Predicting future technology & preparing yourself to stay in the competition by adapting at the right time is something which makes leaders different from others. If you’re still working on your same predefined business plans, when your customers need some change or innovation, they will choose your competition.
Data is the new science. Big Data holds the answers
Pat Gelsinger, CEO of VMware Inc. and former COO of EMC Corporation
Big Data is there in the technological world since last few years, many business leaders are using it & getting tremendous benefits. While others are still in dilemma about what is big data & how it can help their business? Few are there who are just dipping their legs in the water when they should swim to the other end. Visionary & adaptable entrepreneurs do a lot of experiment with their product or services to make it more customer friendly. There is no better way to accelerate your growth than by implementing data analytics. To increase productivity you must start using big data effectively with high volume, velocity & variety.
What is Big Data Analytics?
Big Data Analytics, is the process of evaluating large amount of data to uncover hidden patterns, market trends, customer preferences, competitor insights & other useful market statistics. By using technology it’s very easy to analyse these data & get answers immediately. The analytical finds can help you to perform more effective marketing, new revenue opportunities, better market understanding & customer service and operational efficiency, which can give you advantage over your competitors.
The 3Vs (Volume, Velocity & Variety)
As we know how the entire marketing concept is coming under 4Ps (Product, Promotion, Place & Price), similarly these 3Vs are perfectly explaining the concept of Big Data. When we say volume, velocity & variety, its data volume, data velocity & data variety.
The size of available data is growing at an increasing speed. This data consist of individual as well as company, business data as well as personal data. When it comes to personal data which usually consists of videos, images etc. are of few giga bytes. Initially companies generated data from their internal employees. But now a days data is been generated by employees, vendors, partners, customers and also machines. Just imagine the amount of data hundreds of million smart phones share every day in the network infrastructure. This was not there few years back.
Previously companies used to analyse data using batch process. They used to take a chunk of data, submits any job to the server and waits for the result. This works when the incoming data rate is slower than batch processing rate & most importantly when the result is useful. With the evolution of social & mobile applications the velocity of data has gone to real time. It’s difficult to use traditional method to get data. Here big data analytics play its role.
From personal data to business data. From videos, images, audios to excel sheets, ppts. After summarizing all we have texts, photos, videos, audios, web, GPS data, sensor data, pdf, SMS, flash, etc. etc. No one has any control left on the amount of input data format. We can’t impose any kind of method or structure to analyse these data. But data analytics can be used to control these.
Why Big Data Analytics is Important?
Big data analytics helps organizations to use their data to discover new opportunities, which can help them to initiate smarter business strategies. Today’s world is connected with devices and people. Data can be a very strong tool to influence any decision for organizations. But it always puts more questions with more volume of data. Data insights & data solutions can help you find the answers.
Without big data, you are blind and deaf and in the middle of a freeway.
Geoffrey Moore, Author and Consultant
The use of social, mobile, analytics and cloud technologies are collectively enabling advanced analytics solutions to extract information from your data so you can refine the products, services and improve customer experiences by applying analytical models, systems integration or data analytics and strategic consulting,
You can get value in following ways.
- Cost Reduction
- Enterprise Ready
- Faster Decision Making
- Secure & Relevant
- Improved Efficiency
- Enhanced Brand Identity
- New Products/Services
- Zero Risk
How it Works?
Even if you ask this question to those companies who has already used big data & got astonishing results, they will say they don’t know how this magic happened. The massive hype & the benefits are there. But the goal was to design & implement big data environment that is low in cost & less complex. Which is stable, highly integrated & scalable enough to drive entire organization towards true data & analytics centricity.
Data & analytics centricity is the hub, from where the power of big data and big data analytics are available to the entire organization. With the underlying infrastructure, data streams and user toolsets required to discover valuable insights, make better decisions and solve actual business problems. That’s how big data should work.
There’s no single technology which manages & controls the entire big data analytics. Of course, there’s advanced analytics that can be applied to big data, but in reality several types of technology work together to help you get the most value from your information. Few of them are Data Management, Data Mining, Hadoop, Text Mining, Predictive Analytics & much more.
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;
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.
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.
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.
Smart meter readers allow data to be collected almost every 15mins. 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.
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. Only innovation can make you a market leader. There are few key takeaways from this blog;
- There are more spending in big data than any other technology.
- Before implementing big data analytics you should be aware of industry specific challenges, data characteristics of your industry, need to spend at the right place, need to match market expectations with your own capabilities.
- Industry expertise is most important for using big data effectively.
All you need is a strong mind set to start something. It’s never too late to initiate something new. Apogaeis is a technology service provider & has expertise to help you in identifying & fulfilling all technical needs. Our data analytics consultants are well versed in their domain. Want to know more, we are just a click away. Connect Here
The music in the marketplace requires a quickstep, so make sure you’re doing the right dance