Advantages of Big Data and its Applications

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Advantages of Big Data and its Applications

Advantages of Big Data and its Applications

10 years ago, some of the largest data stores in the world had the ability to host digital data that was equivalent to what a contact center company can have at this time to save the data of its operations. Today, large data storage companies are using storage capacities close to 10 Zettabytes. 80% of these data have been generated in recent years. The big questions we can ask ourselves at the moment can focus on two: where will all this data go? And at this rate of growth, what future storage and exploitation capabilities will we have?

With the massive use of the web, both for content and for online stores and social networks such as Facebook, Linkedin, Twitter, YouTube and others, the volume of data has been exponentially multiplied with respect to the management of our process and intelligence technologies, quickly becoming slower and many of them inefficient in the current context.

Advantages of Big Data:

According to Big Data training in Bangalore, The advantages of Big Data can focus on the following:

Speed ​​in decision making:

Information is fundamental as the basis for the correct decision making, and much more when we can dynamically handle all the information provided by Big Data. We can assume intelligent and fast decisions that help to favor our business since they have been based on a strong foundation. It is possible to conduct an opportunity analysis fluidly before putting any product or service on the market.

Strategic Smart Marketing Plans:

Through the data provided by Big Data, today it is possible to analyze and predict the behavior that a user will have on the network, know what customers think about a brand or product, and what their real needs are about the acquisition of products or services. You can analyze parameters related to the specific profile of each user, their preferences, their trends or their link to the brand so that we can develop targeted marketing campaigns with a high level of customization.

Efficiency improvement and costs:

The correct handling of Big Data can quickly boost the speed at which a product or service evolves because we have a multitude of data with the information that the market gives us. In this way, the deadlines for the development of a product or service are shortened over time, as well as the costs associated with the process derived from the development of the same.

Customer Linking:

Every day attracting new customers is more complicated, and in turn, this acquisition of new users is more expensive than loyalty to those we already have in goodwill. It is essential to correctly use the data we have available to give our customers what they want in a personalized way, and for this, Big Data is essential. Therefore, knowing through the data the level of satisfaction of our customers, their needs, etc., is one of the base points to have loyal customers.

Environment variables:

An important point to consider is the use of Big Data is the aggregation of environmental data that affects the main process. These variables are not aimed directly at the analysis of a customer or their direct behavior by their online actions, but rather respond to the ecosystem that may affect a customer at the time of the purchase decision. Enter in the analysis formula data from external sources such as meteorology, seasons, or the area in which the user lives makes the calculation applied to gain efficiency points, better directing our products and services not only to specific communities but at specific seasons.

The use of Big Data in several specific sectors:

Big Data has helped different industries in various ways, although there are still endless possibilities to explore. Without a doubt, when Big Data is combined with the Internet of Things (loT), a wide range of opportunities for decision-making is opened. Several examples of the sectors in which Big Data can contribute to generating value with the following:

In the field of education, when analyzing Big Data you can:

  • Identify students at risk
  • Monitor the proper development of each student
  • Implement a more satisfactory teaching evaluation and support system

In the health sector, when data is properly managed, new options on how to improve patient care can be analyzed and discovered.

In the retail sector, companies can collect diverse information about their customers and thus find effective ways to manage transactions or improve their relationship with customers and get satisfied users, among other benefits.

In the banking sector, new and innovative ways of managing the huge amount of information are being sought, while at the same time seeking to minimize risk and fraud.

Applications of Big Data:

Although Big Data provides considerable profits for large companies, the data also offers benefits for medium and small companies. It is not necessary to hire large groups of experts, as there are companies that offer personalized data analysis services.

Leaving aside the business world, managing large volumes of data is not only useful for companies, but it also offers a new perspective to understand and try to solve social, environmental, natural disasters or urban planning problems, etc.

Predict and rationalize energy consumption: smart meters collect consumption data and obtain accurate energy information - consumption in washing machines, lights, computer, mobile, television that can be analyzed to anticipate the energy needs of a company or home.

Design smarter cars, analyzing the behavior of drivers or providing solutions to traffic or parking problems, thanks to the navigation data of the vehicles and our own, which allow us to offer better routes in real-time.

Plan urbanization in towns and cities and make them more sustainable: There are thousands of data that can be used by municipalities for this purpose, for example, related to the consumption habits of a geolocated population in a given place.

Get success in your career as a Big Data Analyst by being a part of the Big Data Training in Bangalore.