Big Data is the force for digital transformation of businesses. Many definitions of the Big Data exist in the literature, and the most relevant ones have one thing in common, that Big Data is not just about lots of data. For business context, the definition of Big Data that is most relevant and appropriate is given here.
Big Data is about creating value from the all the data, by leveraging emerging technologies, and full analytics value, to uncover hidden inefficiencies and take actionable insights, to grow the business through a continuous data-driven innovation. The value creation from Big Data requires Big Data Analytics and is the process of examining all data related to the business to uncover hidden patterns, correlations, market trends, and other information that would be useful for companies to be competitive and innovative.
Big Data analytics is becoming increasingly prevalent in many industries. Depending upon the industry, Big Data analytics allows for the following: efficient and effective medical care, optimization of machinery, increased performance of devices, financial trading, personalized customer service, personalized shopping experience, improving law enforcement, and effective eGovernment, etc. Many of these areas include a significant amount of personal data. TheiInternet, marketing, retail and consumer industries have seen significant value creation through Big Data analytics. There are industries like oil and gas, healthcare, and education that are in early stages of their Big Data journey.
Understanding the role of Big Data analytics in oil and gas industry is most challenging compared to any other industry. Recent reports suggest that the oil and gas industry uses only 1 percent of the data they generate, thus providing an opportunity to create economic value from the data. Big data analytics has been proven to increase production and effectiveness of oil drilling from six to eight percent (Bain, 2014). Big data analytics can also capture more accurate real-time data, improve plant performance and reduce oil-field costs. Big data analytics can allow an advantage in geology interpretation, new oil well delivery, and oil well and field optimization.
Big Data analytics will continue to grow given the increased adoption of emerging technologies like Internet of Things, Augmented Reality and Virtual Reality, etc.
Improving healthcare and public health is also where big data analytics is highly effective. The computing power of big data analytics can enable the decoding of entire DNA strings in minutes, which will allow to find cures and predict disease patterns. Big data analytics also plays a role in monitoring and predicting the developments of disease outbreaks and epidemics (Marr, 2016). Alongside that, the personal quantification and optimization come in with wearable health technology such as fitness trackers. Big data analytics will give consumers real-time data that will enable them to best suit their personal health care needs.
Learning Big Data analytics is also growing as new platforms of education and learning have become a source of gaining knowledge and interaction data. Learning Big Data allows for any user or company to use these large data sources and personalize and optimize content for their learner and students. The traditional methods of course and teacher performance are quite ineffective and provide very limited insight.
Chief Analytics Officer Spring 2017
15% off with code MP15
Big Data and Analytics for Healthcare Philadelphia
$200 off with code DATA200
10% off with code 7WDATASMX
Data Science Congress 2017
20% off with code 7wdata_DSC2017
20% off with code AIP17-7WDATA-20