Someone on my LinkedIn shared this picture showing how much data is generated every minute:
Okay what’s so fascinating here? Yes, they are large numbers but so what? Digging a bit deeper, one will start noticing that these large numbers show data being generated inmultiple industries. I have talked to a number of friends and colleagues who are convinced that data is not important in their industries. The infographic above challenges that. What is it showing us?
- The 694 444 hours of video streamed on Netflix are showing the importance of data in the film industry. All those hours are being consumed because Netflix knows what customers want to watch and when. You run a cinema? Data analysis can help you figure out what movies to screen.
- What about those 231 840 calls made via Skype? Don’t they highlight the need for cheaper ways to communicate using voice and must be of interest to companies in telecommunications?
- Hospitality can benefit by knowing why 1 389 reservations are made on AirBnB. Taking that even further, analysing data can inform strategies like when to have holiday packages, what type of accommodation to offer guests and so on.
- One million videos are watched on Twitch every second because gaming has moved from just being in our living rooms to being an global activity. Recently I came across a statistic that said this year, the video game market is expected to make US$152bn compared to US$92bn for film and theatrical performances market. If you are an indie game developer, understanding the data around gaming trends can inform and help you develop that next Candy Crush.
- If 9 772 rides are booked on Uber, what does this mean for the logistics or transportation industry? If my business was in public transportation, I would learn how to uncover insights in this data to know what time people travel, how long the distances are, and where they go.
- I work in a bank so it’s interesting to see Venmo processes $162 037 in transactions every minute. Fintech is making it easier for clients to bank anywhere, anytime. Analysing the trends and this data informs strategies around how clients want to interact with their financial services providers.
I could go on and on but this is a quick read so let me stop here.
It’s a brave new world!