Rapid advances technology has made since the turn of this century and its continuous upward rate of progress keep opening a window of opportunities for business growth and development, customer satisfaction and higher employment level. A large share of those opportunities lies in tons of semi-structured or unstructured data that world generates daily.
Data volumes are rising at the speed of lightning, it is estimated that for the last two years more data have been generated than during a complete timeline of human history. Furthermore, some calculations present mind-boggling results by predicting the increase of the digital universe of generated data by the factor of 10 – that is from 4.4 zettabytes to 44 zettabytes (trillion gigabytes) before 2020. We are generating data every second. According to Enterprise Information Solutions Principal Neetu Shaw: ‘Today, 80 percent of the world’s information is unstructured, and this unstructured information is growing at 15 times the rate of structured information.’ It won’t sound surprising once we consider the boom of social networks that led to an abundance of data being accumulated on every user. All these facts stand to reason why such direction as Big Data has seen its heyday.
Despite relatively young age, Big Data impacts every industry. There are of course certain spheres of applicability of Big Data technologies that take the lead. Some industries have secured their position as market leaders due to their strong customer exposure. The applicability is wide in healthcare, telecommunications, retail industry, financial services and public administration. Furthermore, due to such progress IT outsourcing companies have enriched the scope of services they provide. Let’s illustrate this with examples of Big Data applicability by certain trend leaders.
Databases of retail shops rack up sizable data about clients, supplies control system, products delivery. By following generated data it is possible to manage products delivery, its storage and sale, foretell customer demand and supplying with a commodity. Also, the system of data processing and analysis serves to optimize company expenses or prepare reports.
Big Data gives an opportunity to analyze solvency of a borrower, also they turned out to be useful for credit scoring and underwriting and fraud prevention. Introduction of Big Data technologies shortens time period necessary for credit requests consideration. By means of Big Data, it is possible to analyze client’s common financial operations and offer appropriate bank services accordingly.
In the telecommunications industry Big Data has earned wide acclaim among cellular operators.
The operators of cellular communications on a par with financial organizations have one of the largest databases, what allows to conduct the most thorough analysis of generated data aimed at retention of existent customers and bringing in new ones. For this purpose companies conduct segmentation of clients, analyze theirs traffics, determine social group belonging to a subscriber.
There are many other examples but already on those accounts, one may conclude that Big Data is a field potential enough to improve and simplify business decision making. Big Data can be leveraged to reduce risks, devise effective investment and marketing strategies, set pricing models, compare buying trends against the competition, analyze inventory, etc. Knowing all of this exists, companies engage data experts who can sort through large volumes of data and make those data serve the company’s best interests.