With the ever increasing digitization, organizations are accumulating terabytes of data annually. Presently, most of this unstructured data goes unused, though it is being retained for regulatory purposes. However, the current trend of data analytic suggests that know-how of Big Data can work in favor of enterprises in the long run.
Big Data will play a significant role in the enterprises; but one question that surrounds authority of big data analytics is how it can actually be used to add value.
Few managers have mastered the tact of making decisions based on data analytics, something they would do based on their gut feeling until just a couple of years back. But since the influx of data is such that tradition data management systems cannot cope up with it, managers have become dependent on Big Data analysts to turn this avalanche of data into meaningful decisions.
Having understood applicable use of Big Data to an extent, it becomes imperative to know where Big Data will work within the enterprise and what problems Big Data can address.
Here we have listed four instances, which according to experts make Big Data analytics worth the investment for organizations. These are high value use cases of Big Data as found by IBM.
- Exploration of Big Data
The idea of Big Data exploration is to make companies research the existing transactions and repositories using Big Data techniques. This allows companies to accumulate data from various sources stored over different places in order to create a clear picture of available data and gain insights on how to use it for value results. Data exploration thus implies finding, understanding and visualizing Big Data to improve the quality of decision making. Big Data exploration basically addresses the business problem of storage of data in different systems by accumulating it in one place for all to see and analyze.
- Enhancing customer knowledge
Companies use Big Data to have a 360 degree view of their customers to understand and engage more personally with them. For example, telecom companies using phone data records and social media usage to understand behavior of a customer. Enhancing customer view enables enterprises to gain full understanding of the customer and then place goods and services based on their analysis.
- Extension of security
Big Data analytics can be used to detect fraud by analyzing credit card transactions, or detect terrorism and cyber crimes by monitoring data processing, phone calls, social media, emails etc. constantly. With Big Data analytics fraud and cyber security can be monitored in real time.
- Using Big Data for operations analysis
Connected gadgetry and Internet of Things is creating new data with great speeds. Smart gadgetry is contributing immensely to the data stream. Analyzing this avalanche of data can allow companies to improve performance. The abundance of data coming from sensors, GPS devices, IT machines etc. can be analyzed using Big Data for operations analysis to allow companies to attain real time insight of what’s what.