If you’re a frequent reader of this blog, then you know how much we enjoy examining how data-driven technologies affect positive business outcomes. In this post, we’ll be looking specifically at big data and some interesting use cases that have emerged as the technology behind big data analytics has had time to mature.
1. 360-Degree Customer View
From website clicks and mobile app views to sensor data obtained from both physical and virtual systems, consumers add to their digital footprints with nearly every interaction. Companies can mine this information to better serve individual needs and behaviors. Organizations can also use this data to identify new service offerings based on customer, patient, citizen, or user preferences. Democratized data access takes this a step further, ensuring that even non-technical stakeholders can make effective use of enterprise information.
2. Better Fraud Prevention and Cybersecurity
Big data systems can parse through large volumes of transactions and log data on servers, databases, applications, files, and devices to help companies identify, mitigate or prevent fraudulent behavior. In addition, these systems can also combine internal data with external, third-party data to alert organizations to cybersecurity threats that have yet to appear in their own systems.
3. Content Analysis of “Dark Data”
Companies today have new opportunities to determine customer sentiment and find recurring patterns by parsing through videos, images, audio, and other forms of unstructured information. With artificial intelligence (AI) enabling the advanced natural language processing of big data, organizations can tap into this massive amount of unstructured data.
4. Preventive Maintenance and Support
Downtime is a significant inconvenience that contributes to an extensive drain on resources and, in some industries, can even be a matter of life or death. Big data analytics is increasingly being deployed to prevent this. For example, system logs, sensors, and Internet of Things (IoT) data can all provide an early indication of the potential for failure. Companies that can mine this information can greatly reduce the impact of unscheduled outages, downtime, natural disasters, or other disruptive events.
5. Identifying and Mitigating Potential Risks
In the risk management space, big data can provide early visibility into potential risks, help quantify the exposure to risks and potential losses, and help expedite the response to major changes. In addition, big data analytics helps companies analyze information from a wide array of disparate sources to provide greater situational awareness and understanding of how to allocate resources to address emerging threats.
For more on the above and other big data use cases, check out this TechTarget article.