The role of big data is growing, e-commerce happens to be one of the sectors that greatly benfits from this. Find out how big data analytics can be employed to impact your business results.
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How Big Data Analytics can Impact Business Results
1.
2. What is Big Data?
• There is a surfeit of data being churned out from multiple sources, both structured and
unstructured such as information from enterprise applications, social media, internet and
mobile.
• Data produced is doubling every 12 months and is expected to only increase further.
• The scale of this data has led to the apt coining of the term ‘Big data.’
Why is it so critical?
• The sheer volume and variety of data often running can be overwhelming for enterprises and
only Big Data Analytics can help them take informed decisions and respond quickly.
3. Ecommerce:
• Retailers could sift through tonnes of consumer data to derive insights on shopping preferences
and direct targeted campaigns.
• They could capture the personal preferences and likes of shoppers and provide customized
offers, leading to increased hit rates and revenues.
Healthcare:
• Imagine if a hospital is able to go through its patient records and identify patterns in diseases.
• Throw in lifestyle data to gather additional insights and the possibilities are simply mind-
boggling.
• Obvious gains are decreased mortality rates, better quality of life due to accurate prognosis,
diagnosis and treatment, and lowered insurance costs
4. Telecom:
• Mobile connections are expected to exceed 6 billion globally.
• The providers could study subscriber persona and usage patterns, and use that intelligence to
devise targeted marketing campaigns.
• This would also provides opportunities to offer value-added services such as location-based
services leading to better customer service.
5. The examples discussed give a glimpse of how Big Data analytics can help enterprises concretely
and have a tangible impact on business results.
However, before embarking on this path, enterprises need to evaluate their business landscape and
options available that can best suit its context. This is necessary to avoid any costly missteps.
As in anything else, implementation holds the key.