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Business advantages of Big Data (PART 2 of 2)

Latest reply: Dec 29, 2021 04:47:47 1066 72 55 0 0

Continution to previous post - Business advantages of Big Data (PART 1 of 2)


Enhanced functionality:


Big data analytics may be used to improve a variety of business activities, but one of the most exciting and gratifying has been using big data analytics to enhance functional operations.


Big data and data science, for instance, can be used to create predictive maintenance schedules, which can save money and time for essential systems. To begin, look at the age, condition, location, warranty, and servicing information. 


Some of these systems, such as security and HVAC in facilities, are, however, significantly influenced by other business operations such as staffing and production schedules, which, in turn, may be influenced by sales cycles and, as a result, by customer behavior. 


All of this can be tied together with well-integrated big data analytics to help you keep the correct equipment running at the right time.


Targeted and intelligent recommendations:


We've become so accustomed to recommendation engines in our daily lives that we may not realize how much they've changed since the emergence of big data. Predictive analysis for recommendation engines used to be straightforward: correlation rules that identified common products in market baskets. 


This is still a functionality on e-commerce websites, informing us that customers who purchased widgets also purchased fidgets.


Modern recommendation engines are far better than that, based on the extensive customer analytics we've just mentioned, and can be more sensitive to demographics and buyer behavior as a result. E-commerce isn't the only application for these technologies. 


A polite waiter's suggestions might be data-driven, based on stock levels in the pantries, popular pairings, high-profit goods, and even social media trends, as determined by a point-of-sale system. When you post a photo of your dinner on social media, you're giving the big data engines even more data to process.


Streaming content creators employ even more advanced methods. They may well not ask customers what they would like to see next: the next selection fades in even before the current movie, show, or song ends, keeping viewers binge-watching by combining their personal tastes with a tremendous deal of big data research obtained from other users and social media.

 

Innovation spurred by data:


It is not only an issue of inspiration when it comes to innovation. Discovering core subjects that are promising for new attempts and experimentation takes a lot of time and effort.


Big data tools can help with Research & development activities, which can lead to the creation of innovative products and services. Data that has been cleansed, processed, and regulated for distribution can sometimes become a product in and of itself. For instance, the London Stock Market currently makes more money providing data and research than it does trading equities.


Even with the best big data tools, data by itself will not yield fresh insights. We still need the human aspect: data scientists' and business intelligence analysts' insight and ingenuity. 


The scope and reach of big data, especially when hosted on a single platform or a cloud data warehouse, can lead to new insights into trends that would be difficult to uncover in a less integrated platform.

 

 

Businesses today rely on big data to stay afloat.


The potential for exploiting big data is incredibly intriguing, as you can see from these six situations. It's also reasonable to say that you'll need to be more aware of the regulatory landscape, as adherence to privacy, security, and governance standards is critical. 


The positive aspects of big data highlighted here, however, are well worth the effort. Big data is the lifeblood of modern business and now one of your most powerful tools for implementing sensible, long-term change.


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user_4495775
Created Dec 6, 2021 13:00:25

Business advantages of Big Data (PART 2 of 2)-4445305-1
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user_4358465
user_4358465 Created Jan 17, 2022 20:52:51 (0) (0)
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TriNguyen
Created Dec 6, 2021 13:04:42

Good one
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user_4358465 Created Jan 17, 2022 20:52:59 (0) (0)
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RNT
Created Dec 7, 2021 17:11:35

thanks
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Faridrami
Created Dec 7, 2021 17:17:18

great
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user_4358465 Created Jan 17, 2022 20:53:19 (0) (0)
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wissal
MVE Created Dec 7, 2021 17:39:00

Important sharing
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Vlada85
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Good
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lucian2003
Created Dec 7, 2021 19:21:09

Nice post
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Unicef
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GOOD
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Lucfabrice
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Good job
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