Big Data Analytics and its Significance
Data is the lifeblood of any business irrespective of its size. It holds the greater potential to unlock new opportunities, scale into new heights, and uncover hidden challenges ahead. Most organizations understand this significance of data collection and are doing it. However, with increasing volume, velocity, variety and veracity of the data, it is a huge challenge to manage the data and get the relevant business insights and intelligence from it. Data become Big Data here and it becomes challenging for an organization’s existing IT systems to ingest, store, process and analyze it. Here comes the relevance of Big Data Analytics solutions which utilizes specialized software tools and applications for predictive analytics, data mining, forecasting and optimization.
Big Data Analytics is the process of collecting large chunks of structured/ unstructured data, segregating and analyzing it and discovering the patterns and other useful business insights from it. It helps in determining which data is relevant and can be analyzed to drive better business decisions in the future. Many commercial as well as open source tools are available for big data analytics in organizations.
Application areas of Big Data Analytics Tools & Solutions
Big Data has become a key differentiator in helping organizations forecast and make strategic decisions to remain competitive and increase revenue, reduce risk and attain growth. Let us have a look at how Big Data & Analytics play a key role in improving the efficiency.
The Travel industry generates a vast quantity of data around reservations, inquiries, itineraries, hotels, rental cars, trains, airlines, fare charts, customer feedbacks etc., thus leaving long trails of data. By utilizing this data using Big Data analytics the travel industry players can deliver a much improved customer experience and increase the business efficiency. Read more our blog on how Bog Data Analytics is redefining travel industry.
Big data is helping every industry to become more efficient and productive. Medicine and Health care sector are also not different. As healthcare industry generates large amounts of data continuously big data analytics plays a key role in improving services and tackling some of the major challenges in the healthcare sector, especially in terms of patient profile analysis, genomic analysis, public health monitoring, diagnosis and consulting, fraud analysis etc. Cloud- based Big Data Analytics Patient Experience Management platform can help Providers better understand the actual patient experience, the key driving factors for enriching the same and enable custom offerings and campaigns to the target patient groups for optimal reach and response with the overall aim to enhance the patient experience and satisfaction, at a fraction of a cost of in- house development. Read more our blog on the role of big data in patient experience management.
Ecommerce & Retail
E-commerce and retailers are prioritizing data collection from Omnichannel and are implementing analytics to gather relevant business insights which helps them reach more customers and boost sales. Big Data Analytics play a key role in almost all stages of the ecommerce and retail selling/ buying process. This will be around predicting the trends, identifying the potential customers, optimization of the pricing models, customer segmentation based on the buying behavior and present personalized, real time offers based on the customer preferences. In short, Big Data Analytics helps ecommerce and retail players provide a smart shopping experience.
Manufacturing industry deals with huge amounts of data from a network of thousands of motors, heavy duty mechanical equipment, electronic relays and sensors synchronized & controlled by complex systems. The industry demands to monitor thousands and thousands of parameters & signals in every moment. With the right big data analytical solutions, manufacturing industry players can shift their focus from traditional monitoring processes to a more agile and real time process. This enables them to generate tactical insights for substantially improving the business performance at the same time addressing many challenges. Read more our blog on how big data analytics is adding more value in the oil and gas industry.
Business Benefits of Big Data Analytics
• Faster and better business decisions
• Improved business performance with real time monitoring of events
• Increased product and service development
• Competitive advantage in the industry
• Better identification of risks and effective mitigation
• Improved customer engagement
Happiest Minds’ Play in the field of Big Data Analytics
Big data analytics solutions from Happiest Minds provide organizations with the right customer insights leading to newer revenue sources through cross sell and upsell, while helping them identify revenue leakages and fraud, thereby, driving profitability. With a comprehensive set of big data analytics tools & solutions across the spectrum, we help you generate relevant and actionable insights from your big data initiatives. Our Big Data Analytics solution portfolio includes ClickASTRA– a unique solution for analyzing clickstream data from websites, which transforms the semi structured clickstream data and ingests it to a query-able Engine for generating actionable business intelligence. We also offer managed big data services, Data Migration and Integration services, Relation DB2 to Mongo DB Migration and Anomaly Detection. Read more.