If you have invested in big data solutions, are thinking of investing in it, or want to be in the know, one of the best things you can look out for is tips to up your big data solutions game. This well-detailed article will be a great guide to letting you know everything you need to know about big data solutions.
There are several tips you can take advantage of to up your big data solutions game; consider using cloud storage, train your employees to analyze data correctly, visualize your data, provide your data to everyone in need, and avoid different reports to end-users.
Keep reading to learn more about big data applications and examples.
In the era of Big Data, businesses must be able to keep up with data trends and make better decisions. Getting the best out of your significant data investments can sometimes be challenging.
Remember, big data is an asset; there are several tips to help you up your big data solutions game for the success and stability of your business. You will learn to let the tools work for you rather than work for them.
What are the types of big data?
The chart below shows the types of big data; take a look.
What are the tips to up your big data solutions game?
1. Visualize Your Data
When collected data is displayed in a way that a human brain can understand and comprehend, it can improve the outcome of your business. Data visualization gives your business the advantage of data analytics to employees who may not be field experts, making it possible for them to use the data for better and quicker decisions.
2. Provide Your Data to Everyone in Need of It
Understanding your customers' needs is key to any business. Increased data access can be of benefit to all your employees and can contribute to the success of your business. For example, the sales team can benefit from the data collected from the customer relationship management (CRM) software to prioritize the campaign efforts, and this will, in turn, lead to increased sales. This may not be possible if data has limited access to a few people in business.
3. Avoid Different Reports to End-Users
Disparate data sources can make it difficult for end users to track the overall picture of your business performance.
When you have clear, essential, and identifiable data from your different reporting platforms in a dashboard or a single view, it can be easier for other users to analyze and use the data for better decision-making.
4. Consider Using a Cloud Storage
You will probably have a lot of data flowing in from different departments and worry about the costs of storing the data. Cloud storage is one of the cheapest and most secure ways of keeping your big data as it distributes the fees across many businesses. Cloud storage also provides enhanced data security. Rather than having your data stored in hardware in your office, cloud data storage keeps your data in a data center. The data is backed in multiple servers; hence there is no risk of data loss even if one of the servers crashes.
5. Train Your Employees to Analyze Data Properly
Data analytics is crucial for the success of businesses. Training your employees on how to analyze and use the data collected to meet the current trends and changes in a market is vital. Efficient data analytics helps your business in; better decision-making, cost reductions, stability, and security.
Big data has revolutionized most modern businesses. Most businesses have adopted big data in their operations to enhance their customers' experience. There are so many industries that are already using big data solutions.
Below are examples of big data and its applications in various industries;
The public transport sector can predict customer trends during certain events or seasons, like bad weather, using analytics from big data. Also, the business can use analytics from big data to manage and control traffic. Google Maps can tell traffic situations in different areas too. GPS in most smartphones uses big data to find directions, improving the transport sector's efficiency in new routes.
2. Marketing and advertising
Marketers gather much data on what customers click and search for online. This has enabled E-commerce businesses to tailor ads targeted to the search intent of internet users based on their search history.
3. Government and Government Agencies
The government can access essential information for its daily operations through the help of big data.
The analytics enable government agencies to detect possible tax evasions. They do it by monitoring the tax payments of the taxpayers.
Big data has helped the weatherman provide accurate forecasts by creating models that predict how the weather will unfold.
Insights into the patient's willingness to take treatment have enabled caregivers to identify and analyze factors that discourage people from taking medication. Also, the data collected is used to monitor the spread of diseases worldwide and the preventive measures to be taken. It's also used to collect patient feedback about hospitals.
Analytics from big data allows media companies to monitor the time duration viewers take to watch videos on various platforms like YouTube and their responses. These analytics have enabled media companies to target viewers and adverts at certain times and in specific videos that the viewers enjoy watching the most.
Predictive analytics are used to predict how students respond to specific programs, how they fare with others in the job markets, and to help predict dropout rates in schools and colleges by identifying and predicting the cause. It also helps the teachers track students' performance by analyzing their grades and projecting assignments and coursework to improve where they have performed dismally. This has enabled the education stakeholders to tailor programs significant to the job market and help learners curb dropout rates.
Attacks on companies' websites and systems are becoming difficult to identify and stop. However, analytics provided by big data can be used to analyze and identify the patterns used in cyber attacks and recommend system changes.
9. Banking and Finance
Big data is used in the banking industry to detect fraudulent activities in customers' accounts. The banks can monitor and flag abnormalities in their customer's accounts. Banks can also use analytics to predict customer trends and interest in various products offered by the banks. Banks also use big data in analyzing the financial behaviors of customers. Suppose a customer has little savings in their account or has a poor credit score. In that case, banks can use the analytics collected to evaluate the customer's creditworthiness, preventing the bank from risks like a client failing to pay a loan. The bank is, therefore, able to asses its risks before deciding on loans to customers.
Knowing about big data characteristics will be a major step n helping you learn and decide if big data is good enough for your business. Check the table below.
|Volume||The size of the data is a very important factor in evaluating the value of the data. One factor to consider when working with Big Data solutions is volume.|
|Variety||Various sources and data types, organized and unstructured, are referred to as variety. These kinds of unstructured data provide data mining, storage, and analysis challenges.|
|Velocity||Big Data Velocity is concerned with the rate at which data enters systems from sources such as networks, social media platforms, business processes, and application logs. There is an enormous and constant influx of data.|
|Variability||This refers to the inconsistent nature of the data, which occasionally makes it difficult to handle and manage it efficiently.|
As you can see, big data technology penetrates almost, if not all, every business. Big data has several advantages that can benefit your business long-term. The value of data lies in how much you use it. Visualizing your data, providing your data access to everyone in need of it, eliminating different reports to end users, considering cloud storage, and training your employees on how to use data analytics is a must for the success of your business. We at Guru solutions can help you with all your Big data solutions services.