How Big Data Analytics May affect Business Results
The craze around Big Data as with all emerging and potentially disruptive technology is only growing and enterprises are usually wondering learning to make feeling of all the hype surrounding it.
Precisely what is Big Data and why is it so critical? In the present connected world, there exists a surfeit of data being churned out from multiple sources, both structured and unstructured including information from enterprise applications, social media, Internet and mobile. And also the pace at which this can be happening is simply accelerating - it is stated that this available data globally today is doubling every 12 months which is likely to only increase further.
The scale of the data has led to the apt coining from the term 'Big data.' The sheer volume and number of data often running could be overwhelming for enterprises, which can be being forced more than ever to consider informed decisions and respond in quick time. So, how do enterprises wrap their arms around this behemoth? This is how data analytics procedures in.
Big Data Analytics Across Industries
It is evident that enterprises have to increase information files they can access to stay relevant in today's hyper-competitive environment. And here's how Big Data analytics can help across diverse scenarios. A common example belongs to a retailer being able to sift through tonnes of consumer data to derive insights on shopping preferences and direct targeted campaigns. This could even be extended to capture the non-public preferences and likes from the shopper and provide customized offers, leading to increased hit rates and revenues. This is the win-win situation for parties as the consumer gets information and provides that he's interested in and the retailer enjoys revenue growth and possible client loyalty as well. Big Data analytics does not have to consider a big-bang approach on a regular basis and is equally useful and effective in behind-the-scene scenarios for retailers. Quite a few for the dramatic decrease in processing time comparing product information, which resides across multiple data sources. Analyzing data allows a retailer to generate intelligent decisions helping achieve a edge against your competitors.
Big Data analytics has immense potential in healthcare too. Imagine if a medical facility is able to go through its patient records and identify patterns in diseases. This can enable doctors to detect the start of a condition much in early stages as well as the important things about this type of approach is not overstated. Throw in lifestyle data to collect additional insights as well as the choices are simply mind-boggling. Obvious gains are decreased mortality rates, better of life because of accurate prognosis, treatment and diagnosis, and lowered insurance fees. However, task come in overcoming regulatory and patient confidentiality issues.
Another example originates from the telecom industry. Mobile connections are hoped for to exceed 6 billion globally and in India you'll find near 750 million subscribers. Within this highly connected world, the quantity of data available is colossal and telcos can cleverly mine this data for their advantage. The greatest impact can be experienced by studying subscriber persona and usage patterns and using that intelligence to plan targeted marketing campaigns. The analytics will also help telcos determine what additional services will probably find favor with subscribers and provide them appropriately. This provides possibilities to offer value-added services like location-based services resulting in better customer satisfaction.
