Big Data Analytics Can Solve Problems - Master of Information
Big data has several defining characteristics. Data volume has increased immensely over the last two decades, and broadband data transfer has increased the speed that firms can conduct business, gather information and analyze data sets. Information scope and quality have also improved greatly as the big data market expands.
In a Hospitals & Health Networks (H&HN) Magazine article penned by John Glaser PhD. – a former Partner’s HealthCare CIO – the technology insider wrote on how big data answers industry dilemmas. The information technology (IT) leader discussed how this relatively new phenomenon is trending among companies that manage heavy data loads. The doctor went on to illuminate how industry giants, such as Amazon, are harnessing big data. The companies use big data analysis to scrutinize data mega stores. With the resulting information, the firms can predict what buying cues will increase conversions. Using special algorithms, Amazon has successfully increased brand loyalty by offering buyers what they want, when they want it. Glaser also commented on how the big data industry is lacking qualified and knowledgeable talent.
Marketing’s Newest Tool
A notable big data utility is product and brand marketing. Big data allows marketers to monitor consumer sentiment closer than ever previously possible and with more accuracy. It is the natural progression from cold calling raw data lead sheets and searching for patterns with the naked eye.
Today, marketers use big data to increase sales and brand loyalty. Innovations, such as linguistics technology, now allow marketers to troll customer calls and analyze large information milieus. These big data systems can find useful patterns and anomalies among data points that number in the millions and higher.
Real-world Big Data
There is no denying that big data has phenomenal real-world success stories. In Memphis, Tennessee – the local police department used big data to mitigate crime by 30 percent. The program proved so worthy that when legislators decided to phase out the program, there was a large public outcry.
The H&HN piece cites that financial analysts estimate that big data has saved healthcare firms $300 to $450 billion dollars. While this amount is relatively small compared to total annual healthcare costs, the ten to 12 percent savings is still impossible to ignore. Hospitals use big data in many settings including gene research, magnetic resonance imaging (MRI) analytics, viral outbreak forecasting and other impactful medical settings.
Big Data in the Workplace
According to Satell, successful big data deployments have common themes. Typically, they revolve around solving a specific challenge. IT department heads that follow this agenda begin big data deployments by deciphering what their firm needs. It is also important to remember that big data analysis is about maximizing human capital; big data should help employees meet corporate goals more effectively and efficiently.
Big data deployments should also unify disparate business units. A big data launch is ideally suited to create singular firm legacy systems. Additionally, contrary to big data systems’ complex architecture, these information frameworks should simplify staff member work flow. Finally, the system should allow frontline employees help to advance firm objectives.
Expert Thoughts on Big Data
In an interview with Harvard Business review columnist Sarah Carmicheal, London Business School professor Kevin Bordeau hypothesized on what directions big data may grow. He extols big data’s virtues, comparing it to the Internet’s early days. Bordeau believes that firms can improve their operations massively using the resource. Internet technology advances allow firms in every vertical to gather more intelligence faster. Modern organizations can collect data about every touch point and business unit in their network. Data servers now store bytes measuring in the trillions. With these capabilities, big data is emerging as a necessity in an increasingly competitive business environment.
Firms can use big data to improve operations in many ways. In addition to marketing, an organization can use the technology to find aberrations that profit and loss statements do not divulge. Companies can realize results by finding a big sweeping flaw or several small inefficiencies that add up to a big payoff. These systems can analyze internal decisions that measure in the millions and provide actionable data.
Not only can firms investigate past data stores, but they can predict consumer behavior with amazing accuracy. As it is in business – when firms find such innovations, they build upon those successes. These successes, utilized resourcefully, can help firms produce more quality and quantity with fewer assets.
Moving Big Data Forward
In a 2014 recap, former eWeek editor Eric Lundquist discussed big data advancements based on information he gleaned from the Big Data Summit. The Mass Technology Leadership Council (MassTLC) – a Massachusetts-based business information technology cooperative – hosted the event. A breakthrough revelation at the summit was that big data firms are doing less creative selling and discovering big data’s real potential. Industry leaders have learned that big data is critical to solving persistent business cases. The forum members contribute this capability to the ease that big data users can assimilate internal and external information sources.
With this power comes responsibility; to this end, the panel deliberated the thin line between maximizing data mining utility and privacy invasion. Duly, IT department heads are responsible for making information accessible without revealing intimate consumer details. Issues such as these continue to linger as big data grows in process and power.
Big data volumes are increasing at an immense rate due to improvements in hardware and communications technology. As the industry matures, the big data revolution has changed the information technology frontier, allowing IT directors to make efficiency improvements across all departments.
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