Big data is a term that describes the large volumes of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
Why Is Big Data Important?
The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable
1) Cost Reductions, 2) Time Reductions, 3) New product development and optimized offerings, and 4) Smart decision making.
When you combine big data with high-powered analytics, you can accomplish business-related tasks such as:
Determining root causes of failures, issues and defects in near-real time. Generating coupons at the point of sale based on the customer’s buying habits. Recalculating entire risk portfolios in minutes. Detecting fraudulent behavior before it affects your organization.
Who uses big data?
Big data affects organizations across practically every industry. See how each industry can benefit from this onslaught of information.
With large amounts of information streaming in from countless sources, banks are faced with finding new and innovative ways to manage big data. While it’s important to understand customers and boost their satisfaction, it’s equally important to minimize risk and fraud while maintaining regulatory compliance. Big data brings big insights, but it also requires financial institutions to stay one step ahead of the game with advanced analytics.
Educators armed with data-driven insight can make a significant impact on school systems, students and curriculums. By analyzing big data, they can identify at-risk students, make sure students are making adequate progress, and can implement a better system for evaluation and support of teachers and principals.
When government agencies are able to harness and apply analytics to their big data, they gain significant ground when it comes to managing utilities, running agencies, dealing with traffic congestion or preventing crime. But while there are many advantages to big data, governments must also address issues of transparency and privacy.
Patient records. Treatment plans. Prescription information. When it comes to health care, everything needs to be done quickly, accurately – and, in some cases, with enough transparency to satisfy stringent industry regulations. When big data is managed effectively, health care providers can uncover hidden insights that improve patient care.
Armed with insight that big data can provide, manufacturers can boost quality and output while minimizing waste – processes that are key in today’s highly competitive market. More and more manufacturers are working in an analytics-based culture, which means they can solve problems faster and make more agile business decisions.
Customer relationship building is critical to the retail industry – and the best way to manage that is to manage big data. Retailers need to know the best way to market to customers, the most effective way to handle transactions, and the most strategic way to bring back lapsed business. Big data remains at the heart of all those things.
How does ‘Big Data’ work?
Before discovering how big data can work for your business, you should first understand where it comes from. The sources for big data generally fall into one of three categories:
This category includes data that reaches your IT systems from a web of connected devices. You can analyze this data as it arrives and make decisions on what data to keep, what not to keep and what requires further analysis.
Social media data:
The data on social interactions is an increasingly attractive set of information, particularly for marketing, sales and support functions. It’s often in unstructured or semistructured forms, so it poses a unique challenge when it comes to consumption and analysis.
Publicly available sources:
Massive amounts of data are available through open data sources. After identifying all the potential sources for data, consider the decisions you’ll need to make once you begin harnessing information. These include:
How to store and manage it:
Whereas storage would have been a problem several years ago, there are now low-cost options for storing data if that’s the best strategy for your business.
How much of it to analyze:
Some organizations don’t exclude any data from their analyses, which is possible with today’s high-performance technologies such as grid computing or in-memory analytics. Another approach is to determine upfront which data is relevant before analyzing it.
How to use any insights you uncover:
The more knowledge you have, the more confident you’ll be in making business decisions. It’s smart to have a strategy in place once you have an abundance of information at hand.
Prospects in India
The best example of a successful big data mission carried on by India as been that of UIDAI’S Aadhar initiative which houses data of more than 12 Billion Indians.
The data includes biometrics and all others primitive details of the Indian Citizens.
In a country like India where there are more people than the eye could see at a time, big data comes as a perfect fit to solve many problems concerning data as well as record keeping as faced by the government organisations which hampers the development of a country if not handled properly.
Big data can also be very helpful in the health sector as it can keep proper dated records of a person’s health and make them available to any doctor at any point of time for easy and speedy procedures instead of the patient having to remember and save a file of papers and bills for years and years only to be never found at the time of need.
Big data can be used by farmers to check their produce and its health before bigger damage of property and income has occured. Farmers can use big data’s scan technology which can tell them just by the shape and sight of the fruit if a particular specimen is ripe or unripe and if it is diseased or not. This will help the farmers save so much time and help our economy boom.
Big Data holds the key to a technological evolution of data organisation and data usage. It will help lead economies with efficiency in the coming years.
Our company participated in the Big Data and Analytics Conclave 2018 held in New Delhi, India at Federation of Indian Chambers of Commerce & Industry (FICCI) on August 13, 2018.