OREANDA-NEWS. February 23, 2016. The future of big data is more than machine learning alone, says Ian West. By harnessing the opportunities presented by machine learning and insight brokerage, and to compete in the market, businesses of the future will need to embrace a fully information-enabled digital strategy. Excerpts:

Many organizations are working to sort and secure their own data in order to start gleaning insight, but big data, as we know it, has evolved. Instead, there are three specific areas that offer the biggest opportunity for businesses to start making the most of this valuable resource.

Companies increasingly want to develop a continuing dialogue with customers, and therefore need a clear picture of who they are to build brand loyalty. The data surrounding people, places and things has become known as code halos, the development of which has focused on observing and analyzing buying behavior, acquiring patterns and product adjacencies that then lead to up-selling, cross-selling and future purchase recommendations.

Big data and machine learning combined provide opportunity for businesses as they can preempt customer behavior and act accordingly. One key element to note is that the vast majority of people who want a social media presence, already have one.

The challenge is to use these pools of immensely valuable information to truly understand what our customers will want and when.

With data offering so much value, there is a growing demand among businesses to harness it and make the most of the opportunities it offers.