Big data analytics is a process of examining large data sets containing a variety of data. This data is used to analyze hidden patterns, understand correlation, study market trends or customer preferences and other predictive analysis. Thus, data helps companies take informed decisions.
But before we try to understand big data analytics, where does the all the data come from?
The so-called digital age provides the data scientist (people who work with big data) with all the material or resources they need. It is our regular internet linked actions that provide them with all the information. Check the list to see how our daily activities can feed the world of big data analytics:
- Streaming Music
Many of our family members use websites like gaana.com and other apps to listen to music. These websites have a compulsory registration process which helps them track more than the kind of music you like.
- Online shopping
It is one of the most resourceful places to conduct a customer preference analysis. It gives them an insight into their preferences by tracking their purchase history.
- Cable set-top boxes
You think set-top provides you only with entertainment, think again! The kind of channels you watch can give an insight into the preference of entertainment in each household.
- Fitness band
Fitness bands are new technology wear which track everything from age, weight, height, eating patterns etc. thereby giving a clear insight into people’s day-to-day activities.
- Medical records
Nowadays, even our medical records in hospitals are synced with cloud. So it is easy for a doctor to pull patience records as and when needed. This again acts as a fodder for data analytics.
Is big data useful in advisory practice?
Regardless of what business you run or the size of your operation, data analytics i.e. data collection and interpretation would help your business in many ways.
- Data will be an asset to every business
Almost every business creates data and even the smallest business that thinks that big data isn’t for them would be running to catch up as data today has become an asset.
For example, advisors use data for to reach out to prospective clients and big data can make this data more concise and efficient.
- It will equip you to serve clients better
Every business, be it auto or tobacco, uses big data to understand what their clients are using and guage their expectations which provides insights into what their clients want. Thus, data will help you understand your clients better.
- Improve customer experience
The biggest benefit of big data is that it will help you to deliver exactly what your clients want. This will help you customize your offerings, thereby improving the overall client experience.
Conclusion:
The advancement in today’s world in terms of customer expectation, risk measurement, operational efficiencies has put pressure on financial institutions across the globe to rethink the way they do business.
So before companies take any decision to gain a competitive edge, institutions have now started using big data to gain insights into their operations, customer and market expectations to position themselves better.
