What is Big Data? It has been a staple of science fiction and technology for decades, but it is finally here to stay. It refers to the use of information technology in all its dimensions, including intelligence, logistics, manufacturing, healthcare, financial markets, and many others. More industries are using big data analytics to improve business performance, cut costs, and make strategic decisions.
So what is big data used for exactly? Data is collected and analyzed by computers in order to provide information that humans can understand. Humans usually handle this type of analysis through gathering facts and figures, manipulating them, and then synthesizing them into meaningful information. But computer software has made it possible to collect and analyze big amounts of data using high-speed networks and specialized servers.
Today’s financial services industry is one area where what is big data used for is critical to the running of the business. All financial transactions are made by people using key pieces of information such as bank account balances, credit card balances, income information, and payroll information. To make sense of all this data, computer programs are created to create and process it. These programs can make smart decisions about which investment strategies are most lucrative and can even tell individual investors whether a stock is worth buying or not.
Of course, financial data is not the only big data that is used. Medical, dental, and insurance data are also collected and analyzed by computer programs all over the country. As medical problems and accidents continue to become more common, big data will also play an important role in how health care providers to manage their patients’ data. These large amounts of data can be used to study causes of diseases, to identify treatment options, and to improve the quality of medical care around the country. Dental insurers are using big data to identify under-treated teeth and to find ways to lower health care costs.
Insurance companies are interested in big data because of its ability to tell them what is really happening with their insurance policies. When a claim is filed, the first thing the insurance company does is look at the claim history and historical data to determine what kind of loss they might be facing. By using historical data, they can determine if a person is at a higher risk of filing a claim again in the future, what kinds of medical issues might arise, and what age bracket they might be most likely to enter the workforce in. In many cases, insurance companies use this information to determine whether or not to give a customer insurance coverage based on the customer’s risk level. For example, someone who has been in the workforce for a long period of time and is now claiming on a major health insurance policy is less likely to be able to use another major health insurance policy in the future.
The government is another large area where what is big data used for is finding out what is really going on. Think about the social security numbers you receive each year as a result of a federal census. While most people don’t consider it important, the government is taking the time to collect this information so it can process your applications for social security benefits the right way. By using big data to process this information the right way, the government can make sure that it accurately processes all applications, and it can help the government to target its marketing efforts to those people who really need help.
Some businesses also use what is big data to save them money. For example, instead of having each employee to send in their time card each week, what is big data can be used to send an email or text message when a change needs to be made in the hours of work. The same can be done for vacation days and holiday pay. This means that what is big data can actually save the company money. Not only that, it can also reduce employee turnover, which can mean more income for the business owner.
Of course what is big data used for isn’t limited to just the financial matters. It is used in education, government, law enforcement, health care and any other industry where data can be processed accurately and quickly. Whether it is helping with medical records or census information, the data collected can be processed and returned quickly. This saves both time and money and makes businesses more productive with what is big data.