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Creating Better Opportunities With Big Data Analytics- What You Need To Know - Prismetric

Creating Better Opportunities With Big Data Analytics- What You Need To Know

It’s a story of a few decades back where from people to machines to the process, everything is spitting data like nowhere. It holds true even today and in the future as well. The stats too support the same.

better opportunities with Big Data Analytics

By 2020, 1.7 megabytes of data will be created every second, for every person on earth, as stated in a research.

Well, coming back to what we were discussing. No one knew that the deluge of data holds significance or not, or whether it helps companies to gain a competitive advantage or not. Further, no one had dared to sit and sift through the data. It was really an alarming situation. That’s where big data technology comes in, which has had guided from leading giants to the SMBs that are getting overwhelmed with the data by organizing the structured and unstructured data.

However, the well-organized data was of no value unless the hidden patterns or insights were uncovered and quick access to the data was implausible. Here the advanced analysis of big data stepped in, that has a big impact and carries the potential to disrupt the processes for many big and small businesses and industries. Despite, initially, the much created big data analytics hype was felt a little abstract as companies are unaware of the tools or didn’t have the know-how to explore, analyze and make predictive actions from the collected data.

Presently, the myriad big data solutions offer spiffing opportunities to the businesses to improve their workflow, optimize the processes, create smart strategies and make data-driven decisions with powerful visualization in the data. Moving further, the big data analytics integration truncates the costs and fuel up the business revenue to billion dollars.

 

big data business revenue

 

The excellent benefits of best Data Management and Data Intelligence are gearing up different sectors to weave the big data analytics technology in their business DNA. That’s the reason the market will see a few things in near future:

  • The insights-as-a-service market will double as 80% of the firms will count on insight service providers to avail the insights capabilities.
  • The data engineer will become the hottest job title with13% of jobs posted online for data engineers as opposed to data scientists with less than 1%.
  • 50% of the enterprises is anticipated to embrace the cloud-first strategy for the big data analytics by the end of 2018.

The solution to real business challenges is the major cause, the data analytics integration has become undeniable and becoming the part and parcel of every business. Let’s see, which industries have derived meaningful insights and translated those insights into predictive actions, that’s easier said than done. Here’s a roundup:

Manufacturing

Focusing on advanced data analytics, the manufacturers can enable better team collaboration and enhance workforce efficiency, which in turn dramatically reduce waste, improve product quality, and increase yield.

Using the application of statistics and mathematical tools, taking a deep dive into the data, identifying the patterns and then optimizing the processes taking discrete factors into the consideration have a great impact on the productivity. The bonding of Big data technology with IoT will add to the ease of the manufacturing businesses.

McKinsey and company have cited a use case of a European maker of functional and specialty chemicals whose yield was much higher than industry benchmarks. The company’s yield was even more increased with raw material waste reduction by 20% and energy cost reduction by 15% using neural-network techniques that have unfolded the unexpected insights when the analysis is done.

Ecommerce

Online retail business is all the rage. There is no such thing which is not available online to buy. The boom of online shopping will skyrocket and expected to bring $100 billion in revenue to the e-retailers.

The growth in e-shopping means more customers, more transactions and consequently, more data, which needs to be captured, monitored, analyzed and acted upon. Decision making from data collected could also help edge past your competitor. It won’t pop-up a lot of challenges when predictive analytics in conjunction with big data is here.

By building a foundation of analytics in Ecommerce culture, the merchants can optimize the profit margin by 60%.

Leveraging the technology, the e-retailers can track the customer’s journey from entry to exit and the several micro-interactions provides valuable insights which can be used to offer personalized recommendations, gaining customer feedback to incorporate changes, enhance customer experience, reduce cart abandonment rate, improve customer service and prevent frauds.

Also, the deeper visualization of the user’s behavior and browsing pattern in the real-time helps in delivering the users what they need off the bat. The immediate resolution of the issues satiates and delights the customers on their couch, which means the technology making your store prepare to stay in front of a new breed of customers.

Agriculture

The technology has turned the agriculture into precision agriculture where the farmers can predict the crop yields at high accuracy even before planting the seed. Perplexing, but true. The computer algorithm analyzes the decades of crop yields, weather conditions and other things to make the shocking predictions.

Presently, it’s stated by the industry leaders that agriculture industry has just tasted the analytics prediction. Using big data, farmers can now speed up the plant growth or make the plant grow even in the harsh climate conditions; chemists and scientists are working on the seeds creation that can grow in any environment to prevent famine; farming automation leveraging advanced drone with sensors is picking up the pace where the data collected from planting to harvesting is analyzed to eliminate the minute flaws; in addition, knowing the environmental condition in advance eases the agricultural crop-related decision making.

All in all, the data intelligence revolution is modernizing the agriculture at a rapid pace, which is never seen before. The industry is witnessing reduced fertilizer utilization, cost saving, improvement in yield and more financial benefits when technology is incorporated.

Insurance

You have certainly experienced while taking the insurance policy that insurance professionals collect a huge amount of data, but you don’t know the tale of the later stage. Afterwards, the data is handed over to the underwriter to assess the risk using actuarial data, claims data, health condition and other habits. From thereon, the premium is calculated and the policy is issued.

All the data stored in the computers are never analyzed and shared with anyone. The static process never lets the insurer identify the important customer attributes that can change the game of insurance selling. Also, taking taking data-driven marketing initiatives could prove to be a vital decision for the business.

According to a research by Applied systems, understanding the advantages of big data analytics, over the next three years, the 50% of the insurers prioritize the big data technology investment to capture the client’s insights for engaging the customers, and employing data to show the important aspects for taking marketing decisions.

Embracing the technology, the insurance company will become customer-centric where insurance agents will have the visibility into the gap of insurance coverage of existing customers; making accurate premium predictions for the insurable events based on customers profile or interest becomes easier; fraudulent claims can be minimized or stopped as the actionable intelligence from different channels helps in figuring out the data is right or not in the real-time; self-servicing of policies will get started that makes customer happier and takes off a lot of work from the agent’s plate.

Takeaway

There is no industry left that’s untouched by the impact of big data technology. The data intelligence is transforming every industry in every aspect. The reason being all these industries have one thing in common which is loads of data that cannot give a whole picture of people, processes or system. The computing algorithms carry the power to interpret the data.

Understanding the importance and the need for big data analyzation, the leading organizations have already started remodeling the processes at the intersection of big data and analytics to avail the prodigious opportunities hidden inside the data. We have shared the examples of a couple of industries that have improved the productivity and revenue with the technology’s tight integration. The list is incomplete.

Are you keen to explore how the power of data analytics disrupts your industry? If so, connect with our consultants that help you discover and offer solutions for your business.