Why Apply Big Data Solutions in The Real World

“A well-designed data governance program provides the right ownership and accountability model to get to the root cause and resolution of data issues.” – Allison Sagraves (Chief Data Officer, M&T Bank)

To compete in a globally integrated market, enterprises should have a comprehensive understanding of customers, employees and competitors to make effective use of data and analytics. With the emergence and adoption of big data solutions, organizations are exploring innovative ways to avail information from unstructured data which enables them to take right time, data-smart decisions.

With this, the enterprises gain an edge to beat the competition by grasping customer sentiments thus can align latest trends and formulate strategies to capitalize on new venture opportunities. Along with customer-centric approach, big data analytics have various other real-time analytics advantages, some of them are mentioned below.

1. Improve Fraud Detection with Predictive Analytics

Fraud is a real challenge for any industry these days. Either on a large scale or a small claim, it costs millions of dollars every year. The new age big data technology offers predictive analytics and risk segmentation to identify patterns that led to successful fraud detection. Not only saves millions but also reduces processing time for low-risk claims.

2. Brewing Up a Personalized Customer Experience

From retail to e-commerce, customer experience does matter. Big data analytics grind huge volumes of consumer data generated across stores spread worldwide which helps in delivering customized customer experiences. The data is combined with various mediums like, purchase history, device location, mobile app behavior and customer habits that improve marketing efficiency and help organizations to upsell, cross-sell or make smart contextual offers. With this data-driven approach, they can witness quick revenue growth. 

3. Big Revenues Through Smart Data Insights

It is found that approximately 5 to 6 terabytes of customer data are spread across various systems and databases. By integrating big data solutions, organizations can leverage strong core analytic capabilities to take advantage of both semi-structured and unstructured data.

Takeaway Point : 

Whether its customers or the marketplace organizations can leverage profits by analyzing data and putting the right skills in place to deliver measurable business value. A leading big data analytics company offers smart big data solutions to achieve customer-centric outcomes by tapping into data and building a better information ecosystem.

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Created on Feb 12th 2018 05:54. Viewed 337 times.

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