Applications of Big Data Analystics

Big Data Analytics is Importance

Big data analytics may look simple, but there are a large number of processes that
are composed in it. We can think of big data as something that has huge volume,
velocity, and variety. Big data analytics tools can make sense of the large volumes
of data and convert them into valuable business insights.

The need for big data analytics comes from the fact that we are generating data at
an extremely rapid pace, and every enterprise needs to make sense of this data

This indicates the importance of big data analytics for making sense of large
volumes of data. It helps us organize, transform, and model the data based on the
requirements of an enterprise. It also allows us to identify patterns and draw
conclusions from the data.
 12 Drivers of Big Data Analytics
Let’s look for these drivers from two different lenses: Business and Technology. Business
entails market, sales and financial side of things, whereas, Technology has indicator/driver
targeted towards technology and IT infrastructure side of things. Let’s get going on the
business side first.
Business: So what drivers make businesses tick

1. Data driven initiatives: They are primarily categorized into 3 broad areas:
a. Data Driven Innovation: I particularly like the innovation aspect with being data
driven. Imagine being able to learn from your customer first what they need and
having the ability to drive innovation through those uber targeted data indicators.

b. Data Driven Decision Making: Data driven decision-making is the inherent ability of
analytics to sieve through globs of data and identify the best path forward. Whether in
terms of finding the best route to validating the current route and estimating the
success/failure in current strategy. It takes decision making away from gut and focus on
data backed reasoning for higher chances of success.

c. Data Driven Discovery: Your data know a whole lot about you than you image. Having a
discovery mechanism will help you understand hidden insights that were not visible
through traditional means.
2. Data Science as a competitive advantage: I had the fortune of interacting with couple of mid size
company’s executives from commodity businesses. There had been a consistent outcry on having to build
big data as a capability to add to their competitive advantage. With a proper data driven framework,
businesses could build sustainable capabilities and further leverage these capabilities as a competitive
edge. If businesses were able to master big data driven capabilities, businesses could use these capabilities
to establish secondary source of revenues by selling it to other businesses.

3. Sustained processes: Data driven approach creates sustainable processes, which gives a huge
endorsement to big data analytics strategy as a go for enterprise adoption. Randomness kills businesses
and adds scary risks, while data driven strategy reduces the risk by bringing statistical models, which are
measurable.

4. Cost advantages of commodity hardware & open source software: Cost advantage is music to CXO’s ears.
How about the savings your IT will enjoy from moving things to commodity hardware and leverage more
open source platforms for cost effective ways to achieve enterprise level computations and beyond. No
more overpaying of premium hardware when similar or better analytical processing could be done using
commodity and open source systems.
5. Quick turnaround and less bench times: Have you dealt with IT folks in your company? Mo and mo people,
complex processes and communication charter gives you hard time connecting with someone who could get the
task done. Things take forever long and cost fortunes with substandard quality. A good bigdata and analytics
strategy could reduce the proof of concept time smoothly and substantially. It reduces the burden on IT and gets
more high quality, fast and cost effective solutions baked. So, you will waste less time waiting for analysis /
insights and more time digging through mo and mo data, and use it for better insights and analyses which was
never heard of before.

6. Automation to backfill redundant/mundane tasks: How about doing something to the 80% of time that is
wasted in data cleaning and preprocessing. There is great deal of automation that could be take part and sky
rocket enterprise efficiency. Less manual time spent on data prep and more time is spent on doing analysis that
would have substantial ROI compared to mundane data preps and monotonous tasks.

7. Optimize workforce to leverage high talent cost: This is an interesting area that I am keeping a close eye on.
Businesses already have right talent pools that would solve some pieces of the big data puzzle on data science.
Businesses have BI, Modelers and IT people working in harmony in some shape or form. So, a good big data &
analytics strategy ensures current workforce is leveraged to it’s core in handling enterprise big data and also
ensures right number of data scientists are involved with clearer sight to their contribution and their ROI.
8. Data continues to grow exponentially: Whether you like it or not, data is increasing.
One key technological push is the increasing data and the threat of not being able to
use this exploding enterprise data for insights. Having a good strategy puts a pacifier to
growing unutilized data concerns.

