The Interesting Evolution Of Big Data Analytics
Big data analytics is perhaps the most useful and popular analytics tool that has become indispensible for almost all modern businesses that deals with excessively large amount of data. Big Data is the tool that is successful in analyzing a humongous amount of data where most of the other traditional analytical tools fail.
This tool enables the businesses to discover hidden patterns, correlations as well as other valuable insights that make it easy for the businesses to make more informed and educated decisions.
With the development of technology, today it is possible to analyze any type of data irrespective of the volume of it and get the desired reports and answers almost instantly. In comparison to other traditional business intelligence solutions the big data analysis is faster and more efficient.
Concept of Big Data
If you look at the history and evolution of Big Data analytics you will see that it has been around for years and most organizations and branding company have now started to use it more extensively. This comes on the wake of their realization that if they capture and analyze all data available and collected by their business, they will be able to channelize these into all streams of their business. The analytics will help them to gain valuable insights and get significant ROI from it.
This is the same as it was used in the 1950s where businesses used to analyze data manually on spreadsheets to unveil the trends and insights. With Big Data now the same thing is done albeit with much more efficiency and speed. It is this ability to stay agile has provided the modern businesses that use Big Data to make better future decisions and have a competitive edge that they lacked before.
The importance of it
The importance of Big Data Analytics goes beyond imagination.
- It helps the organizations to harness and analyze their data to find out new opportunities.
- This in turn results in smarter business moves and more efficient operations.
- As a result they can now have higher profits and get happier customers.
It is also found through research that companies that used Big Data got values in several other ways including:
- Cost reduction: With the use of Big Data technologies such as Hadoop or the cloud based analytics, companies can gain substantial cost advantages especially when they have to store large amounts of data. This also helped them to find more efficient ways to do business.
- Decision making: Big Data once again facilitated in faster and better decision making for the businesses with faster and more accurate analytical results. The in-memory analytics and Hadoop combined the speed and ability to analyze all the new sources of data is incredible with Big Data. Businesses can now analyze large amount of data and information instantly and make decisions to move ahead based on such accurate analytical results.
- New products and services: Big Data has also enabled the businesses to come up with new and better products and services. This is once again facilitated by the ability of Big Data to gauge the needs of the customers and the level of satisfaction expected by them through better analytics. It gives the businesses the required power and ability to deliver their customers with exactly what they want.
Therefore, with all these advantages of using Big Data businesses in today’s world have found the best resource with Big Data to harness data and extract value from it. Big Data ideally covers the productive aspects of all modern businesses.
Use of Big Data
In simple terms it can be said that any business that you can think of that needs to use large amount of data and analyze the same in quick time to make more agile decisions to go ahead and stay competitive use Big Data. However, here is a list of some of the companies that use Big Data Extensively:
Life Sciences: All clinical researches are expensive and a slow process and involves a large number of trials that may fail for a number of reasons. With the help of Big Data these clinics can use advanced analytics, Internet of Medical Things or IoMT and artificial intelligence to unlock the potential of refining the speed and efficiency of their clinical research at every stage with the help of more intelligent and automated solutions.
Banking: All financial institutions can gain analytical insights from the large volumes of unstructured data they have to deal with every data. This helps them to make better financial decisions. With the use of Big Data analytics they are now able to access all their information and data they need for this matter eliminating the chances of overlapping and redundancy.
Manufacturing: Big Data is also helpful for the manufacturers for solving problems that they have to combat with on a daily basis. These issues can range from complex supply chains to labor constraints, from IoT to equipment breakdowns. All will be handled by big data analytics making it an essential tool for the manufacturing industry. This analytical tool has helped them to find out new and better cost saving and revenue opportunities that has helped them to stay more competitive.
Health Care: It is a given fact that Big Data will be used in the health care industry that involves large amount of data that includes patient records, treatment reports, health plans, and insurance information. All these are difficult to manage manually or even with the help of other traditional analytical tools. With Big Data full key insights are available and therefore it is essential in the health care sector to analyze large amounts of structured and unstructured data quickly to provider lifesaving treatment options almost instantly.
Lastly, there are specific government agencies that use Big Data to overcome the challenges involving budget, quality and productivity. It is extremely useful for the law enforcement agencies to keep down the crime rates.
Therefore, Big Data is the best technology available today to streamline operations and gain better insights to make better and more holistic decisions.