Use of Big Data Analytics across Diverse Business Sectorsby Syntelli S. Marketing Big data analytics, a process of extracting useful information by analyzing big data sets, is used across a diverse business to identify hidden patterns, market trends and consumer preferences that benefit them in making a decision. Data scientists, data analysts, statisticians as well as other analytics professionals are using big data analytics to evaluate large volumes of transaction data along with data collected from other sources, which is hard to tackle by the traditional business systems. The traditional system fails to tackle big data because they are unable to analyze data available from different sources. High processing requirements of big data also make traditional data warehousing a poor fit, therefore new big data analytics technologies and environments like Hadoop, MapReduce, and NoSQL databases have emerged. These open-source software framework process huge data sets over a clustered system.
Top Sectors using Big Data Analytics
Big data analytics is widely used across all industries today because driven by specialized analytics systems and software along with high-powered computing systems, it offers several benefits new revenue opportunities, effective marketing, improved customer service, better operational efficiency and competitive advantages over others. Leading business sectors that are using big data analytics include:
Healthcare - Healthcare sector is using big data analytics to collect data related to public health to determine a faster response for individual health problems and to identify the global spread of new virus strains like Ebola. Big data analytics tools are incorporated by the health ministries of different countries to make proper use of collected data after Census and surveys.
Banking and Securities - Using big data analytics banking sector monitors the financial market through network activity monitors and natural language processors to reduce fraudulent transactions. Trading Commissions are using big data analytics to monitor the stock market to ensure that no illegal trading happens in the stock market.
Manufacturing Companies - Manufacturing companies are using big data analytics to enhance their supply-chain management that further leads to increase productivity. using the analytical tools, companies ensure that they are allocating the production resources in an optimum manner that yield them with maximum benefit.
Education - Big Data analytics is used across the education sector to update and upgrade prescribed syllabus for fields that are witnessing rapid development. Universities all over the world are using big data analytics to monitor and track the performance of their faculties as well as students and to map student's interest in different subjects through attendance.
Insurance - Insurance sector is also greatly relying upon big data analytics. Right from developing new insurance products to claims handling using predictive analytics, they are using big data to keep track of the policy scheme that is highly demanded among the customers and is generating the most revenue.
Created on Nov 21st 2018 03:25. Viewed 434 times.
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