How big is Data Analytics Make a difference Business Results
The buzz around Big Data as with any emerging and potentially disruptive technology is only growing and enterprises are as usual wondering how to make feeling of all of 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 produced from multiple sources, both structured and unstructured including information from enterprise applications, social media, Internet and mobile. As well as 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 and is likely to only increase further.
The scale with this data has led to the apt coining from the term 'Big data.' The sheer volume and selection of data often running could be overwhelming for enterprises, which can be under pressure more than ever before to consider informed decisions and respond in quick time. So, how do enterprises wrap their arms around this behemoth? This is where data analytics procedures in.
Big Data Analytics Across Industries
It is evident that enterprises have to increase information files they can use of stay relevant in today's hyper-competitive environment. And here's how Big Data analytics can help across diverse scenarios. A typical 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 may even be extended to capture the personal preferences and likes from the shopper and provide customized offers, resulting in increased hit rates and revenues. This is a win-win situation both for parties as the consumer gets information and provides he is thinking about and the retailer enjoys revenue growth and potential consumer loyalty too. Big Data analytics does not have to consider a big-bang approach on a regular basis and it is equally useful and effective in behind-the-scene scenarios for retailers. It can be used for a dramatic lowering of 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. Let's suppose a medical facility has the capacity to go through its patient records and identify patterns in diseases. This can enable doctors to detect the start of a condition much in the beginning as well as the important things about this approach cannot be overstated. Toss in lifestyle data to collect additional insights along with the opportunities are simply mind-boggling. Obvious gains are decreased mortality rates, better of life because of accurate prognosis, diagnosis and treatment, and lowered insurance fees. However, task are usually in overcoming regulatory and patient confidentiality issues.
Another example originates from the telecom industry. Mobile connections are expected to exceed 6 billion globally and in India there are near 750 million subscribers. On this highly connected world, how much data available is colossal and telcos can cleverly mine this data with their advantage. The greatest impact could be experienced by studying subscriber persona and usage patterns and taking advantage of that intelligence to plan targeted marketing campaigns. The analytics will also help telcos determine what additional services will probably find favor with subscribers and gives them appropriately. And also this provides possibilities to offer value-added services like location-based services resulting in better customer service.
