to maximize their budget and see exactly what property prices they should be targeting. From there, sites such as Rightmove in the UK or MLS in the US provide quick overviews of an entire area's property opportunities. This is another example of how consumers have access to information and, moreover, how they can access data to enhance their ability to make decisions.

Image: Pixabay

Focusing on advances in artificial intelligence and how companies can use it to make better use of big data is great. However, those embedded in the industry often forget about the surface-level changes we've seen over the last two decades. Big data isn't all about refining complex systems. Sometimes, it's about giving consumers more information so they can make better choices. Only when these two things combine can we really see the true benefits of technology and big data in the modern age.