Big Data Analytics is the hammer which chisels the marble chunks of big data revealing risk patterns, fraud alerts, operational trends, customer preferences and other nuggets of information. This in turn leads to more timely identification of risks, efficient marketing, increased profits and improved customer service.
Big Data’s value comes from being able to understand it. Big data analytics aims to help companies make timely and better business decisions by enabling business users to join and assess large chunks of data like transaction data, market data, finance data, logs, internet data, emails, social media and mobile data.
What are the tools of Big Data Analytics?
Big data is analyzed with advanced software tools such as statistical analysis and data mining. When data needs to be processed immediately, many organizations looking to collect and analyze big data, turn to the Big Data technology. Please see Big Data landscape for more information.
Speed of Big Data Analytics
Because of the speed at which business and technology is changing, it is imperative that real-time information should be easily accessed from systems or untimely insights will be like extracting blood from a stone. With the growth of data the analyzing with speed has become difficult and therefore the considering of using Big Data technology comes in.
Strike While the Iron is Hot
Global growth and harsh competitive conditions are leading to the rise of business analytics. Organizations must handle these pressures in order to stride ahead. Businesses that are able to efficiently analyze big data are able to make the correct timely decisions and gain insights that can give their business a competitive edge.
Nexus between Compliance and Big Data Analytics
As criminals and terrorist organizations become more sophisticated, financial institutions need to up their ante. In this situation, Big Data Analytics can be the vital link to tracking the illegal and unauthorized financial flows. Advanced analytical and statistical techniques are needed as in-house and external data, both structured and unstructured, is extracted and parsed for information.
Anyone who is confused about the brave new world of Big Data Analytics need look no further than Hexanika!
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