How industries are relying on big data for their decisions.

Big Data Technology

Big data analytics has been a game-changer for the academicians, industry influencers and other famous stakeholders. The technology has made a mark in the market and most of the modern industries certainly agree with that. The distinct industries that are adopting big data are surrounded by various challenges. While finding its real value used for the industry, return on investment and funding continue to remain at the focal point.
The primary goal of most of the industries to adopt Big data is to scrutinize large clusters of data, examine the hidden patterns and other correlations related to business insights. As technology has permeated amongst most of the modern industries, there are still many organizations that are not aware of the hype surrounding the technology.
Do you often wonder why industries are shifting their focus on Big data? Let’s uncover the hidden secrets and understand the importance of technology.

• Cost Reduction: When it comes to storing and handling large data streams, Big data technologies like Hadoop and cloud-based analytics play a crucial role. The technologies significantly cut down the cost of the entire procedure and make it cost-effective. Apart from this, they are also efficient in identifying distinct business insights.
• Fast and Better Decision Making: With the help of various Big Data software like Hadoop, businesses can identify valuable information from the large clusters of data immediately. Then the decisions are made based on the information they have gained combining the in-memory analytics and new sources of data.
• Customer Satisfaction: Big data analytics industries can identify their customer’s needs and preferences. With the help of that, they are able to offer their customers the products and services that they want.

TRANSFORMING VARIOUS INDUSTRIES

Big data analytics is offering solutions to numerous industries. Let’s take a deep dive and get to know more about its applications in various fields.

Banking and Securities
In this industry, the Securities Exchange Commission (SEC) is using Big data analytics to examine the financial market. In order to track illegal trading activities, they are currently making use of natural language processors and network analytics.
Retail traders, hedge funds and other reputed Big Banks in the financial market are using Big data for Predictive Analytics, sentiment measurement, high-frequency trading, and pre-trade decision support analytics. The industry also leans towards the technology for risk analytics that includes fraud mitigation, demand enterprise risk management, anti-money laundering and Knows Your Customer.
Healthcare Sector
Maintaining every patient’s records, health plans and other types of information can be really difficult to manage. That’s why the health sector has started taking the help of Big data analytics so that they can analyze the data within no time. The analytics help the healthcare providers to offer lifesaving diagnoses and treatments in minimal time.
Retail Industry
Customers expect the retailers to understand exactly what type of products they need and when they need them. Big data analytics aid the retailers to satisfy their customers by meeting their demands on time. With the help of analytics retailers not only get an in-depth knowledge of the customer’s buying habits but they can also predict market trends and enhance profitability.
Amazon is one of the biggest e-commerce platforms leveraging Big data analytics while keeping a customer-centric approach. Amazon keeps a track of each customer’s interaction with the various elements presented on its platform.
It helps the company to understand the preferences of its customers like what they buy, at what products they look at, items that are not bought yet but added to the wish list, products that are reviewed and rated and search history.
Through collaborative filtering, products are recommended on the feeds of the users in the real-time. The extensive information is used to run tests and boost the site’s performance that benefits both customers and sellers.
The metrics and gathered data aid the sellers in optimizing their way of displaying various products on the site. Through the captured data Amazon successfully draws more customers and sellers on the site.
Manufacturing
Manufacturers deal with complex problems on a daily basis. From dealing with unstructured supply chains to equipment breakdowns and labor constraints, they have to find a solution for all of them. Big data analytics plays an integral role in the manufacturing industry as it offers various cost-effective and revenue opportunities.
Life Sciences
Clinical research is an expensive process and often requires accurate data to achieve desired results. The procedure is followed by hit and trial method as well. In such a situation advanced analytics and artificial intelligence unleash the potential and aids in making the procedure more efficient. Big data offers automated and intelligent solutions at every stage of the process.
Transportation
When it comes to transportation, Uber is the best example as it is currently delivering the most reliable transportation services across the global market. Uber is highly dependable on data-driven decisions from rider’s demand during high traffic to identifying bottlenecks in the driver-rider sign-up process.
Over time the company started generating around 100 petabytes of data that needs to be processed accurately. Uber redirected their platform around the Hadoop ecosystem where all raw data is ingested from distinct online data stores without any transformation. All the data streams under Hadoop are made horizontally scalable to enhance efficiency and stability.
Since 2014, Uber developed Big data analytics that enhanced the platform’s efficiency and speed at the same time while ensuring reliability and scalability.

HOW A COMPANY CAN DECIDE IF BIG DATA IS REQUIRED?

Customer interaction with businesses has increased tremendously with the evolution of digital platforms. They now engage through distinct platforms including websites, social media, mobile, in-store and tablets. Irrespective of their engagement with the company, each customer expects a customized and personalized experience every time.
Most of the enterprises fail to meet the customer’s expectations as they lack in managing the burgeoning amount of data and neither are they capable of analyzing the data accurately. This in turn adversely affects their relationship with their customers.
That’s where Big data comes into the picture as in the data-driven world companies must not struggle rather they are required to leverage the benefits of Big data analytics. Big data helps the companies to embrace a real-time analysis of the collected data streams which aids in the instant decision-making process. The companies have to realize the fact that more personalized the data, the happier is the customer. There is no better way of understanding your customers deeply and offering them the services they want.

CRUICIAL TASK: IDENTIFYING THE COMPANY

Using Big Data technology is not that difficult but selecting an ideal service provider might seem a daunting task for your company. Before committing to any Big Data solution, you need to have a keen knowledge of your company’s requirements. Using multiple solutions for handling the complex data streams may not interoperate as they also tend to limit the return on investment making the upgrades costly.
You need a solution that can handle the data of every department without making things complex. Analyze the tools and the areas where your company is currently lagging and understand the goals you want to achieve.
Here are a few key points to look for in Big Data Solution Providers.
Data Compression: The service provider must make use of data compression technology to limit the cost of ownership as big data requires a lot of storage space. Compression refers to the process of reducing the size of the data stream and is useful to cut down the resources required to store and transmit data. Hence, the procedure reduces the investment cost as well.

• Security of Data: Whether the service providers use local or cloud storage space, the data need to be secured against hacking.
• Easily Accessible: The service provider should offer an ideal solution that is user-friendly so that all the departments can easily retrieve the data. The exported data should be in the form of charts, graphs and journey maps offering insights of all the departments and not just the IT staff.
• Real-Time Analysis: Analyzing the data in real-time is quite crucial as it aids in making instant decisions that undoubtedly enhances the customer’s experience.
• Scalability: The service provider should offer the ideal storage that is required to store your company’s data. You should also check if it falls in your budget or not.

Author:- Mr.Gagandeep Singh
Dated:- 04/09/2019