27 Oct Tools for Big Data Analytics
Big Data Analytics is the process of collecting large chunks of structured/ unstructured data, segregating and analyzing it and discovering the patterns and other useful business insights from it. It helps in determining which data is relevant and can be analyzed to drive better business decisions in the future.However, with increasing volume, velocity, variety and veracity of the data, it is a huge challenge to manage the data and get the relevant business insights and intelligence from it. Many commercial as well as open source tools are available for big data analytics in organizations.
Application areas of Big Data Analytics Tools & Solutions
Big Data has become a key differentiator in helping organizations forecast and make strategic decisions to remain competitive and increase revenue, reduce risk and attain growth. Let us have a look at how Big Data & Analytics play a key role in improving the efficiency.
The Travel industry generates a vast quantity of data around reservations, inquiries, itineraries, hotels, rental cars, trains, airlines, fare charts, customer feedback etc., thus leaving long trails of data. By utilizing this data using Big Data analytics the travel industry players can deliver a much improved customer experience and increase the business efficiency.
Big data is helping every industry to become more efficient and productive. Medicine and Health care sector are also not different. As healthcare industry generates large amounts of data continuously big data analytics plays a key role in improving services and tackling some of the major challenges in the healthcare sector, especially in terms of patient profile analysis, genomic analysis, public health monitoring, diagnosis and consulting, fraud analysis etc. Cloud- based Big Data Analytics Patient Experience Management platform can help Providers better understand the actual patient experience, the key driving factors for enriching the same and enable custom offerings and campaigns to the target patient groups for optimal reach and response with the overall aim to enhance the patient experience and satisfaction, at a fraction of a cost of in- house development.
E-commerce & Retail
E-commerce and retailers are prioritizing data collection from Omni channel and are implementing analytics to gather relevant business insights which helps them reach more customers and boost sales. Big Data Analytics play a key role in almost all stages of the ecommerce and retail selling/ buying process. This will be around predicting the trends, identifying the potential customers, optimization of the pricing models, customer segmentation based on the buying behavior and present personalized, real time offers based on the customer preferences. In short, Big Data Analytics helps ecommerce and retail players provide a smart shopping experience.
Manufacturing industry deals with huge amounts of data from a network of thousands of motors, heavy duty mechanical equipment, electronic relays and sensors synchronized & controlled by complex systems. The industry demands to monitor thousands and thousands of parameters & signals in every moment. With the right big data analytical solutions, manufacturing industry players can shift their focus from traditional monitoring processes to a more agile and real time process. This enables them to generate tactical insights for substantially improving the business performance at the same time addressing many challenges.