Is Big Data A Problem Solver?

Big Data has now become a familiar term. The term gathered momentum in the 2000s. Many companies adopt big data with a business-driven approach to improve the agility and optimize their analytics capabilities. It can provide a business with long-term value. The growth of big data and other technologies allow companies to acquire smarter technological skills. So professionals should consider taking Big Data Hadoop certification training to expand their array of skills.

Taking advantage of them can help reach the business goals faster. Before going in detail about the problem-solving capabilities of the Big Data, you need to understand more about it.

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What Is Big Data?

Big Data is a term synonymous with a massive volume of data. It may contain both structured and unstructured data needed to run a business on a daily basis. The main focus is not on the large volume of data, but how the organization uses it. Big Data is particularly helpful in analyzing it for good insight that leads to the right decision and strategic moves necessary for the growth of the business.

Sectors That Can Benefit From Big Data

Big Data has seen immense growth in recent years. So, it is highly prevalent in the tech world. But, it is highly useful in some sectors.

  • Banking Sector: The Big Data can help monitor the financial markets to avoid fraudulent transaction and illegal trading. The natural language processors and network activity monitor help with the stock market monitoring.
  • Media and Communication: You like to access the news around the world within seconds. How is it possible? Big Data aids with the real-time reporting of the events. So, you can see the news on different platforms like TV, web, and mobile phones. Another use is in the music industry that needs to keep up with the trend. The Big Data keeps an eye on the latest trends and generates catchy tunes with assistance from the auto-tuning software.
  • Healthcare: The Big Data can help collect public health data. It can speed up the responses to individual health complications. The big analytical tool can receive the data and make proper use of it to avoid health scares. For example, the data can identify a new virus affecting the health of people (like Ebola). So, the data collected from surveys and census can identify health issues and provide ideal solutions.
  • Sports: The Big Data analytics can influence sporting events like FIFA world cup, Cricket World Cup, and Wimbledon. It helps to monitor the performance of the individual players as well as the team with complex analysis. It also helps understands the viewership patterns of diverse events in specific regions of the world.
  • Education: It helps with the updating and upgrading of the prescribed literature for diverse fields. The universities across the world can use big data analytics to keep track of the academic performance of the students as well as faculties. It is also helpful in mapping the particular interest of the students in the specific subjects using the attendance.
  • Transportation: It makes better route planning and traffic monitoring a possibility. It also influences the management and logistics of transportation. So, the governments can incorporate it to avoid traffic congestion in a single route or place.
  • Manufacturing: Big data can help the companies increase its productivity by enhancing the supply chain management. So, the manufacturing companies can use the analytical tools to allocate the resources optimally to maximize the benefits.
  • Energy: Energy companies can introduce smart meters to prevent leakage. It helps you use to manage your energy usage efficiently. The analytical tool can also aid in the monitoring of the load patterns and detect the difference in energy consumption. So, the assessment performed based on the different parameters can lead to savings.

Can Big Data Solve Real-World Problems?

Big Data can solve several real-world problems. It can change the customer experience. Some of the examples of the problem-solving capability of the big data are:

  • In healthcare, big data can use anomaly detection and pattern recognition to identify fraud. It is particularly helpful for the healthcare insurance companies as it detects the waste as well as abuse with precision.
  • It can use the social media platform to target the customers with a particular product to enhance its reach.
  • The big data can help the retail as well as physical stores to integrate with the stores online. It can provide information about the latest usage of the product to know the customer response. It helps the business management to assess their solutions or improve it to enhance the customer experience.
  • It can also predict the market price volatility and its impact on your plans of production. Using the knowledge, you can make smart decisions.

Recent Implementations Of Big Data

You can see astonishing developments that have gained success due to the use of Big Data. Some of it managed to make it to the headlines of the news.

  • Behavioral targeting implemented by the Trump’s 2016 presidential campaign that paved the way to his success.
  • Big Data-aided in the leak of information regarding the tax avoidance strategies opted by the MNC corporations and rich people.
  • Referred as Paradise Papers, it created uproar in the world. The consortium of journalists behind the leak revealed the valuable information.
  • Journalist Thomas Hargrove used the Big Data to develop the Murder Accountability Project. It aids in teaching computers to recognize serial murders.

The other significant developments possible due to the use of Big Data are:

  • Search and knowledge discovery
  • Predictive Analysis
  •  Stream Analytics
  • NoSQL Databases
  • Distribute File Stores
  • In-memory data fabric
  • Data Virtualization
  • Data Quality
  • Data Preparation
  • Data Integration

The significance of the big data does not depend on the volume of data you possess. It solely relies on what you can do with it. You can collect the data from any source to analyze it thoroughly and find solutions. So, you can combine the big data along with the high-powered analytics to reduce the cost, time, and optimize the products. It is a problem solver as it can find the root cause of any issues, detect frauds, detect the customer buying habit, and recalculate the risks. You can incorporate it into your business to minimize the errors and maximize the profits.

If you are interested in even more technology-related articles and information from us here at Bit Rebels then we have a lot to choose from.

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