How to use big data technology in industries?

What is big data?
What is big data?

What is Big Data?

Big Data refer to technologies involving data that is too massive, diverse, or fast-changing for conventional technologies, infra- structure and skills to address efficiently because the velocity, volume, or diversity of data is too great. Big data is a highly valued concept for businesses given that its economic value is constantly increasing.

Big data technology in health care

Healthcare industry is an industry that can greatly benefit from data-driven innovation. Big data innovations can offer the possibilities to improve disease surveillance, trial safety, patient outcomes, prescribed treatments, and even potentially lead to the cure for cancer.

Healthcare research organizations are using big data technology to capture all the information about a patient with the aim of gaining a complete insight into population health management, outcomes-based reimbursement models and care coordination, patient outreach and engagement etc. Successful harnessing of big data can help health industry achieve the critical objectives on healthcare transformation:

-Build sustainable healthcare systems

Healthcare organizations are putting in place a foundation for enterprise health analytics enhanced with big data to gain a more insightful knowledge of a patient with respect to who they are and encouraging effective resource usage across the healthcare environment.

-Collaborate to increase care and outcomes

Researchers need to improve the efficiency and quality of care while enhancing patient focus through healthcare personalization and engagement. Marketplace changes and regulations require an in-depth management and understanding of the risks involved within patient populations in order to produce better results and lessen readmission rates.

-Increased access to healthcare

Understanding a patient with respect to their personalities is crucial in developing effective programs that can drive change. This can be realized with advanced and clinical analytics enhanced with big data.

Big data investments by industry

 

Big data technology and the legal industry

There are many ways that Big Data technologies can assist the legal industry. These ranges from the use of data to enhance client acquisition and retention to the use of predictive analytics with an aim of becoming better lawyers and predicting case rulings.

Big data technologies can greatly speed-up court processes and reduce costs. Huge amounts of files can be analyzed instantly and correlations found in the data. To do this it is crucial for law firms to correctly collect, catalogue, store and organize all of their data in order to take advantage of Big Data. Recently, the computing power is become powerful as well as cheap enough to enable the storage and analysis of Big Data.

 

Big data technology and travel industry

For years online travel agencies have been using analytics tools to track conversion rates, user demographics and bounce rates with the aim of gaining customer insights. Now, collecting data such as users’ mouse movements is possible in real time. This can help businesses know what their customers are doing when they browse a web page.

For many years, CRM soft wares have be used by companies to create appropriate targeted marketing campaigns. However, Big Data uses customer data to create a truly personalized service. Big Data technology can allow a travel website to recommend an exact hotel to a specific user based on their previous requirements, holidays and preferences.

Big Data technologies if combined with Location-based services and geo-fencing technologies can open up a whole world of possibilities.

Conclusion
Big Data technology promises a different method of working that will redefine company-client relationships. Ultimately, Big Data opens up a new strategic perspective that will enhance an organization’s competitive edge.

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Big Data

Mashup software and big data marketing

Data Mashup Software

In an ever increasingly globalizing world, the amount of information that businesses need to analyze in order to stay competitive continues to grow. As a result, many chief information officers of many companies find themselves faced with numerous challenges of integrating this data in order to make it easier for them to make meaningful analysis of the data. Data mashup software refer to the business user’s or CIO’s version of data integration. However, as the information communication technology improves, this term has become less popular in recent times and the word big data is now more common. Big data refers to a collection of data sets that is complex enough to make it difficult to process it using traditional data processing applications.

Applications of Big Data

Big data involves massive investments. However, companies and industries that are actively involved in the use of data mashups and big data successfully find that there are huge returns on the investments made. This is because among other things big data allows for efficiency, cost reduction, and improved quality of service or products.

The major industries that have been able to use data mashups and big data are discussed below. First is the Health care industry that has seen a 20% reduction in patient mortality. This was attributable to the introduction of streaming of patient data analysis. Second, is the telecommunications industry where because of analysis of call data and networking, the industry has been able to reduce processing time by up to 92%.

Third, is the utilities industry where because of analyzing 2.8 petabytes of untapped data, we have seen close to a hundred percent accuracy in the placement of power generation resources. Fourthly is the automotive industry where we have seen improvements in predictive asset and data warehouse optimization, and improved customer insight. Fifth, is the banking industry, where we have seen improvements in credit risk management, optimization of cross sell and offers, improved problem resolution, and improved banking fraud detection, prevention, and investigation.

In the Insurance industry, we have seen massive developments in insurance Claims fraud detection, an increase in the rate of customer retention, a reduction in total fraud payments, and portfolio management. The Oil & Gas industry has also benefited a lot from big data especially in the fields of condition monitoring, optimization of drilling surveillance, improved production, reduced drilling costs, and improvements in distribution.

The Retail industry has also benefited from use of big data. For instance, we have seen an increase in the capacity of these companies to start online stores that significantly depend on big data for their success such as Amazon and e-Bay. Other improvements noted include merchandise optimization and market segmentation. The Travel & Transportation industry has also not been left behind. In particular, the airline industry has greatly benefited from Customer analytics and loyalty marketing benefits of big data, the optimization of pricing & capacity, optimization of predictive maintenance. Last but definitely not least is the computer hardware and software industry where we have seen massive developments in design, performance, and capabilities as in the case of IBM because of adapting to big data.

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