The Era of Big Data Analytics
The deluge of data in the market—structured and unstructured—such as market trends or customer behavior and preferences has made big data the latest buzzword in business echelons. The onset of high-performance analytics has ushered in a new era wherein the insights hidden within the data, are uncovered to improve decision making. Streamlining and efficient execution of processes is a natural outcome of the same that has improved customer satisfaction manifold.
Big data has been instrumental in revolutionizing a number of sectors. In the retail sector, big data is being leveraged to gather customer intelligence—understanding their preferences and priorities—so as to launch campaigns targeted at individual customers. This proves to be a win-win situation as customers receive special offers for making purchases of their choice, while retailers get to retain their customer base, besides additional revenue. The travel and hospitality sectors are reaching out to the regular users of their services in a similar manner, by rolling out offers based on individual preferences. Healthcare is another area where numerous data sets are being subjected to analytics to prepare the best treatment plan for patients. Banking and financial organizations are also leveraging analytics to analyze the credit history of individuals to prevent fraudulent transactions.
With the volume of data almost doubling each year, it is said that big data is expected to play a bigger role in the industry. The domain is bound to scale greater heights with the growth of sectors like the internet of things (IoT), smart cities, connected cars and connected homes, where data is pivotal for the functioning of each module. Experts predict that big data is bound to unveil a greater number of epoch-making propositions for the business community in the days to come.