Today everyone holds digital devices like smartphones, laptops, IOT’s and many more, it is estimated that 62.9 percentage of world population have mobile phones (As per Statista survey). One use phone to send SMS, take pictures/videos, tweet, post on Facebook, buy online, payments and many more. This means every moment we produce data, a lot of lot data. It is calculated that over 2.5 quintillion bytes of data is produced every day (As per Forbes website). This ocean of data is considered to be big data and in recent years, many organizations investing hugely on these data to understand how business is running and what needs to be introduced to make it better. This is the data that helps to understand customer requirement, customer experience and customer satisfaction towards their products.
Data is collected from different sources, it is generated when you tweet something on twitter, post on Facebook, when we make a purchase online, look for new products, when we switch our location, make purchases at brand showrooms and many activities. The data so collected is huge and varied, so the name BIGDATA, and the data is in unstructured form, it is processed to required format that meets business requirements, for further analysis and insights. There are lot of open source tools out in the market those process such data at greater velocity through parallel computing. Data drives business decisions, meets customer satisfaction, understands customer needs, help business introduce new right products to right customer at right time.
Big Data is used in most sectors that include banking, education, health care, manufacturing, retail, energy and many more. Consider a customer do bank transaction (it can be ATM withdrawal, online transfer, cash deposit so on), this is captured as one records, such millions of records as collected. This helps banking sector to understand customer behavior and respond faster, like based on his/her spending patterns different loan schemes are offered, spending limits are increased so on. Now consider you plan for shopping, go to mall buy dress for you, shop groceries in super mart, bought baby care products and many more, within certain price range, location and types, you produced data and it is store in retail industry database. And based on this big data collected, business’s understands there customer needs and satisfactions and starts introducing you discounts on products you buy regularly, remind you to make purchase on special day through SMS, pop an advertisement for nearest outlet when your googling their products. Healthcare sector is a place where bigdata is so vastly used that, even before doctor writes prescription it possible to predict right medicine that suits you, bigdata is even used to improve quality of care, reduced medical cost and together with wearables it is possible for health care providers up to date minute insights of a patient(Sources: SAS). The frequency of product consumption largely depends on location, demographics of consumers and quality, insights on these factors helps manufacturing industries to predict production time, quantity of production, inventory stocks management. Today, world has so much data that it is lifeline to run the same world, right from small device you hold to super-computers that run entire country.
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