Big Data is offering businesses maximum information and knowledge that they can access to stay relevant in today’s Hyper-Competitive environment. And this is where big data analytics can help across diverse scenarios.
A common example is that a retailer such as “Best Buy” being able to sift through tons of consumer data, like their shopping patterns, product selection, spending, shopping zones, shopping preferences; to derive insights on shopping preferences and directed targeted campaigns.
These sights help to capture the personal preferences and likes of the shopper and helps the retailers to provide customized offers, leading to increased hit rates and revenues.
So, it’s a win-win situation for both parties as customers’ gets info on offers which encourage them to shop more and retailer enjoys revenue growth and potential customer loyalty as well.
Big Data analytics has immense potential in the field of healthcare too. Imagine if a hospital is able to go through its patient records and identify patterns in diseases. This can enable doctors to detect the onset of a disease much early on and the benefits of such an approach cannot be overstated. Throw in lifestyle or health status data (Castlight’s health app) to gather additional insights and the possibilities are simply mind-boggling. Obvious gains are decreased mortality rates, better quality of life due to accurate prognosis, diagnosis and treatment, and lowered insurance costs.
However, the challenge will be in overcoming regulatory and patient confidentiality issues. For example, according to a Wall Street Journal Report in Feb’16, companies like Walmart and JP Morgan Chase were said to be using big data mining in a negative way to track the health of their employees.
So, whom to approach and where to start from- might be your next question?
DNF Corporation offers Big data Analytics services to clients who have business data, but do not know how to gain business insights from it. DNF and its partners give analysts powerful, intuitive workflow solutions and applications for data blending and advanced analytics that lead to deeper insights in hours, not the weeks seen in typical approaches.
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