The buzz about Big Data as with any emerging and potentially disruptive technology is only growing and companies are wondering, as always, how to make sense of all the hype around it.
What is Big Data and why is it so critical? In today’s connected world, there is an excess of data that is obtained from multiple sources, both structured and unstructured, such as information from business applications, social networks, the Internet and mobile devices. And the rate at which this is happening is only accelerating: Globally available data today is said to double every 12 months and is expected to increase further.
The scale of these data has led to the proper coining of the term ‘Big data’. The sheer volume and variety of data that is often run can be overwhelming for companies, which are under more pressure than ever to make informed decisions and respond promptly. So how can companies embrace this giant? This is where Big Data analysis comes in.

Big Data analysis in all industries
Clearly, companies need to maximize the information and knowledge they can access to stay relevant in today’s hyper-competitive environment. And this is how Big Data analytics can help in various scenarios. A common example is that of a retailer capable of examining tons of consumer data to gain insight into purchasing preferences and directly targeted campaigns. This can even be extended to capture the personal preferences and tastes of the buyer and provide personalized offers, leading to higher success rates and income. This is a mutually beneficial situation for both parties, as the consumer gets information and offers that interest them and the retailer also enjoys revenue growth and potential customer loyalty. Big Data analytics doesn’t have to take a big bang approach all the time and is equally useful and effective in behind-the-scenes scenarios for retailers. It can be used to dramatically reduce processing time by comparing product information, which resides across multiple data sources. Data analysis enables a retailer to make smart decisions and helps gain a competitive advantage.
Big Data Retail analytics also has immense potential in the healthcare field. Imagine if a hospital can review your patient records and identify disease patterns. This can allow doctors to detect the onset of an illness much earlier and the benefits of this approach cannot be overstated. Add lifestyle data for 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 reduced insurance costs. However, the challenge will be overcoming regulatory and patient confidentiality issues.
Another example is from the telecommunications industry. Mobile connections are expected to exceed 6 billion worldwide and in India there are close to 750 million subscribers. In this highly connected world, the amount of data available is colossal and telecommunications companies can intelligently exploit this data for their benefit. The greatest impact can be experienced by studying the subscriber’s personality and usage patterns and using that intelligence to design specific marketing campaigns. The analysis can also help telecommunications companies determine which additional services can find subscribers’ favor and offer them appropriately. This also provides opportunities to offer value-added services, such as location-based services that lead to better customer service.



