Now a days, Big Data has turned out to be really important for businesses who want to maintain their files and huge amount of data. Companies have moved to Big Data technologies in order to maintain data for analysis or business development purposes. Big Data helps to analyse Time, Cost, Product Development & Decision Making.
This Analytics help businesses to determine
- root causes of failure in businesses
- analyse sales trends based on analyzing the customer buying history
- fraudulent behavior and
- reduce risks that might affect the organisation.
What is Big Data?
Basically Big data can be described as a huge volume of unstructured data. It is a term used to describe data that is huge in amount and which keeps growing with time. Big Data consists of structured, unstructured and semi-structured data. This data can be used to track and mine information for analysis or research purpose.
Gartner Analysist, Doug Laney has given Big Data a new definition describing it as the three V’s: Volume, velocity and Variety.
Volume: The name Big Data itself explains itself as huge in amount of data. “Volume” is an important characteristic when dealing with Big data.
Velocity: Velocity explains the speed of data being generated. The speed at which the data is generated and processed can determine the data’s significant potential. This property can determine efficiency of the data.
Variety: It deals with wide range of data types and sources of data. It can be studied under three forms, structured, unstructured, semi-structured data.
Structured data: It is a traditional transaction processing as from RDBMS (Relational Database Management System), means it include numbers, dates, and groups of words and numbers called strings which can be stored in a database.
Unstructured data: pdf’s, emails, audio videos emails photos social media comments all are considered as unstructured data.
Real Time Applications of Big Data
Big Data technologies are very beneficial to the businesses in order to boost the efficiency and develop new data driven services. There are a number of uses of big data such as Health Care, Detect Frauds, Social Media Analysis, Weather, Public sector almost in every sectors in coming few years.
Role of Big Data Analytics for Healthcare
FOR PREVENTING MEDICATION ERRORS:
With medical advances there was need to store large amount of data of the patients. Big data is used extensively to store the patients health history. This data can be used to analyse the patients health condition and to prevent health failures in future. Big data can help reduce these error rates dramatically by analyzing the patient’s records with all medications prescribed, and flagging anything that seems out of place.
MedAware’s : An Israeli health IT startup has developed a clinical decision support application which uses big data analytics and machine learning algorithms to analyze large scale data of electronic medical records, and learn automatically how physicians treat patients in real life scenarios. This application analyzed medical records for 747,985 patients and generated more than 15, 690 alerts. About 75 percent of these valid alert were clinically useful in flagging potential medication errors or issues,as one study noted.
Fitness tracker devices : These devices that monitor steps taken, hours slept, heart rate, and other data on a daily basis which improves patient engagement and outcomes. New wearable devices can track specific health trends and relay them back to the cloud where they can be monitored by physicians. This can be helpful for everything from asthma to blood pressure, and help patients stay independent and reduce unnecessary doctors’ visits.
ELECTRONIC HEALTH RECORDS (EHR)
Most hospitals have finally switched over to using electronic health records (EHR), so health care professionals get easier access to data. An electronic health record (EHR) is a digital version of a patient’s paper chart which contains a real-time, patient-centered records that make information.
It can be available instantly and securely to authorized users. It Contain a patient’s medical history, diagnoses, medications, treatment plan, radiology images, and laboratory and test results. One of the key features of an EHR is that shared with other providers across more than one health care organization such as laboratories, specialists, medical imaging facilities, pharmacies, emergency facilities, and school. Here is Best Electronic Medical Records Software
Big Data for Financial Fraud Detection & Prevention
Fraud that involves cell phones, insurance claims, tax return claims, credit card transactions etc. represent significant problems for governments and businesses. Fraud is an adaptive crime, so it needs special methods of intelligent data analysis to detect and prevent it. Now a days Best solution is provided by the methods exist in the areas of Knowledge Discovery in Databases (KDD), Machine Learning and Statistics.
Example: Earlier credit card companies would keep a track on all the transactions and if any suspicious transaction is found they would call the buyer and confirm if that transaction was made. But now the buying patterns are observed and fraud affected areas are analysed using Big Data analytics. This is very useful in preventing and detecting frauds. Here is Best Financial Fraud Detection Software
Social Media Analytics using Big Data
Now a days, almost all business uses social media for promotion and feedback purposes. so the customer interaction data is collected and observed in the form of comments, images, social statuses. Having access to numerous metrics, such as likes, post reactions, post replies and more, allows a business to better understand the nature of the interaction between their customer base and their content . Social media analytics is big data technique to understand the customers requirements and check what they say on social media. This helps companies to analyse and come up strategies that will be beneficial for the companies growth.
Other application of big data are Internet of Things (IoT), Media & Entertainment, Manufacturing, Education sector, Insurance services, Transportation. Security Intelligence, etc.
Big data has become an important part for analysis and is needed in order to understand the growth of the businesses and build strategies to help it grow further. Check out Best Social Media Analytics Tools