Why you should care about Big Data
Big Data is a trendy word used quite often in business conversations across industries.But what does Big Data mean exactly? And, more importantly, why we should care about it?
In today’s life, everything that we do, from shopping to travelling, from banking to healthcare and listening to music, leaves a digital trace of data behind. The type of data that we create with our daily activities is often unstructured like photos, videos, posts on social media and voice recording, those types of data can’t fit in our ordinary spreadsheet or database, but hey need more advance and structure analytical tools. Big Data is the phenomenon that collects digital data and analyses it – it gives it a meaning – so that business can use it for their benefits.
HOW INDUSTRIES CAN USE BIG DATA
Big data analysis can bring benefits to; government sector, established companies, medium companies and start-taps that operate across different industries segments.
With Big Data telecom companies, can predict if and when a customer might switch operator. Car insurance companies can understand how well their customers drive. Big data used in Real Estate identifies who buys or sells what, when, where, why and how. Retailers are able to optimise their stock levels based on what’s trending on social media, what people are searching on the web, or even based on the weather forecasts. And also, supply chains can be optimised by planning efficient deliveries that can reach customers faster and by consuming less petrol.
Banks increasingly use big data analytics to address fraud threats. This typically includes monitoring various types of transactions in real time across multiple channels to identify and take action against suspicious activity. Research shows that banks applying analytics to understand customer data and to gain insights into attrition have a lead in market share over banks that don’t.
Healthcare providers can analyse data to design policies and strategies that deliver better patient care. Big Data can help analyse disease patterns across geographies and predict epidemics.
A number of cities are even using big data analytics with the aim of turning themselves into Smart Cities, where a bus would know to wait for a delayed train and where traffic signals predict traffic volumes and operate to minimise jams.
BENEFITS OF BIG DATA
Big Data can help companies to make faster and more intelligent decisions. It can help business to gain useful insight to increase revenues, get or retain customers and market share, and improve operations. Some of the most common benefit from using Big Data are:
1. Find new markets and target new customers
A traditional customers’ database usually gather some basic demographic information about its customers such as age, location, marital status and education level, while Big Data analytic can narrow segmentation of customers by disclosing a much broader number of parameters taken from social networks or any other digital trace. In this way, companies are able to improve and expand their existing segments and target audience and find new market opportunities.
2. More effective marketing campaigns
Information gained from social networks, search engines, online purchases and video consumptions can be used by marketers to create more attractive and effective advertising campaigns. The same principle can be applied also to up-selling initiatives, companies can suggest products and services to customers based on their previous purchases and their own personal interests.
3. Better campaign measurement
Companies want to know which marketing platform deliver the best ROI. Identifying the most effective media channel can save a great amount of money and time. Through data analysis, marketers can run intelligent advertising campaigns that can be modified in real time accordingly with the performance results.
4. Improving decision making and minimise risks
Sophisticated analytics can substantially improve decision-making, minimise risks, and unearth valuable insights that would otherwise remain hidden. Companies can implement the information extracted from big data to: identify if they are taking the wrong path, get valuable information on what competitors are doing differently, understand consumers’ reaction to strategies and better position the business in in the market.
CHALLANGIES ON IMPLEMENTING BIG DATA ANALISYS
Nitesh Marwaha CEO at Everati said ”No matter your industry or the type of organisation you work for, your world is driven by data. To deal with this data-driven world, business and technology professionals must be equipped to use data as a strategic resource’’
Many businesses have problems with implementing the right procedures for big data analytics. There is still a significant amount of data existing in paper form, or digital data not made easily accessible and retrievable through networks. Extrapolating valuable insights from very large amounts of structured and unstructured data from disparate sources in different formats require proper structure and tools.
To obtain the maximum business impact, this process also requires a precise combination of people and process. The Data Science Middle East Foundation in partnership with Everati, can help business professionals, who are new to the Big Data analysis procedures to learn the basics by attending either their masterclass or workshops that are taking place in Dubai.
Pinkens Sliroff, Regional Director at Annet Technologies, who recently attended the Big Data & Advanced Analytic Masterclass organised by the Data Science Middle East Foundation said that this was ‘’the best way to use 16 hours of your time in today life’.
Written by Emanuela Lertora