“Big data has enabled AI in consumer internet companies. Can manufacturing also make AI work with small amounts of data? In fact, recent advances in AI are making this possible. Manufacturers can use techniques and technologies to circumvent the small data problem to help their AI projects go live even with only dozens or fewer examples.”
Alejandro Betancourt

About Big Data

The increased demand for products in the market with increasing demand of customer for individuality and interaction has now brought the focus on enhancing the customer service in various domains like insurance, banking, telecommunications, and e-commerce industries. All these platforms have started using Big Data Analytics (BDA) to enhance the user experience in their respective fields.

Before we can see how Big Data Analytics (BDA) has enhanced user interaction and what the application was as well as the benefit offer, let’s first understand what we mean by BDA and why it’s important.

Big Data analytics

Big data analytics is the procedure through which a large amount of data is examined in order to discover some unknown pattern, relation among the data and many other insights. It is possible to analyse once data and know the answers to this can be called a slow process but still used by milliner companies, the banking sector and many other parts of the market. Big data is not new to us but has been around for quite some time and it was already understood through its application that it would surely help in understanding relevant points by capturing data and then it is a must that they are going to get profit out of it.

The big business, which was considered alone, is now being used with basic analytics to understand the trends. Efficiency and speed are the first benefits BDA has brought to us. As in past the speed of work was very low compatibly. The competitive edge has been provided to the company due to the ability to work at speed. This technology helps in organising the user’s data and then achieve new opportunities through it. There are lot things achieved here like smarter business implementation, efficient tricks, profit on large scale and much more.

Big data companies such as Hadoop and Cloud-based Analytics have bought cost efficiencies as large amounts of data are being stored. Also new ways to get more efficiency are being provided. The speed of Hadoop brings a much better experience and through that amazing ability it is easy to analyse new sources of data. The data is then studied and then new learning brings new information. As now when we are aware of the demand and services expected by our user it becomes easy to establish it before they ask for it which surely will bring customer satisfaction. Now companies are up for creating new products to meet customers needs.

Life sciences many of us have heard this term before this sector uses big data for clinical search which is a slow process and expensive too but the analytics has the potential to improve the speed and even the efficiency at the early steps of the process. When we talk about the financial sector then it’s also using this technology on a large scale, the reason is quite interesting as here this technology is used to make financial decisions which is crucial but if done properly then could open many gates of opportunity. The technology helps in achieving the data when the sector needs it without overlapping the important tools and services being used. When we come to the manufacturing sector, then here, solving difficult problems comes in their daily job so here big data helps them in recognising their existing competition in the market, find new cost saving techniques and revenue procedures. Health care has bundles of records of information about the patient’s big data here to help manage the data and access it whenever in need in a fast manner.  So that work can be done quickly and easily without some sort of delay.     

In today’s fast developing era, the technology of big data has the potential to help the sector in understanding customer demand and journey to understand their needs in a more efficient manner. The BDA is distributed among the crowd using social platforms such as Facebook, Instagram and many more. the data about the customers is collected from these platforms, analysed and then used by big platforms. Any company’s most important job is none other than customer experience. It is the basis on which the customer gets attracted to a particular domain. No customer means no company will run and will surely shut down. The critical technology used to analyse them as per bill gates:  “your most unhappy customers are your greatest source of learning.”

The analytics used carry many tests to discover things like emotion, speech, interaction etc. for this procedure live dashboards are set up for monitoring as well as to get regular alert if something is not going well and help the customer in such situations. Anomaly detection is carried out to provide high accuracy based on the algorithms of neural networks. CAPTCHA technology was also introduced to determine if the image provided was artificial or real. The future ahead of us is data driven, if someone asks me what is the costliest thing nowadays then it is none other than data as it’s a time saving tool and means everything at the end of the day. All the data we get is not always relevant to our use and for that analytics is an important tool. The use of data to predict the behaviour of the customer is an important task in today’s world and even the process used to achieve it should be obeying all sorts of rules and regulations. To understand data management, companies would only invest in the portion where customer demand leads them too. The poor quality of data is of no use and also will bring a large loss along with. All sorts of information is the backbone here. 

Conclusion:

Big data contributions to companies and other sectors are huge and as the future wants it more it will surely provide the needful.

About the Author

BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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