Big Data importance and applications

Big Data Importance and Applications

Big Data Importance :

Big Data importance doesn’t revolve around the amount of data a company has but lies in the fact that how the company utilizes the gathered data.

Every company uses its collected data in its own way. More effectively the company uses its data, more rapidly it grows.

By analysing the big data pools effectively the companies can get answers to :

Cost Savings :

• Some tools of Big Data like  Hadoop can bring cost advantages to business when large amounts of data are to be stored.
• These tools help in identifying more efficient ways of doing business.
• Time Reductions :
• The high speed of tools like Hadoop and in-memory analytics can easily identify new sources of data which help businesses analyze data immediately.
• This helps us to make quick decisions based on the learnings.

Understand the market conditions :

• By analyzing big data we can get a better understanding of current market conditions.
• For example: By analyzing customers’ purchasing behaviors, a company can find out the products that are sold the most and produce products according to this trend. By this, it can get ahead of its competitors.

Control online reputation :

• Big data tools can do sentiment analysis.
• Therefore, you can get feedback about who is saying what about your company.
• If you want to monitor and improve the online presence of your business, then big data tools can help in all this.

Using Big Data Analytics to Boost Customer Acquisition(purchase) and Retention :

• The customer is the most important asset any business depends on. 
• No single business can claim success without first having to establish a solid customer base.
• If a business is slow to learn what customers are looking for, then it is very likely to deliver poor-quality products.
• The use of big data allows businesses to observe various customer-related patterns and trends.

Using Big Data Analytics to Solve Advertiser's Problem and Offer Marketing Insights :

• Big data analytics can help change all business operations.
• Like the ability to match customer expectations, change the company’s product line, etc.
• And ensuring that the marketing campaigns are powerful.

Big Data Applications :

In today’s world big data have several applications, some of them are listed below :

Tracking Customer Spending Habit, Shopping Behavior :

• In big retails stores, the management team has to keep data of customer’s spending habits, shopping behaviour, most liked product, which product is being searched/sold most, based on that data, the production/collection rate of that product gets fixed.

Recommendation :

• By tracking customer spending habits, shopping behaviour, big retail stores provide recommendations to the customers.

Smart Traffic System :

• Data about the condition of the traffic of different roads, collected through cameras, GPS devices placed in the vehicle.
• All such data are analyzed and jam-free or less jam way, less time taking ways are recommended.
• One more profit is fuel consumption can be reduced.

Secure Air Traffic System :

• At various places of flight, sensors are present.
• These sensors capture data like the speed of flight, moisture, temperature, and other environmental conditions.
• Based on such data analysis, an environmental parameter within flight is set up and varied.
• By analyzing flight’s machine-generated data, it can be estimated how long the machine can operate flawlessly and when it can be replaced/repaired.

Auto Driving Car :

• In the various spots of the car camera, a sensor is placed that gathers data like the size of the surrounding car, obstacle, distance from those, etc.
• These data are being analyzed, then various calculations are carried out.
• These calculations help to take action automatically.

Virtual Personal Assistant Tool :

• Big data analysis helps virtual personal assistant tools like Siri, Cortana and Google Assistant to provide the answer to the various questions asked by users.
• This tool tracks the location of the user, their local time, season, other data related to questions asked, etc. 
• Analyzing all such data provides an answer.
• Example: Suppose one user asks “Do I need to take Umbrella?”The tool collects data like location of the user, season and weather condition at that location, then analyzes these data to conclude if there is a chance of raining, then provides the answer.

IoT :

• Manufacturing companies install IOT sensors into machines to collect operational data.
• Analyzing such data, it can be predicted how long a machine will work without any problem when it requires repair.
• Thus, the cost to replace the whole machine can be saved.

Education Sector Energy Sector :

• Online educational courses conducting organization utilize big data to search candidates interested in that course.
• If someone searches for a YouTube tutorial video on a subject, then an online or offline course provider organization on that subject sends an ad online to that person about their course.

Media and Entertainment Sector :

• Media and entertainment service providing company like Netflix,
• Amazon Prime, Spotify do analysis on data collected from their users.
• Data like what type of video, music users are watching, listening to most,
• how long users are spending on site, etc are collected and analyzed to set
• the next business strategy.