Futurist Craig Wing says big data, the Internet of things and blockchain technology will play a key role in business in the future. Those in agriculture definitely stand to benefit from keeping up with the changes.
The efficient use of data could lead to transparency in transactions, massive cost savings for commercial producers, the improvement of smallholder farmer production, and the influencing of public health. However, to use data efficiently, users from big companies down to individuals need to understand big data and other technology, and their potential benefits.
Futurist Craig Wing says big data is “the amalgamation and understanding of different data points in, and through, a business”.
“Businesses generate a lot of data, and more and more data is generated as we move into the Fourth Industrial Revolution,” he says.
The Fourth Industrial Revolution is the fourth major industrial era since the initial Industrial Revolution of the 18th century. It is a range of new technologies that are merging the physical, digital and biological worlds, and impacts economies and industries.
“For example, a business may have a lot of data on a client, but often doesn’t have a single view to see this data. The question is thus how it uses all the available data to give itself meaningful insight into client behaviour.
“Often businesses don’t even have a single view, and the data flows are poor, giving terrible insight. The categorisation of this data then gives poor input, leading to catastrophic business decisions,” he says.
According to him, Amazon is a good example of a company using data to predict client behaviour, which is then used for the benefit of both company and consumer. Amazon, for instance, looks at an item that was bought and links the consumer to similar products that were bought by other consumers who also bought the first product.
“One must be able to train computers to pick up patterns on client behaviour. Data must create the ability to make better decisions for the business and the client.”
THE INTERNET OF THINGS
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