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Big Data Analytics

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What Is Big Data Analytics?

Big data analytics is the process of using advanced analytic techniques against very large, diverse datasets that include structured and unstructured information from different sources. The data can be found in terabytes or zettabytes depending on what type it is –this means there’s plenty for an analyst to analyze.

A more detailed definition: “Big Data” refers both to semi-structured (like databases) as well as semi-unchanged items (like social media posts with hashtags).

What is big data? It can be defined as a collection of information sets whose size or type exceed the capabilities for traditional databases to capture, manage, and process them with low latency. Characteristics include high volumes (volume), high velocities (velocity), and many different types/formats. These large files are difficult for our current technology infrastructure designed around single file storage models. Such models were developed decades ago when we had less access points into people’s lives than today. 

Big data analytics opens a world of possibilities for business. It can ultimately help you make better decisions, model the future with more accuracy, and predict how well your strategy will work out in advance.

Examples Of Big Data Analytics In Industries

A new form of healthcare analytics is enabling faster responses to emerging diseases and improving direct patient care, the customer experience, as well administrative functions.

Financial analytics is an invaluable tool. It can be used by businesses to make better informed underwriting decisions and provide a more seamless experience with claims management. The information gathered through financial data crunching has been shown time and again as being key in reducing risk and fraud.

Communications Service Providers (CSP) are using big data analytics to optimize network monitoring, management and performance. This helps them mitigate risk while also reducing costs. They can improve customer targeting by leveraging the power of analytics. This makes it easier for people who want their services available at any time even if there’s no Wi-Fi connection.

Big Data Analytics In Healthcare

Telemedicine is the future of healthcare. It has been used to provide new and improved ways for patients, especially those who are unable or unwilling to travel far from home. The use cases range across diverse fields including telesurgery (surgeries conducted via video link), remote diagnosis, and monitoring services. 

Big Data Analytics In Financial Services

Financial services companies can use advanced analytics to build a 360-degree customer view. With the ability for clients’ and employees’ access, financial information anywhere at any time, customers are expecting personalized service that takes their needs into consideration. This is to provide them with an enriching experience beyond just banking or investing funds, which would also be possible through this technology.

Big Data Analytics In Communications Service Providers

The 5G cellular network will be a revolutionary game-changer for applications that require ultra-reliable connectivity. It is expected to dramatically improve mobile technology. This improved cellular network will make it possible to create mission critical systems. Autonomous vehicles with fail-safe abilities, or remotely operated complex automation equipment without risk of failure from unforeseen circumstances.

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