Data Data Evrrwhere!
Big Data Analysis
Today, in businesses large and small, the impact of Big Data if used effectively, is tremendous!
Big Data helps businesses reduce cost and time. It helps innovate processes and offerings, and assists with better decision making.
Big Data is useful in all industries but it is especially useful in Banking, Education, Government, Transportation, Health Care and Retail.
Before we go any further, what exactly is Big Data?
Big Data is a large set of structured and/or unstructured data. When we analyze this data we uncover patterns, trends and associations. We find insights that relate to human behaviour and interactions.
There are 5 words that characterize Big Data; they include
Volume → large amount of data
Variety → data from various sources and in various formats
Velocity → data streamed/uploaded frequently
Veracity → complex, noisy data
Value → there is always a signal to find in this noisy data
And so what is Big Data useful for?
- Big Data is useful for innovating products as it analyses trends and customer wants
- Big Data gives a clear view of customer experience as it listens to and analyses customer conversations
- Big Data is useful for anticipating future demands based on an analysis of past demands
- Big Data is useful to predict fraud, default and churn rates based on an analysis of the social and financial behaviour of past fraudsters, defaulters, and people who have churned
Which Brands are currently using Big Data?
Uber – the largest e-hailing transportation platform in the world, uses Big Data to predict the traffic flow in particular areas and at particular times, which helps drivers navigate more effectively
Target – one of the largest retailers in the United States, uses Big Data to identify products typically bought by different segments of customers, they then provide these segments with promotions and discounts for the products
Big Data provides businesses with complete facts and information which can be analyzed to gain insights that will answer questions on how to serve people better.
Many businesses already have data available, from loyalty cards, emails, receipts, apps, websites, social media sites, call and chat logs; the question is what kind of insights can be generated from this data?
Contact Versa Research today and let’s help you find the signal in your noisy data!