9. Data is everywhere and in many formats: Besides being able to sieve through data in
huge volumes, having a stream of disparate data also poses its threats. Text, voice,
video, logs and other emerging formats make it harder to gain insights using traditional
tools. So, businesses need to drive their big data toolkit to prep for this exploding data
type that is entering corporate data DNA.

10. Alternate, Multiple Synchronous & Asynchronous data streams: Data coming
through multiple silos in realtime, creating problem in keeping up with this data in
existing data systems. These multiple streams put pressure on businesses to have an
effective strategy on handling these sources. With tools out there to handle such
situations, it has become important to acquire such capabilities before the competition
does.
11. Low barrier to entry: As with any business, low barrier to entry poses one great leverage for
businesses to try different technologies and come up with the best strategy. Easy frameworks &
paradigms have made available lots of tools, which are relatively easier to deploy. These tools could
deliver, a phenomenal computing horsepower.

12. Traditional solutions failing to catch up with new market conditions: Big data has given rise to
exploding volume, velocity and variety of data. These 3Vs are difficult to handle and demand
cutting edge technologies. New requirements have emerged from changing market dynamics that
could not be addressed by old tools, but demands new big data tools. Hence, a big data and
analytics strategy to embrace these tools before business goes obsolete.

So, businesses and technological headwinds are putting enough drive/pressure for adopting big data
initiatives. All we need to do at this point is not to run away but start exploring our options. The
sooner we get practical about this phenomenon, the better security it will buy to all of us.
Adapting the right data management will allow companies to:

Reduce the cost of functioning

Easily track current metrics and create new ones
A better understanding of the customer’s intent
Exposure to more targeted marketing campaigns
Locate new product opportunities and offerings

Companies are now implementing metadata management to discard older data and
develop a taxonomy. This helps to categorize data based on its business value. A
component of metadata is a central database that serves as a metadata dictionary, also
known as a data repository.
Big Data in Marketing?
Big data refers to the massive volumes of structured and unstructured data that
inundate businesses daily. In marketing, this encompasses a plethora of
information ranging from customer preferences and behaviours to market trends
and competitor analyses. The power of big data lies not just in its size but in the
ability to extract meaningful insights from it.

The significance of big data in marketing cannot be overstated. It enables

marketers to move beyond assumptions and make informed decisions based on
real-time data. By analysing large datasets, marketing professionals can identify
patterns, trends, and correlations that provide a comprehensive understanding
of their target audience and market dynamics
Applications of Big Data in Marketing
Here's a comprehensive exploration of the applications of big data in marketing:
1. Customer Segmentation
Big data allows marketers to segment their customer base with unprecedented
precision. Businesses can tailor their marketing strategies to specific audience
segments by analysing demographics, behaviour, and purchasing patterns. This
targeted approach ensures that marketing efforts resonate with the right people,
thereby increasing the effectiveness of campaigns.
2. Personalised Marketing
Personalisation has become a cornerstone of successful marketing, and big data
plays a pivotal role. Through data-driven insights, businesses can create highly
personalised experiences for their customers. From customised product
recommendations to individualised communication, personalised marketing
fosters stronger customer relationships and enhances brand loyalty.
3. Predictive Analytics
Predictive analytics utilises big data to forecast future trends and behaviours. In
marketing, this means anticipating customer needs and preferences before they arise.
Businesses can make data-driven predictions by analysing historical data, allowing them
to stay ahead of the competition and proactively address market shifts.
4. Real-Time Marketing
The immediacy of big data enables real-time marketing strategies. Marketers can analyse
data as generated, allowing them to respond promptly to changing market conditions.
Real-time marketing ensures that campaigns are relevant and timely, capitalising on
current trends and consumer sentiments.
5. Social Media Marketing
Social media platforms generate colossal amounts of data every second. Big data
analytics empowers marketers to extract valuable insights from social media interactions.
From monitoring brand mentions to understanding audience sentiment, leveraging big
data in social media marketing enhances the effectiveness of campaigns and informs
strategic decisions.
Tips for Successful Implementation of Big Data Analytics in Marketing
Here are essential tips to ensure the effective integration of big data analytics into your
marketing strategies:

1. Define Clear Goals and Objectives

Before diving into big data analytics, establish clear goals and objectives. Define what you
aim to achieve with the data, whether it's improving customer retention, increasing
conversion rates, or enhancing overall marketing efficiency.

