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.