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How to Use Big Data in Your Business

How to Use Big Data Application and Future Scope of Desire

According to data scientist, we produce 2.5 quintillion (2.5*1018) bytes of knowledge every day — the result is that 90% of the data collected in the world has been created within the last 2-3 years alone. Data comes from everywhere: sensors gathering climate data, posts to social media sites, digital photos and videos, purchase group action records, and cell phone GPS signals to call some. Such colossal amount of data that is being produced continuously is what can be coined as Big Data. Big Data decodes previously untouched data to derive new insight that gets integrated into business operations.

How to Use Big Data in Your Business

APPLICATIONS

Big Data is slowly becoming ubiquitous. Every arena of business, health or general living standards now can implement big data analytics. To put simply, Big Data is a field which can be used in any zone whatsoever given that this large quantity of data can be harnessed to one‘s advantage. The major applications of Big Data have been listed below.

Data Visualization

Organizations worldwide are slowly and perpetually recognizing the importance of big data analytics. From predicting customer purchasing behavior patterns to influencing them to make purchases to detecting fraud and misuse which until very recently used to be an incomprehensible task for most companies big data analytics is a one-stop solution. Business experts should have the opportunity to question and interpret data according to their business requirements irrespective of the complexity and volume of the data.

Integration

Integrating digital capabilities in the decision-making of an organization is transforming enterprises. By transforming the processes, such companies are developing agility, flexibility, and precision that enables new growth. Using this concept, enterprises are finding ways to leverage the data better either to increase revenues or to cut costs even if most of it is still focused on customer-centric outcomes.

Big Data and the World of Finance:

Big Data can be a very useful tool in analyzing the incredibly complex stock market moves and aid in making global financial decisions. In general, big data is set to revolutionize the landscape of Finance and Economy. Several financial institutions are adopting big data policies in order to gain a competitive edge.

Big Data in Fraud Detection:

Forensic Data Analytics or FDA has been an intriguing area of interest in the past decade. However, very few companies are actually using FDA to mine big data. The reasons for this unfortunate situation vary from the deficit of expertise and awareness, developing the right tools to mine big data to lack of appropriate technology and inability to handle such humungous quantities of data.

Big Data and Sentiment Analysis:

Sentiment Analysis is by far the most extensively used application of big data. Presently, zillions of conversations are occurring on the social media, which when harnessed to one‘s advantage can aid any company in determining new patterns, protecting their brand image and segmenting consumer base to improve product marketing and the overall customer experience. Several giants are presently developing tools for efficient sentiment analysis.

IBM has developed IBM Social Media Analytics which is a powerful SaaS solution. It captures structured and unstructured data from social networking sites to develop a comprehensive understanding of attitudes, opinions, and trends

Similarly, SAP has developed a SAP-HANA based application known as Social Contact Intelligence which monitors and develops insights from social media at real-time, determines the primary influencers thus determining new opportunities and improving the overall customer satisfaction.

Big Data and the Food Industry:

The impact of Big Data on the food industry is increasing exponentially. Be it for tracking the quality of products or presenting recommendations to the customer or developing marketing strategies for better customer experience, the presence of Big Data analytics in the food industry is slowly becoming ubiquitous.

Big Data for the Telecom Industry

In order to improve customer service and satisfaction, concepts of Big Data and Machine Learning are being progressively implemented. Call detail records, web and customer service logs, emails to social media as well as geospatial and weather data are the few examples of data being accessible to telecom operators. Handling such massive amounts of data can be a daunting task.

FUTURE SCOPE AND DEVELOPMENT

Big Data is influencing IT industry like few technologies have done before. The massive data generated from sensor-enabled machines, mobile devices, cloud computing, social media, satellites help different organizations improve their decision making and take their business to another level.

The predictions from the IDC Future Scope for Big Data and Analytics are:

  1. Visual data discovery tools will be growing 2.5 times faster than rest of the Business Intelligence (BI) market.
  2. Over subsequent 5 years, payment on cloud-based huge knowledge and analytics (BDA) solutions can grow thrice quicker than payment for on-premise solutions.
  3. By 2017 unified knowledge platform design can become the inspiration for BDA strategy. The unification can occur across data management, analysis, and search technology.
  4. 70% of enormous organizations already purchase external knowledge and 100% can do therefore by 2019. In parallel, additional organizations can begin to legalize their knowledge by Commerce them or providing added content.
  5. By 2018 all shoppers can move with services supported psychological feature computing on an everyday basis.
  6. Decision management platforms can expand at a CAGR of her through 2019 in response to the necessity for bigger consistency in higher cognitive {process} and deciding process data retention.

Big Data is an evolving field, where much of the research is yet to be done. To harness the potential of Big Data completely in the future, extensive research needs to be carried out and revolutionary technologies need to be developed.

How to Use Big Data in Your Business

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