Big Data & Data Analytics
Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
Why Is Big Data Important?
The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable
1) cost reductions,
2) time reductions,
3) new product development and optimized offerings, and
4) smart decision making.
When you combine big data with high-powered analytics, you can accomplish business-related tasks such as:
- Determining root causes of failures, issues and defects in near-real time.
- Generating coupons at the point of sale based on the customer’s buying habits.
- Recalculating entire risk portfolios in minutes.
- Detecting fraudulent behavior before it affects your organization.
Who uses big data?
With large amounts of information streaming in from countless sources, banks are faced with finding new and innovative ways to manage big data.Big data brings big insights, but it also requires financial institutions to stay one step ahead of the game with advanced analytics.
Educators armed with data-driven insight can make a significant impact on school systems, students and curriculums. By analyzing big data, they can identify at-risk students, make sure students are making adequate progress, and can implement a better system for evaluation
When government agencies are able to harness and apply analytics to their big data, they gain significant ground when it comes to managing utilities, running agencies, dealing with traffic congestion or preventing crime.
Patient records. Treatment plans. Prescription information. When it comes to health care, everything needs to be done quickly, accurately – and, in some cases, with enough transparency to satisfy stringent industry regulations.
Armed with insight that big data can provide, manufacturers can boost quality and output while minimizing waste – processes that are key in today’s highly competitive market.
Customer relationship building is critical to the retail industry – and the best way to manage that is to manage big data. Retailers need to know the best way to market to customers, the most effective way to handle transactions, and the most strategic way to bring back lapsed business.