The use of big data analytics and specifically Hadoop is the latest buzzword in the IT world. The promise to provide analytics solutions for business was first mentioned in a speech by Google co-founder and CEO, Larry Page. His speech referred to the need for data visualization tools that would allow users to get “alogic” visual representation of data sets. It was then that the term “big data” was coined by Page.
How can the usage of big data help us? For starters, businesses stand to benefit greatly from the insights it provides. Today’s information systems, even those based on internal memory can be quickly accessed thanks to Hadoop. The big data allows businesses to make informed decisions on key strategic issues. With this in mind, some analysts have concluded that the key to success is in tapping into and harnessing big data analytics.
Another important question is how can big data analytics help us in business? In reality, the big data analytics is not so much about making smart choices. Rather, it is all about gathering and analyzing large volumes of data in a short span of time. The objective is to find relationships and patterns among data sets. This is a complex process and there are several ways in which companies can use data analytics to their advantage.
Data mining is one way to utilize big data analytics in business. This is where data sets with significant value are collected and analyzed using sophisticated algorithms and mathematical algorithms. Once the set of relevant data has been accumulated, business managers will use the tools to look at the data objectively. They will be able to see trends emerging and make informed decisions about what to do next.
Another way in which big data can help us in business is through its potential use for predicting and preventing risk. It is widely accepted that businesses cannot avoid risk. No matter how safe a business may seem, there will always be possibilities of some sort of disaster or incidence. However, data visualization makes it possible for users to focus on certain features of big data and predict different scenarios based on historical data. This is particularly useful for financial institutions where managing risks is crucial.
When dealing with complex issues such as health care, big data analytics can provide answers much faster than human doctors. Medical research has already made great strides in this area. Through big data visualization, computer scientists have been able to create visual representations of electronic medical records. This means that it is possible to know more about a person’s medical history in just a few minutes.
Finally, big data analytics can help us prevent fraud. There are already many cases of credit card fraud in which the perpetrator made changes to the account without telling the bank. By using mathematical algorithms, banks can quickly determine if any unauthorized transactions took place and were subsequently conducted, and in doing so they prevented potential losses.
If you are asking yourself “How can big data analytics help us? “, consider all the benefits that it provides. From protecting the bank from fraudulent transactions to preventing human error, big data analytics provides solutions for many business-related issues. Although this type of analysis has not completely replaced human experts, it is no longer a job for the human arm. Instead of spending weeks analyzing mountains of information, it is now possible to understand how certain activities are affecting the bottom line quickly and efficiently. In the end, it is probably worth the investment to hire big data analytics firms for their expertise.