Big data as a terminology, describes the large volume of data –structured and unstructured – that covers a business on a day-to-day basis. But it’s not the amount of data that’s important rather it’s what organizations do with the data that matters. Large data when properly analyzed and handled can give insights that could lead to better decisions and strategic business moves.
Why Is Big Data Important?
The importance of big data cannot be overemphasized. It is important to note that the ingenuity of huge data doesn’t just revolve around how much data you have, but what you do with it. In a lot of ways, makes life easy by:
- Reducing the cost involved in data handling
- It helps save time because it enables real-time data manipulation
- It helps organizations in smart decision making.
When large data is combined with high-powered analytics, you can accomplish so many business-related tasks that would in no small way make life easier for you.
Who uses big data?
Big data affects organizations across practically every industry. Below are list of some industries who can take advantage of big data manipulation;
Banks deal with deal with huge amounts of information streaming in from countless sources and are faced with finding new and innovative ways to manage big data. Although big data brings insights for innovative ways to handle sensitive information, it also requires financial institutions to stay one step ahead of the game with advanced analytics.
Educators armed with data-driven insight can make a significant impact on school systems, students and curriculums. By analyzing big data, they can identify at-risk students, and can use the information to create an effective way to help such students.
When government agencies are able to harness and apply analytics to their big data, they gain significant ground in effectively managing utilities, running agencies, dealing with traffic congestion or preventing crime. While doing this, the government should also address the issues of transparency and privacy involved in information management.
Health Care Sector
Sensitive information in a health facility like Patients records, Treatment plans, and Prescription information needs to be handled quickly, accurately – and, in some cases, with enough transparency to satisfy stringent industry regulations. When huge amount of data is managed effectively, health care providers can uncover innovative ways to improve patient care.
Effectively managing Customer relationships is a critical part of the retail industry – and the best way to manage this is to manage large amount of data. Retailers need to know the best way approach customers, the most effective way to handle transactions, and the most strategic way to cut back on business lapses. Big data remains at the heart of all those things.
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