Blog - Big Data Analytics

"Big Data Analytics" - Importance Unlocked

by Krishna Basudevan | 2015-12-05 11:29:07

 

Big data analytics has been the buzz word in the industry since long. Various industry verticals have realised the veracity of data and how past, present and future potentials could be derived from it

What is big data analytics? Since, there has been no standard definition to understand the concept of big data and analytics. We define it as, the process of analysing the big data to uncover the hidden patterns, market trends, unknown correlations and other useful business information required for better decision making. The data has been exploding at an exponential speed which is beyond our imagination right from byte to kilobyte, megabyte, gigabyte, terabyte, petabyte, exabyte, zettabyte and to yottabyte, which is the future for big data analytics.

The data is being generated by mobile devices, sensor technology and networks, social media &networks and scientific instruments. In other words, it is only us, who is generating data. But, how big is the data?, does all needs to be stored and analysed? and how to find which data points arerelevant todecision making. To address these concerns, high-performance analytics becomes mandatory to distinguish the appropriate and junk data.

Here, we enter into "Big Data Analytics". For a quick analysis of relevant data, high-performance analytics has been used by various industry verticals. Using high-performance data mining, text mining, predictive analytics, forecasting and optimization ofbig data enables business to constantly drive effective results and drive best possible decisionsout of it. In addition, variousbusinesses have been using this technique to utilise the data for the better decision making and compete with their competitors.

Big data analytics have been used in the multiple business such as e-commerce, telecommunication, healthcare, retail, energy, media and government sector as well. The big data has great potential and data scientists are using it for better insights on key business operations such as risk and fraud detection, marketing campaigns, customer retention etc. For instance, Telecommunication industry is growing increasingly, focusing on big data and is applying analytics to understand the customer history, its behaviourand to predict whether the customer is likely to churn or could be retained for a long time.

The data collected within an organization becomes be more significant to drive effective results when clubbed with the external sources such as data collected from social media platforms, government agencies, etc. Though there are various free sources of external data available but the businesses needs to identify the significance of data that could be used to understand the customers buying trends, competitors move and more. As the volume of data increases, the need and identification of automated tool becomes equally critical. Data scientist or stakeholders are the prime associates in a businessto identify the analytical tool that could analyse the data, highlight the issues & opportunities to focus and predict the outcomes that could help in achieving business goals. Multiple platforms and technologies are used such as Hadoop, and related tools such as MapReduce, Hive, Yarn and NoSql database are being used today to unlock the importance of big data.

The advantages of big data analytics could be measured by the followingfacts, as it enables data scientists:

  1. To unlocksignificant information from the structure or unstructured data, in-house data or the data collected from external sources.
  2. Real time monitoring and forecasting of actions impacting business performance.
  3. Ability to connect and visualize the data with the tool of your choice.
  4. Better decision making with authentic data leads to high conversion rates.
  5. To discover new strategies in order to stay ahead of the competition.

A substantial progress has been observed in the big data analytics in the year 2014, for various business units and segments. But we have to widespread the adoption of big data, especially from a business transformation perspective. Let’s do it now.

We at RankOne Consulting understand the importance of big data analytics and its relevance with the multiple verticals of industry. We have been providing consulting to:

  1. Business for big data project management
  2. Corporate training for IT professionals addressing their interest and updating latest market trends
  3. Institutions for academic sessions to the graduates, diploma holders and prospective employees

Few seminar and presentations have been conducted by our experts in various institutes to update graduates on the industry trends for big data analytics.

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Comments

 

Posted by Vijay
2015-12-13 01:02:33

Nice Article

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