Big data analytics is the process of examining big data to uncover hidden patterns, unknown correlations and other useful information that can be used to make better decisions. With big data analytics, data scientists and others can analyze huge volumes of data that the conventional analytics and business intelligence solutions can't touch.
Focusing on the statistical approaches to analytics, the organizations operating in different industry verticals are nowadays rapidly moving towards generating proactive strategy and decision making policies. Big data makes it possible for a business organization to stay competitive with changing market spectrum by relying on quick, agile decisions using data and business analytics. Integrating advanced analytics for big data processing with Business Intelligence applications is an important step toward gaining rapid return on investment. Advanced analytics for Big Data BI offers a deeper insight into exploratory perspective of enhanced user experience. The Big Data for BI systems can be broadly classified as:
Reactive Big Data BI : This category is an ad-hoc analysis and provides standard business reports, OLAP reports and notifications based on analytics, looking at the static past with a purpose in a limited number of situations. This performs reporting on huge data sets.
Proactive Big Data BI : This category works on proactive big analytics like optimization, predictive modeling and text mining to determine conditions by analyzing data to transform business decisions for the future.
VastEdge Big Data Analytics: Turn Your Critical Business Information into Insights
In today's world, many organizations understand the significance of harnessing their data and realize new business analytics opportunities to extract more value. Big data technologies such as cloud-based analytics also bring cost advantages and enable companies to gauge their customer satisfaction with advanced analytics tools. The use of powerful customer intelligence software proves a smarter business move in increasing the efficiency of operations to gain higher profits and happier customers.
VastEdge helps its customers in meeting big data analytics challenges with flexibility and speed to extract hidden patterns, unknown correlations, customer preferences, market trends and other useful information. We ensure that their business grow exponentially with use of our analytical tools leading to effective and better customer service, competitive advantages, and more.
Big Data Applications Drive Industries
Most of the business organizations point out several goals as the reason for adopting big data and analytics projects. While the primary goal still remains enhancing customer service experience, other goals include increased brand recognition, efficient operations, cost reduction, and strategy-focused marketing automation and optimization processes. In the recent years, the challenges of data breaches and employee monitoring have also made mobile security an important goal for the organizations that they can incorporate using advanced analytics and big data tools.
Here's the rundown of how the organizations of different shape and size in various industry sectors use big data technology to get the most value from their business information:
Banking & Finance : The top challenges of this industry are IT policy compliance, consumer data transformation, card fraud detection and enterprise credit risk reporting. The companies in financial sector are using big data to track the possibility of illegal market trading activity. Active businesses in this industry also rely on big data for fraud mitigation, KYC, security breach early warning, anti-money laundering, and enterprise risk management.
Health Care : Due to the inadequacy of electronic data in most of the hospitals and clinics, healthcare sector is plagued by failure of analyzing data to provide better healthcare benefits and treatment options across the board. Advanced analytics for big data turn the patient records, insurance information and other beneficial health plans into key insights that helps doctors and health care providers to make better informed decisions and streamline their clinical workflows.
Retail & Ecommerce : Customer service is rapidly evolving leading retailers to adopt the best e-commerce software that provides the benefits of customer intelligence and marketing analytics. As internet savvy customers and online shoppers expect brand retailers to know exactly what they need, advanced analytics and big data technology help these retailers meet the new demands of their customers. Armed with limitless chunks of data from different customer loyalty programs, buying trends and other market sources, retailers become able to gain an in-depth knowledge of their customer's demands and use predictive analytics to recommend new products that could boost their brand value and profitability.