There are many small businesses out there who may feel that they are being left in the dust by all of these huge corporations using Big Data to get the upper hand. This does not need to be the case. Small companies can use Big Data even if they themselves are not generating it. There is so much data produced by consumers every day that is just sitting there waiting for the taking. Where would you find these reservoirs of data sets?
There is a huge pool of them out there, but here are just a few of the resources that could be tapped into to receive valuable data to benefit your business.
Google Finance offers a wide range of financial data on the stock market
We all hear about Big Data and how it is changing industries and allowing companies like Target to stalk their customers, but do we interact with Big Data in our everyday routines?
Here are two examples of how we are interacting and creating Big Data every day!
Every time you go to your local coffee shop and order your special little cup of delight, you are creating data. The reason we call it data is because you are giving the company information about its customers. Check out this podcast and learn how you are helping coffee companies become more efficient through Big Data just by buying your daily cup of Joe.
Another example of our frequent run ins with Big Data is buying liquor. We all love it and drink it, but how do distributors know what kinds of people like certain types of liquor? Big Data shows liquor companies and distributors how to best sell their product and who their most profitable demographic is. Learn more about how Big Data is revolutionizing liquor distribution through this podcast!
Some companies still believe Big Data to be a Big hype, but Big Data has proven itself an extremely valuable tool in even the most diverse industries. With how much data is produced on a daily basis, Big Data can be utilized in almost every realm. Because of its versatility Big Data should be used in some degree in every business. Why you ask? Big Data takes complicated information and simplifies it. This not only saves employees valuable time and decreases stress, but it also makes the company more money by allowing the employees to produce more efficiently. If this sounds like something you could benefit from check out this video! You have to start somewhere and it might as well be informing yourself with this delightful video on how to get Big Data in your company and get on the road to success!
Big Data has gained its name from the impact that large amount of data sets have and the insights they hold, but there are even bigger big data out there that we have been unable to tap into. There is an unbelievable amount of data produced daily and only continues to grow with the development of new technology.
Researchers at MIT have recently developed an algorithm that has the potential to analyze data sets that are so large, we do not currently have the equipment necessary to tackle them. The idea behind the algorithms is geometry and the use of topography to pick out basic features that are universal to any data set, no matter the size.
With this sort of topological approach, researchers can tap into the large, scary, interconnected data and pull out connections that are characteristic of all data. The issue now is that there is not a machine that can compute this information fast enough for it to be at all functional, but there are talks of one being developed soon.
Once the quantum mechanics is developed and can be paired with this topological approach, we will be able to understand connections like never before like global connections in the internet and even pathways of the human brain.
When Big Data emerged a few years ago it was first questioned and then suddenly exploded in popularity. Big Data became so well known that people now refer to it as a buzz word and convict businesses of havingData Fetish. Many companies became obsessed with Big Data’s promise of success and jumped on the gravy train.
Four years later we are now seeing that It was never about the Big Data that determined success, it was about how it was used. The companies that understood this early on and adapted their company to better manage their data are the ones who are basking in success today.
A recent study has shown that companies utilizing big data are becoming smarter about how they are using their data. Companies are realizing that it is not so much about having a larger amount of data rather than having a sufficient amount of smart data. The trick is that smart data is like gold, analysts must search through large quantities of data to mine out the smart data that contain highly valuable insights.
As companies improve their data management skills they are not only becoming more equipped with better information, but they are also saving money. Having an efficient data analytics sector can result in major profits simply by having more up to date and accurate information to make decisions with.
It is exciting to see how companies have learned to manage their data and the benefits they are reaping from it. Using Big data as a tool is a great way to learn more about your business and your customers, which is why it has become such a great company asset.
This is a great article written by a colleague of mine about the effects big data is having on the insurance industry. With something as personal as insurance, customers want to feel that they are getting coverage that has been custom made specifically for their needs. No one wants to feel like they are over paying for a plan that they have been lumped into with complete strangers. See how big data is allowing insurance companies to treat their customers more individually and create coverage plans to fit any lifestyle!
Big Data in the Insurance Industry
Virtually every industry has found a way to put Big Data and data analytics to use. What are the industries that are utilizing the benefits of the data revolution? Education, manufacturing, retail, healthcare, telecommunications, and more. Really there is not an industry that can’t benefit from analytics.
Today, we will be talking about analytics in the insurance industry. Technology in this industry is booming. So what areas are being impacted the most?
Personalization
Similarly to many other industries, real-time data leads to a more personalized customer experience. Customers are more likely to feel as though they are being fairly treated and assessed, as individuals. They are no longer at the mercy of generalizations. This provides a more positive experience for them, making them more likely to remain loyal customers.
This also provides a more accurate risk assessment for the insurance companies. They, too are no longer at the mercy of generalizations.
Underwriting
Underwriters are also no longer at the mercy of generalizations. Through real-time data mining, they can better evaluate an individual, to match him or her with the best policy. They can also provide more accurate pricing based on the data assessments.
Fraud Risk
Unfortunately, fraudulent claims are rather common. But data mining and predictive analytics are starting to change that. Not only can they better evaluate the initial risk of fraud, but after a claim is made, they can track digital and social channels for evidence of fraudulent behavior.
Reducing Cancelation
Similarly to many other industries, advanced analytics greatly improve customer retention. In the insurance world, they leverage data to identify risk of impending cancellations. This way that can take preventative measures, and address unhappy customers.
They can even seek out more loyal consumers. Insurance companies are using predictive analytics to help them choose long-term clients. Because everyone knows that retaining customers is cheaper than getting new ones.
Relationships With Customers
This has clearly been brought up over and over again. And its an area where every single business or organization can improve; data analytics are the most effective way to improve customer experiences.
The insights from data analytics can be used to identify lifestyles, customer preferences, and characteristics. If employees that interact with customers have access to this data, then they can act on this. The data allows them to truly get to know the customers. By identifying with the customers, they are more interested in providing a positive experience for them. Simultaneously the customer really appreciates the personalized experience.
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