While most enterprises are now collecting and analyzing Big Data to some degree, few are actually deriving actionable insight in real time. All that data is irrelevant unless companies can make sense of it in time to make better decisions. According to a recent study, 89 percent of enterprise executives believe that companies that do not adopt a Big Data analytics strategy in the next year risk losing market share and momentum.
To positively benefit from Big Data in 2015, businesses across industries need to continuously process and analyze data in real time to gain instant awareness and take instant action, amplifying focus on the customer. And one such industry that could immediately and greatly benefit from these Fast Data insights is the transportation industry. Next year is the year of NOW for planes, trains and automobiles. Here’s how:
The airline industry produces massive amounts of data that must be unearthed and delivered as quickly as possible. This data then must be turned into meaningful, actionable response. In 2015, airlines will continue to perfect their analysis of perishable inventory. For instance, airlines will take real-time information to see that a flight from San Francisco to Chicago has an unsold first-class seat. If the airline does not sell this seat before the plane takes off, it becomes perishable. To forego this waste of inventory, the airline could incorporate customer behavior (such as a tweet about a long wait at the terminal) and offer a free upgrade to first class for a potentially disgruntled traveler before he even has a chance to get upset.
The railway industry will embrace Fast Data in 2015. Not only will real-time analysis of information provide necessary steps to avoid delays and predictive maintenance through closed-loop operations analytics, it will cultivate new opportunities for relationships with customers. Already today, thousands of rails have improved their infrastructure via Big Data. But to make railways smart, it is critical to provide instant feedback on everything from trackside devices to a traveler’s usage during a trip. This will impact the life of railways and trains, not to mention customer experience. Perhaps a passenger enjoys a particular type of scotch on a train ride, but it happens to be out of stock. Instead of the dissatisfaction of receiving a voucher in the mail six weeks later, the company can offer a complimentary libation—instantly—through her mobile device.
The automotive industry is up for a renaissance in 2015. Visionaries like Elon Musk have taken the spirit of Henry Ford and channeled it into a groundbreaking partnership between engineering and technology. Musk’s Tesla Model S car, the most connected car on the market, currently only uses data for research and development for car maintenance. However, the automobile industry as a whole will take data collection beyond a resource for IT and engineers to be notified that your neighbor’s car needs to have an oil change. In 2015, we will observe data collection and analysis of connected cars into real-time customer behavior and preferences, connecting the car to its owner in meaningful ways.
In 2015, the transportation industry has the tools to ride Big Data faster than ever before. The vast amounts of data collected by the second, minute or hour can be transformed from information into action, instantly. This real-time analysis provides an opportunity to increase efficiency, productivity and safety, decrease unnecessary spending and delays, and bring passengers back for more memorable rides to come. There are tangible benefits to understanding how various parts of the transportation industry will affect passengers and customers on a wider, and yet more individual, scale. Business decisions will change in response, bringing a more competitive advantage to the industry as a whole.