Nowadays, the amount of big data generated among entrepreneurs as well as organizations is increasing day by day in every industry. It is undeniable that generating big data is one of the most effective way for companies to develop their business as they can know what aspects of their services and their products that they need to advance, which areas they should increase or reduce properly.
This is the proof why data analytics is so important through various companies. With big data analytics, people can collect more information as well as a lot of possible benefits to receive more business values.
Another highlighted advantage of big data that companies and organizations have recognized is that big data can help save much of their money, provide more effective marketing campaigns, develop the quality of procurement and a lot more. This article is going to introduce some applications of big data analytics that you should get to know.
1. Security policies
Today, a lot of city authorities are taking advantage of predictive analysis when it comes to crime problems by making use of geographical data and historical data as well. Some cities doing that can be listed as Chicago, London and so on. In spite of the fact that policemen are not able to arrest all the criminals in the area, thanks to big data, they can reduce the crime rate effectively. This is the first proof why data analytics is very important in our life as it can make us more secure.
For instance, in the past, people needed to deal with more than 18 million trips in the city of London and a happy news is that they were able to deal with that.
In fact, the train operators took advantage of big data in order to make sure that everything is being operated well. To be more specific, they can predict the number of passengers through the data from events so that train schedules could be organized effectively. People are very satisfactory as both athletes and audiences can travel to and from different stadiums conveniently without having to wait for so long or especially, being delayed for hours, which is now still a big problem for airlines.
3. Detecting risks
Fraud detection has always been known as the first applications of data science. In the past, companies used to cope with the lack of experiences when it comes to debt and they got bored with such tasks. After the introduction of big data analytics, the data was gathered when customers started to apply for loans. After that, users can make use of data science to help them overcome the issues. Bank workers found it easier to get to know their customers’ profiles as well as other important information that they should be clear about. They can easily make analysis for data to use it when necessary.
4. Managing risks
Regarding to the insurance industry, managing risks seems to be the most important thing. Insurance companies have been taking advantage of data analytics to help them make the most suitable decision for a customer. More precisely, data analytics can provide the companies with usable information including all the vital decision that the company needs to carry out. This can be achieved when a customer presents his or her information and after that, a proper insurance coverage is set.
Currently, data analytics has been utilized to realize various fraudulent claims. They use red flag signals to know that something risky is in need of an inspection. It is very important for administrators to pay attention to those red flags in order to develop the efficiency of claims processing.
5. The delivery of logistic services
What is more, you can see that applications of data analytics are endless. Apart from banks, businesses, there are also a lot of logistic companies all around the world utilizing big data in order to develop the efficiency in processing everything. Thanks to big data analytics, those companies have detected the most effective paths for their shipping services, the best delivery time and the most economical transport to opt for so that they can receive more profit. Last but not least, via the applications of GPS, they also have chances to make use of data analytics and data science.
6. Web provision
Today, a lot of people still suppose that developed cities with faster internet speed have smarter people. However, it is not true that just only because they have access to Facebook or Youtube means they are more intelligent than others.
In spite of the fact that the appearance of faster Internet speed is really important, it is also necessary to be presented in a proper place and be used by the right people. In other words, it is vital to have the ability to change bandwidth at the right time and the suitable place. To achieve this, we must say thanks to the use of big data analytics.
Another assumption is that the bandwidth is only higher on weekdays in terms of commercial and financial companies. However, in fact, everything even gets complicated on weekends. This problem can only be dealt with by using data analytics methods. For instance, if a community hopes some companies to pay attention to it and then they could found a branch there, only data analytics could help in achieving a higher bandwidth effectively.
7. Spend money suitably and economically
Another big problem in developed cities is the very large amount of money wasted on little work. When you go shopping, you may ignore small changes and this can consume you a big amount of money later. In this case, data analytics can help. The goal for this is to help people spend money properly and pay more attention to even little amount of money. They may be little sometimes but it could end up a big amount in some time. As a result, it is worth concentrating on what you spend every day.