Business Benefits of Big Data

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Article contributed by Danish Wadhwa:

Big data is all about using tools and processes to generate insights from a bulk of data. This data has one of three characteristics – high speed, extreme variety, and large volume. The correlations and conclusions that big data derives are comprehensible and are difficult to understand using traditional tools like spreadsheets. Hadoop, SAS, etc.are some the examples of big data analytics tools that are more advanced than traditionally used rows and columns. The use of these tools by big data to derive conclusions from both structured and unstructured data allows for the provision of insights that were previously difficult to generate.

The companies produce tremendous amounts of data every day. Companies do benefit immensely by hiring people who have a Data Scientist Certification. Data Science is a field that includes data cleansing, preparation, and analysis. This data offers a host of opportunities on the grounds of strategic planning and implementation to companies. Real-time big data processing helps companies enhance decision making.

Let’s discuss some key benefits that big data has to offer.

Get Confident in Your Accurate Data

Making Big data a part of the question-and-answer process in the decision making process gives you a complete and highly accurate view of your company’s bottom line.

The benefits of big data are hard to overestimate when it comes to accuracy. When working with data, there is always an inherent risk because incomplete or false data could lead to wrong decisions.

Professionals trained in Big Data can work with data analysis to create a more accurate and complete view of your data, thus reducing these risks. Data inaccuracy is not just an inconvenience for businesses. If business leaders make decisions on the basis of wrong information, their decisions could be harmful to the company in many ways. With the right BI platform, enterprises can collect the huge amounts of data from different sources, therefore minimizing the risk of siloed, inaccurate information.

Tailored health care

Data analytics raises the standard in the following fields of healthcare.

Electronic Medical Record or EMR: An EMR provides both structured and unstructured medical data, and its effective evaluation with data analytics can be used to predict patients at risk, thus taking necessary steps in advance.

Patient Profile Analytics: Applying advanced analytics to patients’ profile can help identify individuals who could benefit from the proactive approach.

Genomic Analytics: The effective data analytics approach in genomic analytics makes it a part of regular medical care decision process. Genomic medicine aims to develop individualized strategies for therapeutic or diagnostic decision-making with the help of patients’ genomic information. Geneticists can uncover hidden patterns and find unknown correlations by analyzing various large-scale datasets.

Fraud Analysis: Data analytics helps in efficient analysis of the more significant number of claim requests to curtail down fraud cases and to reduce waste and abuse.

Safety Monitoring: Data analytics is greatly used to evaluate large volumes of brisk data in hospitals. The analytics approach leads to safety monitoring and negative event prediction.

Enhanced communication

Due to the availability of numerous options, customers are a tough nut to crack.They link up with their social network and compare with other brands before making any decisions. It becomes necessary for business executives to say the right things in order to attract the potential customers.

Big data improves the communication process with your audience. You are able to better profile your target customers with Big Data and choose the best way to communicate with them.

In a bank, for example, when dealing with a customer, a clerk can check the profile of a customer with the help of Big Data to promote the most relevant product to him. Big Data improves your marketing strategies and increases the conversion rate.

Redevelopment of products

Predictive analysis of data allows you to understand how audiences perceive your services and products.One of the best ways to do this is by analyzing unstructured social media posts to understand the mindsets of customers. The data generate valuable insights that you can implement to re-develop your products in the most acceptable way to customers

Data security

Big data tools allow you to map your data landscape throughout your organization. This will help you to understand the internal threats that you are facing.
You can identify and protect your sensitive information, and you will get a better way of regulating data access.

New revenue sources

The practical implementation of Big Data can help identify new revenue streams. You will be able to analyze markets more keenly with this solution. Shazam is one of the best examples. This application is used to identify songs. The record labels can find out where the sub-cultures are growing by tracking the use of the service. The record labels can find and sign-up new artists and can remarket existing ones using this information.

High customization of websites in real time

Now, personalize the look and feel or content of your website in real time to match each consumer of any nationality, sex and from where they ended on your site. Think of Amazon. It uses real-time, item-based, collaborative filtering (IBCF) to fuel its ‛ Regularly bought together’ and ‛Customers who bought this item also bought’ features.

Result: 20% hike in revenue via this method.

Low maintenance costs

As technology changes, a particular type of equipment is likely to wear out after some time. This results in the change of every piece of technology, even of devices that have much more useful life left in them. The tools of Big Data eliminate such unpractical and costly averages. They can access the bulk of data, and their high speed can detect failing grid devices and correctly inform about their lifespan.

Businesses get a much more cost-effective replacement strategy for the utility and less downtime along with faster tracking of faulty devices.

Better risk analysis

Predictive analytics helps you to scan and analyze social media feeds or newspaper reports, and you can keep up to speed on the latest developments in your industry.

Wider insights

Earlier business users had to ask IT professionals to analyze large amounts of data as they did not have the required skills for doing so. By the time they received the requested information, that data was no longer useful. Technical teams can do the groundwork using Big Data and then build repeatability into algorithms to perform researches faster. The teams can develop systems and install interactive and dynamic visualization tools to evaluate, view and benefit from the data.

About the author:

Danish Wadhwa is a strategic thinker and an IT Pro. With more than six years of expertise in the digital marketing industry, he is more than a results-driven individual. He is well-versed in providing high-end technical support, optimizing sales and automating tools to stimulate productivity for businesses.