What Is Considered Big Data Analytics?
What is considered big data? It is the inevitable outcome of today’s new era of information technology, which have made practically everything which exists in our daily lives digital in nature. The result of this digital revolution is huge amounts of data which has to be processed and stored effectively in order for analysis and understanding. Today, almost everything is stored in one form or another and is accessible through online means. Thus, large amounts of data-whether it is from the health care industry, financial sector, or from the government-are becoming important aspects for society.
With regard to health care, big data analytics have become a fact of life today. Here, a patient’s complete medical history is known and the doctors can make a decision right away whether the medication he is taking will suit him or not. With this information, doctors are able to make relevant treatment plans and can analyze the data obtained for better understanding of a patient’s health condition. With this in mind, it is not surprising that hospitals today are adopting big data technologies.
Big data can also be used in the financial sector. Banks use big data analytics to make better decisions on loans and mortgages. Since banks require a huge amount of data in order to make sound financial decisions, this type of analytic approach is essential. Today, almost every bank in the US has established an internal team that focuses solely on using big data analytics to make better business decisions. Likewise, financial institutions all over the globe are using complex algorithms to conduct analytical procedures on the billions of records they have on their computers.
Another sector heavily relying on big data analytics is the airline and transportation sector. In fact, big data has made travel safer than ever. With this technology, airlines are able to predict passenger traffic based on factors such as wind speed, cabin pressure, and other environmental factors. They can also forecast peak traffic times and avoid delays and overcrowded flights, which result in more customer satisfaction and higher loyalty among existing customers.
Health care is another field where big data analytics is being increasingly used. The reason why is because this technology enables health care providers to see and understand patterns and behaviors for better patient care. For example, if a nurse sees that a particular patient appears to be in pain more often than other patients, then this nurse can act more pro-actively to prevent unnecessary pain. This helps the doctor to prescribe a better medication for the patient. This makes the health care system efficient and less error-prone.
Software development is another application that is making use of big data. There are many examples in today’s technology market where programmers have created new applications that were developed from big data sets. Examples include ride-sharing services such as ride share, taxi services, and other ride-sharing applications. Other areas where big data is being used includes financial markets and insurance. In the insurance industry, big data can be used to predict risk and determine premiums for customers, as well as identify and eliminate certain high-risk or even risky customers.
When applying big data analytics to a wide variety of industries and businesses, it is important for organizations to realize that big data analytics isn’t only for solving pressing business problems or providing specific solutions. Rather, big data analytics is being used in many situations that do not directly impact the current business operations, such as helping consumers with shopping online or helping managers make strategic decisions. Because the data sets involved are so large and diverse, there are opportunities to apply big data analytics in a non-business context.
In summary, the five main benefits of what is considered big data are that it can improve business performance and create competitive advantage, it can provide significant value to both customers and business leaders, and it can lead to significant organizational change. These advantages are increasing awareness within the business community and among other stakeholders of the value that is associated with big data. Furthermore, the ability to leverage large volumes of data generated in a timely and effective manner is changing how organizations address their challenges. Because of these changes, the future of what is considered big data analytics looks promising.