Data-Driven Decision Making and the Big Data
Over the past few years, big data has emerged to a great extent. Right from the industrial data to customer-centric behavioral data, High-performance analytics lets you do things you never thought about before because the data volumes were just way too big. This ultimately ends up in gaining timely insights to make decisions about fleeting opportunities, getting precise answers for problems that are hard-to-solve and uncover new growth opportunities. As a result, big data models aren’t just changing the way companies operate, but are also helping the organizations in coming up with more streams of data insights in near future.
Apart from creating new model opportunities, big data even addresses other situations like harnessing the true potential of the products or services, streamlining business operations to meet customer needs, up scaling their internal process through efficient execution and of course, creating higher scope of profits and happier customers. By 2020, it is estimated that big data would synthesize into a booming market. Due to which several companies could explore this space and experience peak growth. In the following post, I would like to shed some light on the future of Big data.
Generating new business insights– In future, big data is supposed to segment the data and channelize the insights by simply extracting more data from existing resources. Besides, new unexplored social media channels will also play a major role in generating new business insights.
Improving Operational Processes– Most of the big data companies recommend integrating analytics for tracking fraudulent transactions or using it for dynamically generated user suggestions for each browsing history. Platform analytics also help in preventive maintenance by simply predicting down times based on timely analysis and taking preventive action.
Gathers Customer Intelligence– Another booming field that has succeeded in grabbing attention from businesses is customer intelligence. It’s not just about meeting the customer needs, it has gone quite a way beyond. Perhaps with enhancement of big data, customer intelligence is more likely to undergo a new revolutionary growth.
Growth in Data Volumes– There’s an exponential growth found in handheld and internet-connected devices, businesses will continue to generate larger volumes of data. Sue to which are going to shift from the standard SQL to more advanced models like Spark.
Who’s using it?
- Travel & hospitality– Travel and hotel industries mainly believe in keeping customers happy and satisfied especially in a timely manner. Basically, you have only a short window of opportunity to turn around a customer experience. Big data analytics gives these businesses the ability to collect customer data, apply analytics and immediately identify potential problems before it’s too late.
- Healthcare– Right from patient records to health plans, insurance information, it would be difficult to manage until and unless full analytics is applied. That’s why big data analytics technology is so important to health care. By analyzing large amounts of information – both structured and unstructured, this industry can come up with life-saving diagnoses or treatment options almost immediately.
- Retail– savvier shoppers expect retailers to understand exactly what they need when they need it. Big data analytics technology helps retailers meet those demands.
The post is by Nishtha working as a Presales Manager at Big Data Company in UK. She relishes writing about various technology trends, Digital Marketing, Management, Entrepreneurship, Startups and much more.