2. Choose the Right Tools and Technologies

Selecting the appropriate tools and technologies is paramount for successful
implementation. Ensure that the chosen analytics tools align with your business goals
and can handle the scale and complexity of your data.
3. Ensure Data Quality and Accuracy
The accuracy of insights derived from big data relies on the quality of the data
itself. Implement measures to maintain data accuracy, cleanliness, and
consistency to ensure reliable results.

4. Hire Skilled Professionals

Big data analytics requires expertise. Invest in hiring skilled professionals who can
navigate the complexities of big data and extract meaningful insights. This may
involve data scientists, analysts, and other specialists.

5. Ensure Data Privacy and Security

As data volumes increase, so do concerns about privacy and security. Implement
robust measures to safeguard customer data and comply with data protection
regulations. Building trust with your audience is paramount.
Future of Big Data in Marketing
The future of big data in marketing holds exciting possibilities, driven by ongoing technological
advancements and shifting industry dynamics. Here's an in-depth exploration of what the future
may hold:
1. Advancements in Technology
The future of big data in marketing is closely intertwined with technological advancements. As
technology evolves, so do the capabilities of big data analytics. Automation, advanced algorithms,
and innovative tools will continue to reshape the marketing analytics landscape.

2. Increased Adoption of Big Data Analytics

The trend of incorporating big data analytics into marketing strategies is expected to rise. More
businesses will recognise the value of data-driven decision-making and seek to leverage big data to
gain a competitive edge in their respective industries.

3. Integration with AI and Machine Learning

The synergy between big data and artificial intelligence (AI) will become more pronounced.
Integrating AI and machine learning algorithms into big data analytics will enhance predictive
capabilities, enabling marketers to make even more accurate forecasts and automate decision-
making processes.
Sales data analysis helps businesses identify their most profitable
products and services. This information can then be used to
allocate resources more effectively, focus on high-potential
opportunities, and discontinue underperforming products or
services.
There are some of the several ways that big data analytics helps firms by
supporting the sales sector.
Processing Marketing campaigns
Big data can analyze a company's marketing efforts, such as consumer clicks and
customer engagement time, and provide a detailed picture of how well a certain
marketing campaign is doing. Through the identification and connection of
repeating trends, it can also help firms gauge the effectiveness of a specific
marketing effort
There are some of the several ways that big data analytics helps firms by supporting
the sales sector.

Identifying Audiences
Big data analytics can all determine age, demographics, and the type of audiences
who choose to respond to marketing initiatives. For instance, asking consumers to sign
in using their email accounts is one technique to identify the type of customers. The
elements that first drew these audiences in and those necessary to include other
target groups can be found using big data analytics. The organization would be able to
adjust marketing strategies as necessary and provide insights for the targeted efforts
needed to reach all of its potential consumers if they were aware of the causes of
customers' selective replies.
Monitoring market trends and competitors' progress
Big data analytics can assess a product's effectiveness in light of shifting market trends. If a product
is inferior to that of a rival, there is no purpose in selling it. Big data analytics allows businesses to
change customer preferences while keeping an eye on competitors in a way that is advantageous for
the company.
Predicting Product Sales
Big data analytics can identify a product's sales patterns. Businesses can use these forecasts.
Businesses can, for instance, concentrate on areas where sales are more successful. Fair analyses
can forecast customers' future behavior, allowing firms to track their success rates consistently.
Detecting Patterns That Could Be Missed
Big data analytics allows organizations to swiftly identify irregularities and take action before things
get out of hand. For instance, it is possible to find anomalous transactions. These insights might
shield the company from fraudulent situations.
Customer-friendly Business Growth
Big data analytics empower firms to strike the ideal balance between customer- and product-centric
sales by focusing on customer input. Such a company will grow steadily since its foundation is
founded on client loyalty, boosting customer trust.
Big data analytics improves business visibility and productivity by controlling the virtual
infrastructure of sales data and sharpening marketing focus.
Here are the five effective ways that can help you improve customer support with
big data analytics:

