Imarticus Learning
India’s leading professional education institute, offering certified industry-endorsed training in Financial Services, Investment Banking, Business Analysis, IT, Business Analytics & Wealth Management
Foreseeing future innovation and preparing yourself by developing a sustainable competitive advantage over the competition by adopting the right technology at the right time is for separate great visionary business leaders from the rest. The Big Data technology has being there for quite some time, with many businesses reaping from its benefits, while there are other who are struggle to understand and adopt it. What is Big Data Analytics? The process of evaluation of a large volume of data to discover hidden patterns, customers preferences, market trends, competitor insights and various other useful statistics useful in marketing and decision making is known as Big Data Analysis. It uses technology and a combination of various data analytics courses and tools and analyse data and uncover mysterious answers for businesses. The 3Vs of Big Data Just as marketing concept has its own 4Ps i.e. product, price, place and promotion, the concept of Big Data has its 3Vs, i.e. Variety, Volume and Velocity. The volume refers to the size of the data which is growing at an incremental speed. Velocity refers to the speed at which data is being created which once again is increasing at a very fast pace. Variety refers to various forms of data ranging from personal to business data, from source, point of origin format etc. What makes Big Data Analytics so important? Big Data analytics assist companies and businesses to effective collect and utilise their data for discovering of newer opportunities, which in turn can help them plan and implement improve business strategies. With the utilisation of various data analytics tool, businesses have being able to evaluate larger volume of data and obtain a deeper insight. Companies have implemented various data analytics projects to achieve cost reduction, accessibility of data, enable faster decision making, make data more secure and relevant, improve efficiency of various business functions, enhance brand identification, develop and introduce new products and service etc. How does Big Data Work? The Big Data works by utilising various data analytics tools and data analytics processes to process large volumes of data, and obtain meaningful information from it which can be utilised by the business to improve efficiency of various business functions, enhance brand identification, develop and introduce new products and service etc. Big Data is a highly complex system and many companies implementing and using the Big Data systems, themselves do not completely understand how it works, which can be attributed to shortage of talent in the field of big data, data scientist etc. This is an excellent indication that where the future jobs will be and students and young professionals should enrol in data analytics online courses and also get hands on experience in using various data analytics tools. Where is Big Data being used today? Data analytics, Data analytics tools, data analytics courses online, data analytics projects Who are using it so far? Think of a business that completely depends on quick & smart decisions to stay ahead of its competition. Big data analytics is involved in making business competitive & strong. Here is how different industries are using big data; Retail Since ages retail industry is known for adapting new technology quickly, because they are into direct customer service & have immense competition. Shoppers need experience, not just products. Big data helps retailers to identify trends, market segment, and new product recommendation. Healthcare Big data analytics is helping healthcare industry big time. Patient records, health plans, insurance information etc. These are very important aspects related to a patient & insights in these fields are really helping healthcare service providers. Many lifesaving diagnoses and treatment options available because of those data insights. Travel & Hospitality Another service industry where customers expect something more than excellent service. By using big data companies are getting customer data, interests, travel history etc. It actually helps travel & hospitality service providers to enhance their customer service & retain old customers as well as win new. Banking, Finance and Stock Trading There are many challenges in this sector like; securities fraud early warning, tick analytics, card fraud detection, archival of audit trails, enterprise credit risk reporting, trade visibility & much more. Big Data has been used to overcome these challenges by monitoring financial market. Trade analytics is being used by many top banks & financial institutes for high frequency trading. Communications, Media & Entertainment Big data is being used to collect, analyse & utilize consumer insights. Companies use these insights to make their service more consumer oriented & they can increase their reach. By the use of big data companies leverage mobile & social media content. They can customize content & target specific group of customers. Big data is also helpful in measuring the performance. Insurance Big data is being used to get customer insights for new product development. Also is being used for claims management as well as insurance companies are using this to get faster service. Energy Smart meter readers allow data to be collected almost every 15 mins. This data is being used to analyse consumption of utilities better which allows more efficiency, improved customer service and better control. More industries are coming into picture rapidly. Conclusion Visionary organizations who think about future, uses big data for a competitive advantage. They use big data concept both in content & format. If you want to grow, you have to be adaptable as well as do experiments.
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About ImarticusImarticus Learning is a education institute based in Mumbai. We offer certified industry-endorsed training in Financial Services, Investment Banking, Business Analysis, IT, Business Analytics & Wealth Management. Archives
December 2018
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