When the subject is technologies that boost innovation in companies, one of the most popular terms is Big Data Analytics. This strategy is associated with the capacity of making decisions based on solid and reliable data, and it is also essential for those who want to reduce costs and risks, save time and have a broader view of the business.
If you want to learn more about this technology and understand how it can contribute to companies, read below!
What is Big Data Analytics?
The term Big Data Analytics consists of a set of practices that analyze an immense amount of data in structured and unstructured database, available in the web. Its goal is to get valuable insights which can guide companies in the process of making decisions.
This concept is founded on three characteristics: volume, variety and speed. In other words, it consists of very big databases, which are nearly impossible to be comprehended and analyzed manually; they are varied, available in files of different forms and types; but they also offer data that is generated very quickly and in real time.
This is why they require a series of techniques for collecting, processing, filtering and interpreting data in order to extract information that can generate knowledge. So it is possible to make decisions fast and obtain better results.
How does it work?
Big Data algorithms receive the databases as an entry and they process this information in search for interesting patterns and insights for the business. Thus, they are able to identify possible scenarios and point out opportunities that can be explored by managers.
From historical data, for example, it is possible to search for correlations between facts that happened, establishing then a cause/consequence relation, and then it is possible to predict the future. If, in the past, when A happened, the result was B, there is a great possibility that, in the future, the B effect will happen again in case A happens.
The model, which is called predictive analysis, can be applied with the goal of understanding the behavior of the market, so that profit or risk opportunities can be anticipated. But is is also applied in the relationship with the customer, so that the company can understand the customer’s needs.
Practical application in predictive modeling
A clear example of this analysis is the project called ‘Ei, Doutor’ which crosses data of the user’s health profile with other information about health insurance, dental plan and medications.
Thus, if users with a certain behavior have a heart disease, the system can predict that other people with the same behavior have a greater probability of having the same type of disease. In other words, the company analyzing the data and the health insurance company can act preventively, offering a personalized knowledge to users.
There are also other types of analysis, which focus on explaining the past, understanding the causes behind events and trying to come up with solutions for the future.
How can it be used in your business?
Big Data Analytics is used for reducing costs and preparing the company for contingency situations. An example of this is preventive maintenance, which can predict failures or malfunctioning of important equipment in production lines. This way the internal team can provide support regarding that machine before it even starts showing signs of failure which can compromise operations.
It is also fundamental to serve as a basis for strategic planning and for directing investments with greater chances of success. The goals can be defined based onto a broad knowledge of the situation of the company or the market, which derives from detailed analysis of this massive amount of data.
Let’s get back to the example that we mentioned regarding customers: with this technology, managers can also segment deals and suggest new items for consumers, based on what they have already purchased or shown interest in. This is key in order to strengthen the relationship with customers and make sure they become loyal to your company.
The use of data will guide your company towards personalizing the experience of its public and creating a unique value for people who reach you. The same way, these insights serve as a premise for improving products and processes, based on buyers’ expectations.
This is, in other words, an important technology for generating more control concerning the relation with customers, both in the creation and production processes. Thus, the company is able to implement innovation and stand out in the market.
Data analysis is one of the most commented strategies in modern times, specially because of its benefits and the revolution it can make internally, creating more knowledge and giving more power to the manager. With this tool it is possible to easily manage resources and solidly grow in a agile and planned way.
Did you like to learn about Big Data Analytics? Then, get in contact with us and find out how we can help your campaign.
