Mining static data to improve marketing strategies has been a focal point for many organisations, but the future of big data will be using dynamic data for product innovation, according to Brainmates founder Nick Coster.
His company is a product management consultancy firm, and he has watched the evolution of big data and its impact on product development.
Coster noted that large organisations like Google are using dynamic data to do a number of things, including mapping out traffic hotspots on Google Maps. Location data is collected from the mobile phones of Maps users.
The RTA is also using ever-changing bus GPS data for its own benefit, such as for traffic management, according to Coster.
"There might be huge opportunities for that kind of live interactive dynamic data to create new product experiences we haven't even imagined yet," he told ZDNet. "That, to me, is the really exciting part of big data, whereas previously, managing that volume of information through the bottlenecks of computer systems was largely impossible.
"But what was impossible five years ago is now mundane in terms of computing power and capability. It's really allowing people who are developing new products and services the imagination to embrace that new capability."
Smaller organisations can take advantage of new big data capabilities to improve on their products as well, according to Coster.
"As a predictive tool, big data can deliver better products, but to effectively achieve this, product managers should use big data to test the questions that have previously been impossible to answer until after the product has gone to market," he said. "Too often, we are led by what we think we can do and are trapped on those rails, whereas if we imagined the impossible, pretty soon we will find it has already been done elsewhere."