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Big Data Use Cases: How are Businesses Applying Big Data and Analytics
We know the hype around Big Data is big. The market for Big Data technology is growing at a rate of 50 percent annually. But why, and what are the applications of Big Data that can make the technology shine?
Let’s look at some of the use cases for Big Data.
- Behavior Analytics. Big data can help businesses understand their customers more, what things do they buy, what factors make customers spend more time with the business.
- Data Warehouse Optimization – A big data platform can provide better analytics more efficiently than traditional data warehousing options.
- Operational Analysis – Machine and process data can be studied and optimized for better forecasting and efficiencies.
- Predictive Support – Data from sensors and machines can be used to predict machine failures and preemptively order and prepare for problems to eliminate downtime.
- Fraud Detection Data from multiple sources can help businesses identify security and fraud more quickly to avoid potential damages.
The fact that Big Data can help determine customer behavior is extremely powerful. The goal of any organization is to get to know its typical customers and clients. There’s no better way to do this than with data!
Great info! In today’s time, the preponderance of companies is going attracted to use business analytics to make sounder decisions for its businesses. It is important to take analytics as an investment, rather than as an expense. Business analytics contributes solutions which help to make strategic decision by accumulating a large amount of data. Business analytics supports you to get a broader and better insight into any business by breaking down complex data.