What is Big Data Analytics?
FAQs
Big data is data that is huge in volume, velocity, variety, and value. The process of collection, processing, cleaning, and analysis of big data to get business insights, hidden patterns, and trends is big data analytics. Many companies use big data to improve business processes, operations, and sales.
A very common example of big data analytics is the Amazon online store. Suppose a user browses through products and buys a laptop. Amazon then uses big data analytics to recommend similar products based on what other users, who also purchased a laptop, bought. This might include laptop bags and headphones that people usually buy along with a laptop.
Big data analytics finds meaningful actionable insights and patterns in data. Organizations use the insights to make appropriate decisions to improve their business performance. This helps them acquire more customers. Big data analytics has applications in domains like healthcare, finance, banking, education, etc.
Top big data analytics jobs require skills including:
* Analytical and problem solving skills.
* Programming knowledge.
* Statistics and data mining.
* Familiarity with NoSQL databases and big data tools.
* Domain knowledge.
Big data analytics can help businesses increase revenues in many ways, including:
1. Better insights into customer preferences and behavior helps businesses deliver customized products and services to users. With personalization, companies get more conversions, increasing sales and revenue.
2. By analyzing geospatial data, businesses can segment areas that can give potentially high sales and focus more on those, saving cost and increasing revenue.
3. Big data analytics encourages automation and AI to handle more user requests, again saving time and resources, and increasing revenue.
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