List the areas getting benefit from Big Data analytics
In this digital world, data is present everywhere and massive amount of data is generated everyday by every business. Every discussion, every plan, every decision is also a data within itself. To store the business related data, every organization has to buy hardware, software and using it setup a network. Data becomes an indispensible for business. From buying a car, gym, insurance, restaurant, stores and credit card, data exists. With the help of number of ways such as internet or dealing with business, data can be made.
Big data generates value from the storage and processing of very large quantities of digital information that cannot be analyzed with traditional computing techniques. Big data is the data characterized by 3 key attributes, Volume, Variety and Velocity. Today, a business collects data from every point of the customer’s drive. Basically big data means collection of raw data, its storage and analyzed with number of methods to increase efficiency of an organization and give better results. Further data can be categorized into two parts- Structured data and unstructured data. Structured data can be organized easily in the database on the other hand unstructured data is hard to organize in the database. Moreover it cannot be analyzed with traditional methods. There are now machine learning techniques to make data structured.
Thus the importance of big data lies upon how the organization consume the collected data rather than how much data an organization has been used. A company can take data from number of sources in structured and unstructured formats both and it helps in cost saving, reduce timing, understand conditions of the markets and help for the development of new products.
The organization that wants to take correct decisions and worried about the efficiency, cost, time etc. Therefore to reduced risks, they need some business analytics software. This article explains about the business types and their business analysis requirements:
- Healthcare: Healthcare industry is in top list that require business analysis the most. They have huge amount of blood test data, from prescription to the media discussion. But due to the lack of knowledge, healthcare invests a lot of money over business analysis and fails to utilize it properly. Obamacare, Humedica, Cerner are some examples of such industries.
- Transport Industry: Transport industry is that filed which hit the most by the data analysis. With the advent of technology, this industry grows with a rapid speed. Online bookings, traffic control, online maps, route maps, huge amount of data is generated with the help of internet. Thus this industry needs the best tool and software for analyze and representation. Ola, Uber, airlines etc. are its examples.
- Banking and Stock Sector: In every second, massive amount of data has been utilized by these two industries. Data security is also one of the challenges for this industry. Thus big data analytics software is used to analyze risks like fraud detection, anti-money laundering. This industry uses 1010data, Stream base system, Nice Actimize, Panopticon Software etc.
- Retail and Wholesale: Big data for this industry originates from client loyalty data, store inventory, demographics data etc. Data is gathered continuously from retail and wholesale stores and it is promptly growing with increasing number of yields and increasing population. First Insight, Fujitsu, Infor etc. are big data providers of this field.
- Entertainment and Media: Media and entertainment fields require real time data of different formats and from number of devices such as mobiles, TV, youtube etc. to fulfill customer demands. The main and big challenge of this field is to handle big data and broadcast real-time content across various media sources. Amazon Prime, Spotify are its real-time examples. They are using artificial intelligence projects to handle Big Data.
- Data Governance: Data storage space is cheap, and cost is likely to decline further, is true regarding hardware prices. However, big data DBMS does concern other expenses such as energy, infrastructure maintenance and software licenses. Data Governance came to address this problem to create policies which define for how long data is viable. The concept consists of practices and organizational policies which describe how data should be managed through its useful economic life cycle.
- Learning Services: In the education sector, big data plays an important role. Now, every course is available online. The Bubble Score application permit tutors to send multiple-choice assessments with the help of mobile devices and send scores of the students using cameras of the mobile. In many other ways, tutors can send online books to the students. Moreover students can upload and send their assignments to the tutors also without interacting with them.
In the nutshell, we can say that big data is trending topic nowadays. Enterprises are progressively observing to discover illegal understandings into the data. As we discussed above, big data analytics uses by the various organizations. With the right big data analytics platforms in place, an enterprise can improve sales, upsurge productivity, and increase actions, customer service and risk management. It is observed that 62% companies are using big data analytics to increase speed and reduce complexity.