What size Data Analytics Could affect Business Results
The buzz around Big Data as with any emerging and potentially disruptive technologies are only growing and enterprises are as usual wondering how to make feeling of all of the hype surrounding it.
What is Big Data why is it so critical? In our connected world, you will find there's surfeit of information being produced from multiple sources, both structured and unstructured like information from enterprise applications, social networking, Internet and mobile. As well as the pace where this can be happening is only accelerating - it is known that the available data globally today is doubling every Twelve months and is anticipated to only increase further.
The scale with this data has resulted in the apt coining with the term 'Big data.' The sheer volume and selection of data often running may be overwhelming for enterprises, that happen to be under pressure more than ever before to adopt informed decisions and respond rapidly. So, just how do enterprises wrap their arms around this behemoth? This is where internet of things procedures in.
Big Data Analytics Across Industries
It is evident that enterprises have to boost information and knowledge that they may use of stay relevant in the current hyper-competitive environment. And here's how Big Data analytics might help across diverse scenarios. A typical example is that of a retailer being able to dig 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 with the shopper and supply customized offers, resulting in increased hit rates and revenues. This is a win-win situation both for parties as the consumer gets information and will be offering he is thinking about and the retailer enjoys revenue growth and potential consumer loyalty too. Big Data analytics doesn't have to look at 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 low-priced product information, which resides across multiple data sources. Analyzing data allows a retailer to make intelligent decisions so helping achieve a edge against your competitors.
Big Data analytics has immense potential in the field of healthcare too. Let's suppose a medical facility has the capacity to undergo its patient records and identify patterns in diseases. This can enable doctors to identify the oncoming of a condition much in the beginning along with 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 quality of life as a result of accurate prognosis, diagnosis and treatment, and lowered insurance fees. However, the challenge are usually in overcoming regulatory and patient confidentiality issues.
Another example is produced by the telecom industry. Mobile connections are expected to exceed 6 billion globally as well as 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 felt by studying subscriber persona and usage patterns and taking advantage of that intelligence to devise targeted marketing campaigns. The analytics could also help telcos determine what additional services will likely find favor with subscribers and gives them appropriately. And also this provides the possiblility to offer value-added services like location-based services ultimately causing better customer service.
