Big data is a buzz term in many industries, but many people still do not understand the concept of it. Data analysis tools can benefit any company, and new tools are being invented every year. The tools are designed for specific industries, and a company's staff may need specialized training. An elearning company can give everyone an interactive learning experience. Big data can benefit small businesses and multinational companies. Let’s clear up some of the confusion surrounding it.
Gaining Information from Unstructured Data
- More than 80 percent of structured and unstructured data is thrown away after two years. Companies collect data on a daily basis. The amount of data has an important role in a company's success, but the information contained in the data is the most important factor. When companies use big data, they gain a better understanding of their company. Big data can lead to an increase in productivity and a better customer service experience.
Data Analysis Tools and Unstructured Data
- Big data can process large amounts of unstructured data. Social media and network traffic are examples of unstructured data. Big data can convert the unstructured data into usable information. There are several different types of data analysis tools. The tools can be used to analyze patterns. Sensory data can identify mistakes.
Evaluating Time-Sensitive Data
- Some business applications need to be evaluated in real-time. E-commerce applications can give a consumer marketing offers that are based on the consumer's personal preferences and current location. The information is time-sensitive, and it needs to be monitored in real-time. Mobile applications have millions of end-users, and the network traffic needs to be monitored in real-time.
Summarizing Structured and Unstructured Data
- Semi-structured and unstructured data requires summarization. Big data can derive meaning from a company's unstructured data. The data might change without notice, and an unexpected change can hamper the daily operations. Big data can repair complex issues without compromising privacy.
Impacting Corporate America
- According to an article published in the New York Times, big data is making an impact on corporate America. Researchers studied 179 large companies, and they concluded that big data increases productivity.
Data Analysis Tools and Predictive Power
- Industries are still exploring the predictive power of data analysis tools. In the healthcare industry, researchers have noticed a surge in Google searches for seasonal illnesses.
Raw Materials Data
- Big data can decode raw materials data. Data analysis tools can decipher complex statistical information. Mathematical models can identify a correlation, and the output data can give a company unbiased information. The data can be used to determine loan interest rates and health insurance premiums.
Big Data Benefits Customers
- For customers, big data can offer recommendations for similar products. Big data is changing the way customer shop for products. Harvard Magazine expounded on the use of big data in marketing. Before big data was a popular marketing tool, customers had to rely on individual searches. Today, an individual search can give a customer hundreds of additional options. If the data is only used for aggregation, the customer's privacy will not be at risk.
Big data has been an important tool for the last few decades, and big data is still in the early stages of development. Data analysis tools are improving every year. In the near future, big data will be able to handle quantum computing. Quantum computers can handle massive amounts of data, and data analysis tools will continue to solve increasingly complex problems.
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