Automated predictions: Integration of big data analytics in your customer service

operations can help provide automated predictions regularly. It does not only help offer
personalized nudges to the customer but can also act as a guiding force for the customer
service team. A BI platform that brings predictive power to analytics can provide insights that
can help build a positive customer experience by analyzing customer behaviour. With insights
into customers and their expected behaviour in advance, the customer service team is better
equipped to handle possible objections and improve customer satisfaction scores.
Advanced analytics : With no-code analytics, businesses can extract customer intelligence
and track agent productivity without the help of a data scientist. The customer service team
can use advanced capabilities of big data analytics to track, measure and improve
performance of various processes. Advanced analytics can help a business with systemized
insight building and end-to-end data solutions. Depending on the metrics you are tracking,
you can take steps towards improving specific areas of customer service with the right
measurement tools in place.
Sentimental analysis : According to McKinsey Research, 70% of the customer’s journey is driven by
how they feel they are being treated. Therefore, it is crucial to understand how customers feel on an
emotional level and build an ecosystem to win their loyalty. Big data analytics enable a business to
undertake sentimental analysis in a customer journey. With qualitative and quantitative feedback,
big data analytics can analyze sentiments to improve customer support.
Streamlining customer support processes: Big data analytics can be essential in streamlining
customer support processes and saving time for customers. For instance, if the customer is getting
re-routed from the IVR frequently, it may be worthwhile to improve agent quality or increase the
efficiency of the IVR menu.
Improves problem-solving ability : Interacting with customers and resolving their problems is a
critical customer service component. It is not just the regular run-of-the-mill problems that need
timely resolution but even the complex ones that are unusual and rare. The introduction of big data
analytics in customer service operations can help in improving the problem-solving ability of the
customer support team. Big data analytics can help detect and analyze variants of various queries
and determine the correct answer. You can also use big data analytics capabilities to create self-
service solutions for customers to improve customer experience. It helps in understanding what your
customer needs and making decisions to solve the challenges faced by the customers.
The Origin and Evolution of Big Data Analytics in Finance
The origin of Big Data Analytics in finance can be traced back to the early 2000s
when firms started utilizing high-frequency trading algorithms to process vast
amounts of data in real time. Over time, the use of Big Data Analytics has evolved
to include other areas such as risk management, customer analytics, fraud
detection, and compliance. Learn more about the importance of data analytics in
business today!

The increasing availability of data, coupled with advancements in technology access

and distribution, has contributed to the growth of Big Data Analytics in finance. In
recent years, cloud-based solutions, web services and artificial intelligence have
become more prevalent in the financial industry, enabling institutions to process
larger volumes of data at faster speeds.
Key Benefits of Using Big Data Analytics in Finance
The use of Big Data Analytics offers several benefits to financial institutions, including:
Improved decision-making: By providing insights into market trends, customer behavior, and risk
potential, Big Data enables companies to make better predictions about their future financial
performance by analyzing past performance trends and customer preferences. This provides
them with a competitive advantage over other companies who don't have access to this kind of
information about their customers or competitors' products/services. This may help them decide
what new products should be developed next year based on how well they did last year when
they were released into the marketplace.
Increased efficiency: Big Data Analytics can automate processes and reduce manual labor,
delivering increased efficiency and improved productivity. With access to real-time insights into
their operations (such as production lines), managers can make changes in real time rather than
reactively.
Better risk management: Big Data Analytics can help financial institutions identify and manage
risks proactively.
Enhanced customer experience: Big Data Analytics can help firms better understand customer
needs and preferences, resulting in more personalized products and services
Pros and Cons of Big Data for Finance
As the world becomes more digitized, so does the finance industry. Transactions that used to be
conducted in person or over the phone are now being done online, and this shift has created a
need for new ways to collect and analyze data.
Overall, big data for finance has both advantages and disadvantages. Its advantages include
detecting financial risks and opportunities and creating more personalized financial products and
services. However, big data also has disadvantages, such as potential misuse and privacy
concerns.
Pros of big data:
• Opportunities to make better decisions
• Improving productivity and efficiency
• Reducing costs
• Enhancing customer experience
• Fraud detection
Cons of big data:
• Compliance costs
• Cost and infrastructure issues
Healthcare analytics
Big data analytics for healthcare uses health-related information of an individual or
community to understand a patient, organization or community. In the past,
managing and analyzing healthcare data was tedious and expensive. More recently,
technology has helped the healthcare sector make leaps and bounds to keep up with
the flow of big data in healthcare.

