123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Technology,-Gadget-and-Science >> View Article

Big Data- Importance Of Analytics

By Author: conlang international
Total Articles: 2

Let us understand about the big data first;

“Big data are high volume, high velocity, and/or high variety information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization."
So why are Big Data or Big Data technology so important for companies? First of all they help companies to understand and to extract the meaning from the whole range of information which is in the world. Companies and organizations gathered and stored data, which were part of each transaction. This information was primarily used for tracking or forecasting the future. Today this data are exploding. It is possible to gather information about every customer, who visits your website. So marketers can gather information about every customer´s conversation about their product or brand. These sources are treasure for companies, because they can provide a glance into customer’s minds. However this requires implementation of new processes, technologies and mechanism called Big Data. The data are here and they hide valuable information, it is just needed to find the way, how to mine it.

5 ways of how Big Data create value (McKinsey Global Institute, 2011): -

1.It can create transparency by being more widely available to the new potential.

2.It enables companies to set up experiments. For example experiments for process changes, they can create and analyze large amounts of data from these experiments to identify possible performance improvements.

3.Big Data can be used to create a more detailed segmentation of customers to customize actions and prepare specific services.

4.Analysis of Big Data can support human decision making by pointing to hidden correlations or some hidden risks. An example can be a risk or fraud analysis engines for insurance companies. Low decision making can be even automated to those engines in some cases.

5.Data can also enable new business models, products and services or can improve the existing ones. Data about how products and services are used can be used to develop and improve new versions of the product.

Total Views: 45Word Count: 327See All articles From Author

Technology, Gadget and Science Articles

1. Important Types Of It Services Your Business Can Provide
Author: Aiden Adey

2. What Is Crm Consulting?
Author: Eldon Broady

3. Sharepoint Developer - Why To Hire Them
Author: Eldon Broady

4. Perks Of Buying Refurbished Products
Author: Kelly Sanchez

5. Here's What To Keep In Mind While Appealing For The Reversal Of Amazon Account Suspension
Author: David Willy

6. What Should Mobile App Developers Know About Mobile Payments?
Author: Fluper Mobile App Development

7. 5 Tips To Improve Apple Iphone’s Messages In Ios 13
Author: Sandeep Agrawal

8. What Are The Tonometers & How To Use Them?
Author: Evan Murray

9. Make Photo Editing Fun With Best Iphone Camera Filter App
Author: Anshul Sharma

10. Experienced Electrician - How To Find One?
Author: Brown Ross

11. Advantages Of Having Engine Data Management 730 System In An Aircraft
Author: Joseph Polizzotto

12. Cms Development Services
Author: Lewis

13. 5 Secrets: You Must Try To Improve Your Coffee Shop
Author: Kate Johnsons

14. Why Does The Search Result Title Differ From The Page Title?
Author: swetha

15. What Does A Residential Electrician Do?
Author: Brown Ross

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: