Big Data comes of age today. From its humble beginnings as a shift from traditional databases to a grand, comprehensive repository of data, organized to suit the requirements of the data itself; today Big Data analytics solutions & services promise a logical connection to predictions, suggestions, finances and hence assured returns on investments.
Predictive Analytics emerges as a powerful tool to be used in conjunction with Big Data to combine real-time data with statistical data to foresee and expect future trends. Intelligent predictions assist the enterprises to en-cash opportunities as they also prevent catastrophic mistakes.
Modern-day tools like Big Data Analytics and Business Intelligence scrap the old-school methods of relying on descriptive data and reports. The businesses today rely on tools which not only help in decision making, they also generate new insights into the strategies, with an aim to finalize the future course of actions. Proactive participation is promoted by these modern methods by introducing self-service facilities, empowering key decision-makers to use their own acumen to foresee and face the future.
Applications Of Big Data And Analytics
This technology along with Predictive Analytics is mainly used to find out the trends, knowing the customers and their behavior, it helps the business with decision making and business performance improvement.
Fraud Detection And Security
With predictive Big Data Solutions, enterprises control the losses due to any deceitful activities before the occurrence. They achieve high performance, greater accuracy and make better predictions by various methods, such as
- Business Rules
- Anomaly Detection
Today, cybersecurity is a major concern and these highly reliable analytics help to control such vulnerabilities.
Businesses use Analytics for identifying potential clients, predicting their responses as well as promoting cross-sell opportunities.
With intelligent Big Data and Analytics, organizations increase operational efficiency
- Predictive Analytics Models are used to manage inventory and factory resources in many organizations
- Organizations make use of the predictive models generated from the Big Data to decide the sales expected according to the trends and are prepared to combat the demand
Predictive Analytics with Big Data and Analytics is extensively used for credit scoring, a method to assess individual capacity to purchase an asset or worthiness for obtaining insurance. The credit score is a number that is generated by a predictive model, incorporating all the data of the person to know his creditworthiness.
Getting Into Real Life
Big Data Solutions have interesting applications in real life, for various industries across domains.
Credit Card, Banking And Financial Services
- Detect and control fraud
- Manage credit risk
- Maximize cross-sell opportunity
- Intelligent customer relationship management
- Improve marketing campaigns
Government And The Public sector
- Control improper payments of tax
- Analyze misuse of funds and taxpayer’s money
- Detect criminal activities and patterns
- Relevant details for the citizens
- Predicting health concerns in accordance with geographies and populations
- Analyzing the effectiveness of medical & pathological tests
- Treatments & medications
- Predicting requirements in patient care and providing the facilities accordingly
- Active data sharing with research organizations and universities to determine patterns
- Controlling insurance claims related to fraud
- Identifying patients prone to risks, especially for chronic and life-threatening diseases
- Quality of life betterment with prudent foresight generated through Analytics
- Regulating premium rates for insurance
- Controlling insurance claims related to fraud
- Improvising claims processes
- Managing clients and Improving viability
- Enhancing marketing campaigns & increasing their effectivity
- Predicting factors related to compromise in quality
- Combating machinery & production failure
- Enhancing service resources and distribution
Media And Entertainment
- Identifying influencing attributes & hence trends
- Improving the insight of the business in a quick and cost-effective manner
Oil, Gas And Utility Companies
- Predicting future resource demands
- Sharing useful parameters helping in exploration
- Estimating the effectiveness of
- Promotional events
- Marketing campaigns
- Prudent inventory management across stores with predicted demands
- Analyzing online as well as offline consumer behavior to get a complete perspective of consumer behavior
- Predictions help in strategizing sports and games
- Estimating the moves and behavior of the competitor beforehand drives games using modern technology
On a Parting Note
With diverse and interesting applications of Big Data solutions, Big Data and Analytics is a trend to look out for. Complementing each other, Big Data, Business Intelligence Solutions, and Predictive Analytics need to be explored and put to use in innovative and interesting ways.