Diagnostic devices, medical machinery, instrumentation, online services — sources

such as these are transferring data throughout a healthcare network. This is done
with the help of big data tools such as Hadoop and Spark
Big data examples in healthcare
With a variety of data analytics tools and methods, healthcare analysts use big data to inform
health prevention, intervention and management. Efforts such as these can help enhance the
patient experience, improve efficiency and quality of care and lower healthcare costs. Big data
analytics for healthcare makes it possible to get a more complete picture of something to make
smarter decisions.

One of the most current and relevant big data examples in healthcare is how it has impacted
the global coronavirus crisis. Big data analytics for healthcare supported the rapid development
of COVID-19 vaccines. Researchers can share data with each other to develop advanced
medications very quickly. Big data in healthcare also predicted the spread of disease by allowing
healthcare information to be processed much more rapidly than in the past during other
pandemics.
Big data in healthcare can benefit patients and providers alike in many different ways.
Here are just a few other big data examples in healthcare:

Patient outcomes. Big data can be used in healthcare to identify individual and
community trends and develop better treatment plans or predict at-risk patients.
Staffing and operations. Healthcare analytics can use big data to forecast patient
admissions trends at specific times of the day and schedule the right number of staff
during peak or slow periods.
Product development. Big data in healthcare can help drive innovation and reduce the
time it takes to bring a new product, such as prescription meds, to market.
Strategic planning. Healthcare analytics can help compare chronic disease and
population growth in neighborhoods to identify problem areas and plan additional
services.
Crime prevention. Healthcare analytics has helped streamline insurance claims
processes, so providers can detect fraud more easily and patients can receive
payments faster
Challenges of big data in healthcare
As a relatively new field, big data in healthcare is still evolving to keep up with the
fast pace and changing nature of technology. With such vast amounts of data
available to work with, organizations and leaders can struggle with knowing where
and how to start with data analytics in healthcare to find the information that is
meaningful.

Making use of all of this data raises concerns of healthcare cybersecurity and
information privacy. The issue of governance — who owns and is responsible for
overseeing the planning, implementation and management of big data — is also a
common concern among healthcare organizations.

Many healthcare organizations lack adequate systems and databases — and the
skilled professionals to handle them
Big Data Analytics in Human Resources

When it comes to building a successful business, arguably the most valuable

asset is the people within the organization. Human resource management
departments are increasingly looking to data analytics to inform their key people
decisions, and thanks to evolving artificial intelligence and machine learning, HR
professionals now have even more data available to help inform these decisions.
While tech-driven intelligence and data analytics plays a critical part in the hiring
process for many organizations, a growing number are applying increasingly
sophisticated HR metrics to make data-driven people decisions that will impact
employees throughout their career journey within the organization
5 Applications of HR Data Analytics to Boost Performance

Here are five ways HR and talent management teams are applying data analytics to
cultivate employee development and create high-performing organizations.

Measuring Performance : Organizations can use analytics tools to establish

employee performance benchmarks, and then coach existing and incoming
employees to understand those qualities and their impact. Organizations can even
use data gathered from top-performing teams or individual employees as a means to
understanding effective processes and set standard benchmarks for other groups in
the organization to follow.
Informing Promotion and Salary Decisions
A major demotivator for many high-performing employees is watching under-
performing peers receive promotions. There can be several factors that lead to this, but
human bias and nepotism can often play a part. Taking a data-based approach can help
organizational leaders watch the rate at which employees are receiving promotions and
raises and what key factors drive these decisions

Understanding Attrition and Increasing Retention

Performance-based analytics can also be applied to predict which employees might
be more prone to leave, while also telling a story about what factors contribute to
attrition. Money may be less of a factor than the quality of managers and
supervisors, according to management consulting. Money may be less of a factor
than the quality of managers and supervisors, according to analysis of management
consultancy entity . Attrition is the departure of employees from the organization
for any reason (voluntary or involuntary), including resignation, termination, death
or retirement.
Examining Employee Engagement
A crucial metric for any HR department is employee engagement. This
data is typically gathered via employee engagement surveys that are
conducted by outsourced survey providers (i.e. Gallup). However, more
organizations are seeing the benefit of bringing this in house to their HR
departments for both faster results and to maintain the ownership of
their employees’ data

