All You Need To Know About Big Data Analytics

In the modern life, the big data analytics’ significant impacts and benefits are undeniable. If you’ve had no idea on what big data analytics is, please keep reading our article to stay updated.

Introduction

Big data analytics investigates a huge amount of data to reveal the hidden correlations, insights, and patterns. With the fast-paced development of technology, it’s easy as a piece of cake to analyze your data and find out the answers from it. Understanding big data analytics thoroughly will be a big advantage as it could help you to develop your business faster than ever. If you want to grasp more useful information about big data analytics, this article is written for you. So keep calm and read our article.

Big data analytics’ history and evolution

The concept of big data has been known for years; all organizations understand clearly that if they could collect all the data that pours into their businesses, they could analyze the data and get considerable value from it and drive profits. In the 1950s, decades before anyone expresses the term “big data,” enterprises were making use of basic analytics to discover trends and insights.


The new advantages that big data brings to the table are speed and effectiveness. While in the past, a business gathered, analyzed and gave out information that could be beneficial and used for future decisions, nowadays, business could pinpoint insights for prompt decisions. The strong capability to work faster gives companies a severe competition that they didn’t have before.

Why is big data analytics pivotal?

Big data analytics allows enterprises to exploit their data and make use of it to create new opportunities. Hence, it leads to more effective operations, smarter business moves, more satisfied customers and of course, higher profits. In the recent report of Tom Davenport – IIA Director of Research, so-called Big Data in Big Companies, interviews around 50 enterprises to comprehend how they make use of big data. And here is what he found:

Cost reduction

Regarding storing big amounts of data, big data technologies like Hadoop and cloud-based analytics create a considerable cost advantage. Also, they could detect more effective ways of doing business.

Faster and better decision making

With the fast speed of in-memory analytics and Hadoop, came along with the capability of analyzing new data sources, enterprises are capable of analyzing information instantly and make decisions based on what they got from the data analytics.

New products and services

With the capability to discover customer demands and evaluate customer satisfaction through analytics comes the power to provide customers with exactly what they want. Davenport also points out that thanks to big data analytics, more businesses are generating new products that meet the customers’ needs and requirements.

Big data analytics in the modern world

The majority of companies have big data. Also, they understand the huge need for collecting that data and take advantage of it.

High – performance analytics help you do things that you had never thought about before as the data volumes were just too big. For example, you could get well-timed insights to make decisions about wink opportunities, get accurate and detailed answers for difficult – to – solve problems and find out new growth opportunities.

If you are looking for an analytic solution for your business, I highly recommend In-Memory Analytics which is from SAS Event Stream Processing to SAS Visual Analytics. In – memory will help you get instant insights from your data. Plus, it is used for different types of businesses:

Travel and hospitality

Keeping customers satisfied and happy plays an important role in all fields, especially travel and hotel industry. However, measuring the customer satisfaction index promptly is such a challenging task. Big data analytics give travel and hospitality businesses the capability of collecting customer data, applying analytics to identify the potential problems instantly and have timely actions.

Healthcare

Big data provides the healthcare industries various benefits. Analyzing and extracting deep insights into health plans, patient records, insurance information and tons of other information will be easier than ever with the support of In-memory Analytics. That is the reason why big data analytics technology is extremely vital to the stable development of health care’s organizations. By analyzing quickly loads of information in both structured and unstructured, healthcare suppliers could offer lifesaving diagnoses and appropriate treatment options immediately.

Government

Tightening the budget without decreasing quality and productivity seems to be the most challenging obstacles for all government agencies. This is particularly trouble with law enforcement agencies which are working hard to reduce the crime rate. That is the reason why a big number of government agencies make use of big data analytics. The technologies would reorganize and update the operations while providing the agencies with a more holistic observation and perspective on criminal activity.

Retail

Customer service has developed in the past years as the shoppers expect the retailers to comprehend exactly what and when they want and need it. And of course, with the strong support of big data analytics, the retailers could meet all those demands in just short time. With analyzed numerous amounts of data from buying habits, customer loyalty programs, and other sources, retailers could not only grasp the deep insights of their customers but also predicts upcoming trends and recommend new products, hence, boost profitability.

Currently, there are a lot of organizations using SAS to support their businesses, such as Royal Bank of Scotland. In fact, SAS has changed completely the way every enterprise did their business and helped them to grow sustainably.

Conclusion

On the whole, big data analytics is highly important for all fields nowadays. With the solid support of big data analytics, we could shorten our process, create significant values and drive improvements. Hopefully, after reading this article, you could have grasped some background knowledge on big data analytics. Keep calm and learning, I strongly believe that you will become an excellent analyst in the near future. Wish you all the best.


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