Big Data is a term that describes the large volume of data both structured and unstructured that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. Big data can be analyzed for insights that lead to better decisions and strategic business moves. Data with many cases offer greater statistical power, while data with higher complexity may lead to a higher false discovery rate.
Top 10 Big Data Use Cases
360° View of the Customer is the idea, sometimes considered unattainable, that companies can get a complete view of customers by aggregating data from the various touch points that a customer may use to contact a company to purchase products and receive service and support. This might sound far-fetched and futuristic, but many companies today already have systems like this one in place, and they are using them to improve customer satisfaction and increase revenues and margins.
Fraud Prevention can include keeping your personal items and information safe and safely navigating the internet. Experian is committed to helping consumers with fraud and with protecting consumer credit information. fraud prevention systems are orders of magnitude better at detecting criminal activity and preventing false positives. Credit card issuers are understandably hesitant about disclosing all the advanced analytic techniques that they use to detect and prevent fraud. However, many credit card firms and other consultants offer technology, advice, and services to other firms to help them set up systems to stop criminal transactions.
Security Intelligence is the information relevant to protecting an organization from external and insider threats as well as the processes, policies, and tools designed to gather and analyze that information. security solutions vary in sophistication and they are sold under a wide variety of names. For example, vendors sell log analytics tools that can detect anomalies in network data, security information and event management (SIEM) tools that offer real-time analysis of security alerts generated by other security software, and user and entity behavior analytics (UEBA) solutions that use analytics and machine learning to detect unusual patterns in device or user activity. Other big data security solutions are labeled as security intelligence offerings or network intelligence offerings.
Data Warehouse Offload One of the easiest and potentially most cost-effective ways for organizations to begin using big data tools is to remove some of the burdens from their data warehouses. Even among the few organizations that haven’t yet started experimenting with big data analytics, it is common to have a data warehouse that facilitates their business intelligence (BI) efforts.
Price Optimization is the use of mathematical analysis by a company to determine how customers will respond to different prices for its products and services through different channels. It is also used to determine the prices that the company determines will best meet its objectives such as maximizing operating profit. Both business-to-consumer (B2C) and business-to-business (B2B) enterprises are also using analytics to optimize the prices that they charge their customers. For any company, the goal is to set prices so that they maximize their income. If the price is too high, they will sell fewer products, decreasing their net returns. But if the price is too low, they may leave money on the table.
Operational Efficiency is the ratio between an output gained from the business and input to run a business operation. When improving operational efficiency, the output to input ratio improves. Inputs would typically be money, people or time/effort. In addition to helping organizations optimize their pricing, analytics can also help companies identify other potential opportunities to streamline operations or maximize their profits. Often, this particular big data use case is the purview of BI or financial analysts.
Recommendation Engines is software that analyzes available data to make suggestions for something that a website user might be interested in, such as a book, a video or a job, among other possibilities. Amazon was one of the first sites to use a recommendation system. Speaking of popularity, one of the most familiar use cases is the recommendation engine. When you are watching a movie at Netflix or shopping for products from Amazon, you probably now take it for granted that the website will suggest similar items that you might enjoy. Of course, the ability to offer those recommendations arises from the use of big data analytics to analyze historical data.
Social Media Analysis is the practice of gathering data from social media websites and analyzing that data using social media analytics tools to make business decisions. The most common use of social media analytics is to mine customer sentiment to support marketing and customer service activities. The flood of posts that flow through social media outlets like Facebook, Twitter, Instagram, and others is one of the most obvious examples of it. Today, companies are expected to monitor what people are saying about them in social media and respond appropriately and if they do not, they quickly lose customers.
Preventive Maintenance refers to regular, routine maintenance to help keep equipment up and running, preventing any unplanned downtime and expensive costs from unanticipated equipment failure Preventive management can be very complex, especially for companies with a lot of equipment. Many of the use cases mentioned so far relate to retail or financial companies, but businesses in manufacturing, energy, construction, agriculture, transportation and similar sectors of the economy can also benefit from big data.
Internet of Things is the network of devices such as vehicles, and home appliances that contain electronics, software, actuators, and connectivity which allows these things to connect, interact and exchange data. And enterprises in every industry are beginning to see the possibilities of the Internet of Things (IoT). As in the preventive maintenance example, they are using sensors to collect data that they can then analyze to achieve actionable insights. They might track customer or product movement, monitor the weather or keep an eye on security camera footage.