Measuring Employee Development and Learning Outcomes

A vibrant training program can benefit organizations with a more productive
workforce and improved retention. Rather than ask employees a few static
questions at the completion of training, organizations can shift focus from
satisfaction with the training to comprehension of the program, tracking the
employee’s actual progress throughout the training.
Companies can go one step further by applying predictive analytics to customize
training content that better meets employee learning styles at an individual level
Big Analytics in Government Operations

There is an immense amount of data available in various forms and from various
sources. Combine this with the most advanced technology and the concept of Big
Data is born. For a precise definition. Big Data refers to huge volumes of
structured and unstructured data. But the treasure is not in the size of the data.
There may be several useful pieces of information in the massive sources of data.
It may be highly complex and may also take a very long period to assemble useful
pieces of information from this massive junk. This is where Big Data Analytics can
be useful.
Main benefits of implementing this Big Data Analytics tool within the
government sector:

1. Cities and regional governments: Helps manage costs, optimize services,

manage infrastructure intelligently and create performance management
frameworks that show value to all stakeholders.
2. Tax and welfare: Combining these tools with predictive analytics, governments
can detect fraud and maximize revenue collection through optimized and cost-
effective customer contact programs.

3. Security: Respond to security threats, both internal and external, by visually

monitoring a country’s events, thwarting criminal activity through mobile
patterns, as well as protecting the nation against external threats, both digital
and physical.
 Big Data Analytics tool within the government sector. Contd..
4. Defense: Provides meaning to complex logistical information tracking and data
security.
5. Education: Helps optimize educational programs and courses to get the most value
from available resources.
6. Health: Through historical data, along with current mobility patterns, governments
can understand a disease outbreak and take measures to control it, while being able
to initiate targeted wellness programs for specific cohorts in the country, targeting
preventive healthcare programs.
7. Reduce financial fraud: Through sophisticated algorithms, dubious transactions are
immediately tracked, providing insights into citizens’ behavior and mitigating financial
fraud.
8. Improved welfare initiatives: Through sentiment analysis, it is possible to track
national sentiments and develop new services and initiatives according to citizens’
needs.
Quick and improved decision making: Identification of trends and other insights
enables faster decisions. Data can be accurately analyzed, and specific information
can be generated. For example, the classification of a regions people can be made
on income-levels, health, gender, and age among others. This can be done in
seconds using advanced data analytical tools. Specific government policies and or
strategies can be implemented based on these pieces of information.
Easier data storage: Government agencies must collect, or people must submit
personal information all the time. Tax and Insurance agencies are good examples of
this. But the same data may have to be submitted multiple times, for each agency's
requirement. This leads to additional expenditure, wastage of time and also the
possibilities of mismatches between records. The public may enter submit different
information each time or varied data to different agencies. Pre-filled forms with
data generated from Big Data Analytics can speed up the processing time and
remove errors. Moreover, storage of all data in a centralized place makes it easier
for all government agencies to access the information from a shared pool.
Eradication of fraud: This has been one of the core benefits of Big Data. Big Data can help
state government departments in uncovering crimes and other illegal activities that pose a
security threat in society. Such data includes information of all sections of the public. Careful
analysis of this can aid in identifyingsuspicious activities patterns that indicate fraud and or
crimes.
Improved emergency response: Big Data analytics can be used for identifying in advance and
responding to hazardous natural disastersand or health issues such as the recent Covid-19.
Data from various sources including healthcare organizations, medical professionals and
municipal records can be used to identify the spread of the diseases. Moreover, aid can be
provided immediately as the needy section of people can be easily recognized.
Coordination between departments: The data collected or analyzed by different
departments of state/federal governments can be stores on a single platform. Development
of big data platforms and implementation of big data analytics will enable all government
agencies to access data from a single source and work in the same direction. Moreover, there
will be no delay in sharing of information between these departments. Accuracy of data is
also a big advantage. Moreover, workforce gaps that occur employees leave or retire from an
agency can be identified immediately paving the way for new employees.
Top Technology Trends 2024
Here, we have listed some of the most-recent new technology breakthroughs to
keep an eye on in 2024.
1.Generative AI
2.Artificial Intelligence & Machine Learning
3.Blockchain
4.Cybersecurity
5.Low Code/No-Code
6.Full Stack development
7.Virtual Reality (VR) and Augmented Reality (AR)
8.Robotic Process Automation (RPA)
9.Internet of Things (IoT)
10.Edge Computing