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The Role of Big Data Analytics in the Petabyte Age

The data flood that you are witnessing every minute is trying to tell you hidden secrets about your business growth, are you listening? In the previous years, we may have taken a glass half empty perspective for the analytics sector but this definitely is about to change now.  Big data analytics  is indeed one of the fastest growing markets and is expected to mature in 2016 and beyond. In the coming years, it is anticipated that this growth will be driven by two major factors.

1.      The expansion of the reach of business intelligence and analytics to encompass the humongous volume and multiplicity of information; managing it by adopting vital big data technologies and also inducing interest of investors in vendors providing such solutions.

2.      The ever-changing interaction of users and technology to enable better self service capabilities in the near future.

Different sectors are now trying to make the most of the data they have. The organizations that have not yet adopted this change are at a risk of being left behind while some of them who make optimal use of their data are already benefiting.  For example, one of the leading fast food chains is using analytics to its best. How? Here’s the answer - It is placing cameras on drive through lanes; the information that they receive through the camera is used to alter their digital menu card. When there are more people in the queue, the menu features items that can be served instantly and if the line is shorter and there are less people, the menu alters accordingly and includes high margin items that take time to get prepared. This definitely gives them an edge over their competitors.

So, how much can an organization benefit through big data? This is definitely a complex question to answer. When it comes to telecom companies, they are undoubtedly sitting on a gold mine as they have ample data. Proper digging and analysis of structured as well as unstructured data can help them understand the behavior, usage patterns and preferences of their customers in real time.

A major benefit of data analytics is that it can help detect fraud. A leading telecom company is using big data analytics to combat fraud by analyzing their call data records in real time. Telecom operators usually prefer the top-down approach which first identifies the problem that needs to be addressed and then looks out for the data that might help in solving it, this method is beneficial if the company possesses mastery in its use of data, which is usually not the case. Instead, if they can begin with the data they have in hand, experiment with it and uncover the connections it has to reveal, it may prove a lot more insightful. Another domain that is regularly facing fraud is healthcare as it is an easy target for people who want to make fast money. Leveraging the power of a big data platform can help in faster detection of frauds by analyzing historical data. Moving on to the insurance sector, a large number of insurance companies are now using data from wearable technologies to gather lifestyle data of the insurers. The latest big data technologies and techniques provide insurance companies an opportunity to dodge exhaustive data cleanup efforts that formerly have thwarted reporting and analytics efforts.

The lesser known fact here is that when you can evaluate a huge amount of data as a single data set – rather than as separate silos – you can reveal important information that would be impossible to get from traditional techniques. It is indeed an unpleasant fact of life that everyday people are busy formulating fraudulent strategies. In such a scenario, big data can surely come to your rescue. One of the leading banking and financial service provider analyzes the pool of data that it gathers from various channels and uses it to determine accurate pricing and financial strategies for an individual or an entire household. The company also uses data obtained from social media platforms and scans through people who may be unhappy with competitive financial services and are on a look out for a new financial service provider.

All in all, it is important for diverse industries, be it telecom, healthcare, financial services or any other sector to understand that big data analytics can bring in a new wave of clarity which can induce business profits in the long run. Revelations made through big data will have a major impact on society, politics and business. If the data is properly captured it can provide a clear view of market trends, buying patterns, maintenance cycles and many other such issues. Big data today is becoming a major business priority as it can intensely affect commerce in the globally integrated economy. In the recent years many organizations have derived actionable insights through data analytics, but it can be a boon or a curse, how you make use of it really matters. It can indeed enhance human experience but it is usually difficult to collect, filter, analyze and interpret big data. Only time can tell whether this buzzword will fade away or is here to stay, so let’s just wait and watch!

 

The data flood that you are witnessing every minute is trying to tell you hidden secrets about your business growth, are you listening? In the previous years, we may have taken a glass half empty perspective for the analytics sector but this definitely is about to change now. Big data analytics is indeed one of the fastest growing markets and is expected to mature in 2016 and beyond. In the coming years, it is anticipated that this growth will be driven by two major factors.

1.      The expansion of the reach of business intelligence and analytics to encompass the humongous volume and multiplicity of information; managing it by adopting vital big data technologies and also inducing interest of investors in vendors providing such solutions.

2.      The ever changing interaction of users and technology to enable better self service capabilities in the near future.

Different sectors are now trying to make the most of the data they have. The organizations that have not yet adopted this change are at a risk of being left behind while some of them who make optimal use of their data are already benefiting.  For example, one of the leading fast food chains is using analytics to its best. How? Here’s the answer - It is placing cameras on drive through lanes; the information that they receive through the camera is used to alter their digital menu card. When there are more people in the queue, the menu features items that can be served instantly and if the line is shorter and there are less people, the menu alters accordingly and includes high margin items that take time to get prepared. This definitely gives them an edge over their competitors.

So, how much can an organization benefit through big data? This is definitely a complex question to answer. When it comes to telecom companies, they are undoubtedly sitting on a gold mine as they have ample data. Proper digging and analysis of structured as well as unstructured data can help them understand the behavior, usage patterns and preferences of their customers in real time.

A major benefit of data analytics is that it can help detect fraud. A leading telecom company is using big data analytics to combat fraud by analyzing their call data records in real time. Telecom operators usually prefer the top-down approach which first identifies the problem that needs to be addressed and then looks out for the data that might help in solving it, this method is beneficial if the company possesses mastery in its use of data, which is usually not the case. Instead, if they can begin with the data they have in hand, experiment with it and uncover the connections it has to reveal, it may prove a lot more insightful. Another domain that is regularly facing fraud is healthcare as it is an easy target for people who want to make fast money. Leveraging the power of a big data platform can help in faster detection of frauds by analyzing historical data. Moving on to the insurance sector, a large number of insurance companies are now using data from wearable technologies to gather lifestyle data of the insurers. The latest big data technologies and techniques provide insurance companies an opportunity to dodge exhaustive data cleanup efforts that formerly have thwarted reporting and analytics efforts.

The lesser known fact here is that when you can evaluate a huge amount of data as a single data set – rather than as separate silos – you can reveal important information that would be impossible to get from traditional techniques. It is indeed an unpleasant fact of life that everyday people are busy formulating fraudulent strategies. In such a scenario, big data can surely come to your rescue. One of the leading banking and financial service provider analyzes the pool of data that it gathers from various channels and uses it to determine accurate pricing and financial strategies for an individual or an entire household. The company also uses data obtained from social media platforms and scans through people who may be unhappy with competitive financial services and are on a look out for a new financial service provider.

All in all, it is important for diverse industries, be it telecom, healthcare, financial services or any other sector to understand that big data analytics can bring in a new wave of clarity which can induce business profits in the long run. Revelations made through big data will have a major impact on society, politics and business. If the data is properly captured it can provide a clear view of market trends, buying patterns, maintenance cycles and many other such issues. Big data today is becoming a major business priority as it can intensely affect commerce in the globally integrated economy. In the recent years many organizations have derived actionable insights through data analytics, but it can be a boon or a curse, how you make use of it really matters. It can indeed enhance human experience but it is usually difficult to collect, filter, analyze and interpret big data. Only time can tell whether this buzzword will fade away or is here to stay, so let’s just wait and watch!

 

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Tags: Analytics, Big, Data, Predictive

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