What Can Be Done with Big Data

The term "big data" is trending rapidly across the globe and several businesses as well as authorities have adopted it in their daily activities.  Big Data refers to massive amounts of data that can be on systems, in annual books, in mobile devices, on the internet, and everywhere else. Simply put, big data is a collection of all forms of data in one place.  Big Data Analytics is the process of examining large data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences, and other useful business information. That is, comprehensive insights will be gathered on the massive amounts of hidden data. The information derived from these insights can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, and competitive advantages over rival organizations - to just name a few.

The primary advantages of big data analytics are- 

  • Cost reduction:  Clear-cut cost advantages can be gained with assistance from big data platforms and cloud-based analytics. This is because customer sentiment, trends and low-performing areas/products/services of a business can be identified. Big Data and Big Data analytics can reduce costs that would arise from wrong strategies and/or unnecessary expenditure. 
  • Swift decision making: Customized big data platforms, in-memory analytics, along with the ability to analyze new sources of data will enable big data consultants to analyze information immediately. Hence, swift, accurate and business decisions can be made.
  • New products and services: With the ability to analyze customer needs and satisfaction through analytics, comes the ability to give customers what they want. Using big data analytics, more companies are creating new products to meet needs of customers.

Big data can also be applied to real-time fraud detection, complex competitive analysis, call center optimization, consumer sentiment analysis, intelligent traffic management, and also the management of smart power grids. For more specific categorization, big data analytics depends on three primary factors which are volume, velocity and variety. That is, the amount of data collected, the speed with which data is collected and the types of data collected. Now that, the concept of big data analytics has been elaborated; let us take a look at the types of analytical services provided by a big data analysis company.

  • Prescriptive: This analysis reveals what actions must be taken. It is the most valuable kind of analysis and usually results in rules and recommendations for next steps.
  • Predictive: As the name suggests, it is an analysis of likely scenarios of what might happen. The deliverables are usually a predictive forecast.
  • Diagnostic: A look at the past performance to determine what happened and why. The result of the analysis is often an analytic dashboard.
  • Descriptive: What is happening now based on incoming data. To mine the analytics, you typically use a real-time dashboard and/or email reports.

SGS Technologie is a leading big data analytical and big data software development company in Florida. We are headquartered in Jacksonville (Florida) and have offices in Tallahassee (FL), Tampa (FL) as well as in Frisco (TX). The concept of big data analytics is currently the biggest trend in the world of Information Technology.  contact us at info@sgstechnologies.net to discuss more it.
 

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What Can Be Done with Big Data?

 15

The term "big data" is trending rapidly across the globe and several businesses as well as authorities have adopted it in their daily activities.  Big Data refers to massive amounts of data that can be on systems, in annual books, in mobile devices, on the internet, and everywhere else. Simply put, big data is a collection of all forms of data in one place.  Big Data Analytics is the process of examining large data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences, and other useful business information. That is, comprehensive insights will be gathered on the massive amounts of hidden data. The information derived from these insights can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, and competitive advantages over rival organizations - to just name a few.

The primary advantages of big data analytics are- 

  • Cost reduction:  Clear-cut cost advantages can be gained with assistance from big data platforms and cloud-based analytics. This is because customer sentiment, trends and low-performing areas/products/services of a business can be identified. Big Data and Big Data analytics can reduce costs that would arise from wrong strategies and/or unnecessary expenditure. 
  • Swift decision making: Customized big data platforms, in-memory analytics, along with the ability to analyze new sources of data will enable big data consultants to analyze information immediately. Hence, swift, accurate and business decisions can be made.
  • New products and services: With the ability to analyze customer needs and satisfaction through analytics, comes the ability to give customers what they want. Using big data analytics, more companies are creating new products to meet needs of customers.

Big data can also be applied to real-time fraud detection, complex competitive analysis, call center optimization, consumer sentiment analysis, intelligent traffic management, and also the management of smart power grids. For more specific categorization, big data analytics depends on three primary factors which are volume, velocity and variety. That is, the amount of data collected, the speed with which data is collected and the types of data collected. Now that, the concept of big data analytics has been elaborated; let us take a look at the types of analytical services provided by a big data analysis company.

  • Prescriptive: This analysis reveals what actions must be taken. It is the most valuable kind of analysis and usually results in rules and recommendations for next steps.
  • Predictive: As the name suggests, it is an analysis of likely scenarios of what might happen. The deliverables are usually a predictive forecast.
  • Diagnostic: A look at the past performance to determine what happened and why. The result of the analysis is often an analytic dashboard.
  • Descriptive: What is happening now based on incoming data. To mine the analytics, you typically use a real-time dashboard and/or email reports.

SGS Technologie is a leading big data analytical and big data software development company in Florida. We are headquartered in Jacksonville (Florida) and have offices in Tallahassee (FL), Tampa (FL) as well as in Frisco (TX). The concept of big data analytics is currently the biggest trend in the world of Information Technology.  contact us at info@sgstechnologies.net to discuss more it.
 

Category : Big Data

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