Big Data and The Future of Innovation in the United States of America

The Promise for young entrepreneurs in the United States of America

Today, in the United States of America, the final embers of what is known as the third wave of technological advances are slowly dying out. (Van Adam, 2018) However, life has to continue and the entrepreneurs are continually shifting into new frontiers. In the event a young entrepreneur is thinking about expanding their business into new marketing frontiers, big data is one area that should be embraced.

Big data and computing is the new marketing frontier. By 2018, it was estimated that the big data sector would be worth over $46.34 billion. (Argrawal, 2017) This is half the wealth of the richest person on the earth- Jeff Bezos- and it is therefore a big deal! Obviously, for a sector to develop as much as this, it must be because it is not only showing enough promise but it has also proved its potential. It has also been shown, with the Russian link to the last United States Elections and the case of Cambridge Analytica that this utility is also being utilized by governments to secure favorable results in electioneering.

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There are many ways in which big data helps commerce. As opposed to traditional ways of research, big data and the attendant computing today has the potential of delivering results with very minimal margins of error. With the ability to use electronic computing on data that is collected from a very wide sampling frame, a company that is looking to understand the behaviour of consumers has just gotten the best way to do so.

With the advent of social media and its wide usage by the global community, data collection is made much easier. Furthermore, with the increasing used of electronic means to do commerce, the use of platforms and social media to send and receive messages, data collectors reach far and wide. This, despite the ever increasing regulations targeting privacy online, is yet to be inhibited. Furthermore, many governments are looking towards a more open society and enhanced levels of transparency for purposes of lifestyle audits and tax collection. Consequently, there is nothing in sight to show that such regulation will in the near future stop the collection of information about internet users.

For entities involved in e-commerce or SMEs that are looking to expand cross border trade or to merely attempt to jump to the Fortune 500 companies, this is an area that presents the opportunity to bridge the gap. It must be noted that as it stands, Fortune 500 companies are worth over two thirds of the total GDP of the United States of America. It will help the company to study the behavioral patterns of such demographics as may be relevant to its trade. These maybe the youth, women, the elderly, students, the affluent or any other category that is a company’s target market.

Furthermore, with the development of the internet of things, more companies will rely on the data collected from these groups to develop a competitive advantage. This will mean that the companies that will be able to leverage on big data will have enhanced sales and customer traffic. With increased sales, if the gods or services are of good quality, their customers will develop a sense of loyalty.

Moreover, big data will also help companies to hire the right people. Through the digital footprints that many may leave either on linked in or any other social media sites, companies may be able to tell which candidates are suitable for the jobs on offer. To this extent, the company will reduce the costs of a long recruitments process, the cost of training or the damage that may be caused by unsuitable candidates. It would be catastrophic to hire an employee only for the incompetence of the employee to cost an emerging entity a customer. In business, an existing customer is the connection between the business and the next customer.

In sum, therefore, as companies enhance their market penetration through e-commerce and online advertisement, it would be a masterstroke for a company to be able to effectively study patterns of customers or potential customers. This is the next frontier of economic revolution and where innovation will meet economic development through entrepreneurship. Any company therefore that seeks to be part of this revolution must position itself to be part of the move that will yield results that may have never been predicted.

In any event, competition is no longer local. With the fast pace of globalization, such companies ought to be aware that they are competing in quality and for markets with other leading entities in Europe and East Asia that are already taking advantage of big data. Steps to leverage, including installing the right technology and hiring the right persons to handle big data and at the same time spearhead research into marketing will be the masterstroke that may well result in a giant leap for an emerging entity.

References

Andrew Van Dam , (29 Nov 2018) What's next for the future of American innovation?, World Economic Forum, retrieved from https://www.weforum.org/agenda/2018/11/is-the-thirdwave-of-u-s-innovation-over-what-we-learned-from-a-measurement-of-america-s-mostinfluential-inventions

Agrawal A, (9 November 2017), Big Data, Big Deal! 5 Ways It's Going to Be Revolutionized In 2018, Entrepreneur.com, retrieved from https://www.entrepreneur.com/article/304090