Biz booms after investment in big data and analytics

Big data

Data is said to be the lifeblood of any business. Over the recent years, Big Data Analytics has had tremendous impact in transforming business in all industry verticals.

Big Data helps organisations to get useful insights from huge amount of data that has been procured through various sources. This is the factor that drives organizations to adopt big data analytics in their operational strategies.

Healthcare

The adoption of Big Data Analytics in the healthcare sector helps patients and the healthcare ecosystem to be aware of the appropriate treatments and measures to be taken.

Recently held HIMSS conference is an indication of the close relation between the IT and  healthcare industry.

Philips recently introduced new cloud-based clinical analytics dashboard to enhance patient care and staff efficiency in critical care.

Vitaly Herasevich, MD, PhD, of Mayo Clinic, one of the co-inventors of the technology says this solution reduces stress, saves time, supports workflow and enhances the care process while allowing multiple members of a patient’s care team to be ‘on the same page’.

Research and Markets believes that Big Data analytics will play a huge role in the evolution of new forms of treatments to treat different therapeutics.  It forecasts Big Data Analytics in the healthcare sector is estimated to grow over $34.27 billion by the end of 2022.

Retail

For the retail sector, analytics solution offers insights to understand and respond to changing customer experience.

Recently, Carlin Group implemented Retail Solutions’ analytics platform to deliver actionable insights and alerts to improve assortments, product availability, new item retail launches and promotion effectiveness for its customers.

Carlin Group says that analytics solution is helping it to focus on:

Reducing out of stocks

Driving speed to shelf for new items

Promotional effectiveness

Building more detailed, fact-based category reviews to drive better planograms and assortment recommendations

Big Data in Global Retail market is expected to grow at a CAGR of 35 percent.  It controls the 9 percent market share in terms of revenue in Global Big Data market. It is expected to become fourth largest industry in terms of it’s market share position in 2020.

Banking

The financial sector has to deal with vast volumes of data. This sector poses higher vulnerabilities to fraud and financial crimes.

In a highly competitive world, Big Data Analytics enables banks to effectively improve their market reach by eliminating unnecessary lag in extracting actionable insights.

Underlining the growing acceptance of Big Data in financial services, Lloyds Banking group now is working with Google on a big data project to analyse its customer behaviour.

International Business Times reports that the London–based bank will use Google’s analytics platform and tools like Google Big Query, Data Flow and Big Table (that includes internal analytics tools such as Dremel, Map Reduce and more), to test the non-personal behaviour of its customers.

The insights gained from this drive will help the 250-year-old bank to understand consumer requirements and serve them accordingly in real time, IBT said.

Manufacturing

In manufacturing, operations managers can use advanced analytics to dig historical data to study and improve production.

Wipro says analytics helps the sector to integrate operations, predict issues that may arise and thus increase efficiencies and quality of the product.

Predictive analytics, which involves extracting an analytical model from multiple sources of data to predict future behavior or outcomes, are seen by higher education leaders as a key part of strategies to improve student success and save money through improved retention.

Gartner says a majority of the higher education analytics tools currently on the market claim to use predictive analytics, but there are relatively few tools that truly implement predictive analytics.

Nokia Growth Partners (NGP) announced the closing of a new $350 million fund for investments in IoT companies. The fund will invest in promising companies primarily around Connected Enterprise, Consumer Solutions, Connected Car and Digital Health, as well as enabling technologies with a focus on capabilities in big data and analytics.

Hoteliers are using technologies such as big data and analytics to not only design targeted marketing campaigns but also make informed pricing decisions for their inventories to optimize revenues and give best pricing to customers.

IDeaS Revenue Solutions, a SAS company, is helping over 7000 hotels find insightful ways to manage dynamic pricing decisions hotels with its cloud-based, advanced analytics solutions. Its technology centre in India integrates domain expertise in revenue management with capabilities in analytics and enterprise software development to support hotels on pricing transactions every day.

CA Technologies says analytics everywhere will drive customer value. Over the years, analytics has evolved from business intelligence to transactional and big data. Real-time analytics that enhance the customer experience by linking predictive insights to prescriptive actions will become the new normal.

Analytics will drive better customer experiences by putting security that safeguards the customer in the background. New analytics techniques will use behavior patterns and machine learning to help separate the real customers from the fraudsters and provide more seamless transactions and experiences.

The above mentioned are snapshots of how Big Data Analytics transforms business in various industry verticals. Similar to any technologies so far has invented, it also has its own challenges like security issues.  However, latest developments definitely indicate this particular technology has long way to go.

Arya MM

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