What is Big Data Analytics?
Big data analytics is the process of examining large and varied data sets -- i.e., big data -- to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help organizations make more-informed business decisions.
The definition of Big Data, given by Gartner is, “Big data is high-volume, and high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation”.
Data Analytics: Data Analytics the science of examining raw data with the purpose of drawing conclusions about that information.
Applications of Big Data:
More information about Data Analytics for Beginners
Big data analytics is the process of examining large and varied data sets -- i.e., big data -- to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help organizations make more-informed business decisions.
The definition of Big Data, given by Gartner is, “Big data is high-volume, and high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation”.
Data Analytics: Data Analytics the science of examining raw data with the purpose of drawing conclusions about that information.
Why Is Big Data Important?
The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable 1) cost reductions, 2) time reductions, 3) new product development and optimized offerings, and 4) smart decision making. When you combine big data with high-powered analytics, you can accomplish business-related tasks such as:
- Determining root causes of failures, issues and defects in near-real time.
- Generating coupons at the point of sale based on the customer’s buying habits.
- Recalculating entire risk portfolios in minutes.
- Detecting fraudulent behavior before it affects your organization.
Who uses big data?
Big data affects organizations across practically every industry. See how each industry can benefit from this onslaught of information.
- Banking
- Education
- Government
- Health Care
- Manufacturing
- Retail
Big Data for financial services: Credit card companies, retail banks, private wealth management advisories, insurance firms, venture funds, and institutional investment banks use big data for their financial services. The common problem among them all is the massive amounts of multi-structured data living in multiple disparate systems which can be solved by big data. Thus big data is used in a number of ways like:
- Customer analytics
- Compliance analytics
- Fraud analytics
- Operational analytics
References
https://www.sas.com/en_au/insights/big-data/what-is-big-data.html
https://searchbusinessanalytics.techtarget.com/definition/big-data-analytics
https://www.simplilearn.com/data-science-vs-big-data-vs-data-analytics-article
No comments:
Post a Comment