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  • Understanding Big Data Analytics and Why It Matters

    Understanding Big Data Analytics and Why It Matters

    In the new gadget-oriented era, you will observe that people are increasingly using their mobile devices for their everyday tasks. People are surfing and buying goods and services online, employees are working from home, cross-functional teams are collaborating through an online platform, students are studying through google classroom and so on.

    Beauty of the Internet allows users to compare & review various website's information about product or service users intend to buy. Users are well informed before they buy anything and they don’t comprise in quality and service which aren’t satisfactory.

    All kind of business models & revenue modules around the world has been empowered with Online Digital Technology.

    In such a fast-moving of online businesses, company lifespans are shrinking and demand of customer-focused businesses has emerged. The company focuses on business survivals, optimize business operations, reduce risk, improve financial management, and retain & grow their potential customers. Therefore, companies need to know more about their customer’s demands, likes and dislikes. Business survival is revolving around customer retention.

    New Data Sources

    Many companies have data warehouses, where user’s data has been collected and stored for every user transaction activity to understand from which mode of channel user is buying. Unless a transaction happens, you know very little information about the user. Competition has been bottled neck, is it possible to get data beyond transaction data, analyze it and enrich whatever we already know about users? The answer is yes. A lot of data we can get from several new sources.

    • Clickstream Data: Analyse the path of every visitor on a website for buying products and services. This will help to improve customer experience and conversion rate.
    • Shopping Cart Data: Analyse visitor cart data from your website. It will help you to see what visitors are adding & deleting products from their shopping cart and enroute to the checkout.
    • Social Networking Data: Analyse visitor surfing data from Twitter, Facebook, Instagram, and LinkedIn to obtain information about customers that you don’t have. You will be able to identify people like and dislike and so on. Target customers with marketing campaigns for boosting sales. Also, you will be able to identify sentiment information, what people are about your brand, products and customer service.
    • Sensor data: Analyse data from GPS sensors in customer smartphones that will provide information on product usage or location. Data will be useful for monitoring production line, asset performance, supply chains, and distribution channels to track whether customers are getting deliveries on time or not.

    This huge volume of data that has been emanating from various digital sources is a challenge in analyzing and study with the traditional data processing tools. Now data is more complex, larger in volume so to overcome these challenges, Big Data has been introduced for advanced big data analytical processing.

    big data processing

    big data formats

    Big Data Applications in various Sectors and Industries in Real Life:

    Organization such as big, medium and small are taking benefits of Big Data solution and helping them grow fast. Some of the famous applications of big data in details.

    • Education Industry: Education institute has huge amounts of data related to students, faculty, courses, results etc. Few years ago, when there was no real solution or system to analyze huge amount of data, some data seemed to be useless. With help of Big Data, proper study and analysis of all this data are possible and Institute are able to get insights using analytics and data visualization, they can draw out patterns for improving operational functions of that institute.
    • Healthcare Industry: Healthcare is yet another industry which has a huge amount of data of Patient historic data, Research data, Geographical data, Transaction data, CRM data, Purchase data, EHR data etc. With the help of Big data, reduces the cost of treatment, predicting outbreaks of epidemics, patient treatment can be effective based on past history record of patient.
    • Government: Government comes across a very huge amount of data on an almost daily basis from Unemployment, Electricity, Agriculture, Insurance, Nature Disasters, Tax Evaders, Health Welfare, Political decisions and building & constructions sectors. The government requires to track various records and databases of their citizen, growth, energy resources, geographical surveys and many more. With the help of Big Data, we can collect data from different source databases. Proper study and analysis can help governments can take faster decisions on various political programs, identify areas which need immediate attention, can catch tax evaders and much more in endless ways.
    • Media and Entertainment Industry: Social media platforms also have a huge amount of data is being generated. They have realized the importance of this data and getting benefits for their growth. Using big data, the industry is able to predict the interest of the audience, getting insights from customer review, targeting advertisements etc.
    • Transportation Industry: There are various ways to make transportation efficient and easy. Big data allows customers to make smart decisions by route planning, congestion management and traffic control. People are using Google Maps to locate the least traffic-prone routes and also checks the safety level of traffic using predictive analysis. All this data is analyzed and then used to predict using Big Data solutions.
    • Banking Industry: Banking sector has a large amount of data following from ATM, Email, Internet & Mobile Banking, Call Centre, Account Ledger and so on. Using Big Data, proper study and analysis of this data can be helpful for detecting any illegal activities such as misuse of credit/debit cards, money laundering, business clarity, risk mitigation etc related activities.
    big data applications

    Conclusion

    Various organizations still struggle to keep their huge data and are finding ways to store them effectively. Big data is an advantage over traditional data processing. Big data technology is changing at a rapid pace and they are developing easy and efficient ways for data storage, data volumes in almost all industry verticals.

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