is it actual concern, what you know?.
No, It’s what you do with what you know. That’s something companies worldwide will be learning for better or worse in the coming year when it comes to big data.
It has been proclaimed that 2017 will be the year big data goes mainstream in terms of it’s maturity model and real need.
The truth is 2017 marks an even more meaningful shift when it comes to using data in business.
For the first time, it will drive business operations, rather than simply reflecting performance. That’s a powerful proposition for those who use analytic effectively. On the flip side: It could be absolutely devastating for companies who are falling behind.
If you’re worried your business may have missed the big data boat, you’re in good company.
According to the world survey, a majority of today’s businesses are “nowhere close” to recognizing the value analytic can bring. The reasons are all-too familiar: Lack of vision, lack of communication, lack of an actual plan. The good news: you can do something about it.
Applications of Big Data:
1. Financial services:
Credit card companies, retail banks, private wealth management advisories, insurance firms, venture finds, 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:
i. Customer analytics
ii. Compliance analytics
iii. Fraud analytics
iv. Operational analytics
Gaining new subscribers, retaining customers, and expanding within current subscriber bases are top priorities for telecommunication service providers. The solutions to these challenges lie in the ability to combine and analyze the masses of customer generated data and machine generated data that is being created every day.
Brick and Mortar or an online e-tailer, the answer to staying the game and being competitive is understanding the customer better to serve them. This requires the ability to analyze all the disparate data sources that companies deal with every day, including the weblogs, customer transaction data, social media, store branded credit card data, and loyalty program data.
Thinkpro can better understand the real value of you data !