Or How Businesses Outperform Industries Using Big Data In Practice
Big Data, Data Analytics, Data Science – all these terms make a noise in the world! Here are a few examples to clarify the difference and avoid messing them up:
Google has a number of successful products, Data Science Algorithms embedded within. For instance, all the digital marketing tools, like AdWords, AdSense, DoubleClick and Google Analytics, – use data science algorithms analyzing Internet searches to assist its users with their advertising activities, SEO strategies, analytical researches and understanding their visitors behavior patterns.
LinkedIn is the professional network injecting Big Data Analytics into various features to deliver their users really smooth experience. For example, such features as ‘People You May Know’, ‘Skills Endorsement’ and ‘Jobs You May Be Interested In’ are based on analyzing a huge amount of initial user data both structured and unstructured: skills, previous jobs, In-Mails, groups etc.
And about Big Data itself: literally this buzzword means huge volumes of information (structured and unstructured) demanding cost-effective and innovative processing in order to drive insights and improve decisions making.
Guess what, Big Data, it’s Analytics and Data Science have made their way into our daily activities some time ago and here’s how…
Big Data Analytics for Healthcare
Hopefully, Big Data Analytics for healthcare is changing the sector to improve the quality of life. And here is how:
Apple and IBM Big Data Analytics use case
Apple and IBM partnership on big data analytics health platform was announced in 2015. Watson Health Cloud, their global information platform, intends to provide physicians, researchers, insurers and companies focused on wellness solutions with a complete picture of individualized health-related insights. They mention connected medical devices, personal fitness trackers, implants and other sensors that collect biometric data, to be generators of real-time health-related information. These pools of information are being connected with traditional sources: doctor-created medical records, clinical researches and individual genotypes. As the result of this collaboration, the platform’s users are equipped to make evidence-based decisions about health-related issues.
Here’s a couple of health challenges IBM Watson Health solves:
This cloud-based solution empowers the scientists with visualized insights helping to discover novel connections between diseases and identify new drug targets.
Pittsburgh Health Data Alliance Big Data Analytics use case
Another partnerships between big data engineers and medical professionals is carried out by Pittsburgh Health Data Alliance. Aiming to foretell potential future problems, the organization came up with the technical solution that incorporates big data analytics algorithms. To identify individual health-related problems before they happen, Pittsburgh Health Data Alliance takes the data from various sources: medical and insurance records, social media feedback, wearable sensors, and genome data. This allows to draw a comprehensive picture of any patient as an individual; which in turn suggests the most congruent healthcare package.
To cut it in short, the biggest Alliance challenge is “raising the quality and reducing the cost of healthcare” using big data and they are going to make it the following ways:
Focus on “big health care data analytics; personalized medicine and disease modelling; issues of privacy, security and compliance in the context of big data; data-driven patient and provider education and training; and a new general framework for big data health care”.
Research and invent new technologies and methods, “based on intelligently engineered big data solutions”, to create actionable.
Big Data Analytics fights Ebola
The spread of epidemics could be stopped by big data analytics as well! For instance, cell-phone location data has been already widely used to monitor population movements in Africa, where the risk of Ebola virus spread is alarmingly high.
Relevant predictions generate insights on the regions that are in the most urgent need for relief, to open treatment centers there or implement population movements restrictions. Similar to epidemics prevention, earthquakes’ risks are decreased due to mobile phones localization that assist in this disaster relief planning actions.
Express Scripts’ Big Data & Analytics in practice
When Express Scripts, a US drug prescription plans provider, analysed common pharmaceutical claims, the company understood that many patients who are given drug prescriptions have a tendency to forget about taking the medicines. Therefore, Express Scripts created their product – beeping medicine bottles, empowered by their automated phone calls reminder service, — beeping medicine bottles, empowered by their automated phone calls reminder service, — which processes drug prescriptions and reminds the patients to take the pills. The product’s success disrupted the industry.
23andMe genomics data
Named for the 23 pairs of chromosomes, the biotechnology company delivers genetic testing that could be also interpreted to individual consumers providing insights on their genetic history. In 2008, 23andMe offered the cutting-edge service of possible predisposition estimation for more than 90 traits and conditions (from baldness to blindness, as they say). This is big data analytics in practice, which is also ‘won’ Time magazine Invention of the Year award for the company.
These days 23andMe develop research communities such as Parkinson’s disease and inflammatory bowel disease in order to understand why some people are more likely to get a disease and why people react differently on treatment and drugs.
Big Data & Analytics for Finances
For financial institutions, big data solutions are tightly intertwined with reducing risks and meeting regulatory objectives. Also it’s quite common to use financial big data analytics to learn consumer behavior and enhance business performance.
Big Data & Analytics use cases for small-tier financial firms
Brokerage firms, asset management companies, regional banks, financial advisors, – they all are rapidly evolving towards big data challenges. Cloud and on-premise data platforms equip these financial organizations to provide better customer intelligence services. These include credit risks evaluation, individual safety measures (e.g. device usage authorization), client-oriented marketing of their financial services (remember your online banking feed messages), etc.
Experts say, big data analytics even allows small-tier financial players to leapfrog their competitors from relevant large-tier sector (international corporate banks) as the latest are rarely focused on rapid-growth strategies.
Commonwealth Bank of Australia Big Data & Analytics use case
Big data analysis has become one of the main strategic focuses for CBA a few years ago. CBA processes over 40% of card-based transactions in Australia. This way they offer the real-world information on consumer purchasing behaviors. CBA suggests its clienteles using their Bespoke Analytics tool in order to identify their business growth opportunities considering customer loyalty and footprint, spending frequency and socio-economic data, along with competitors and industry benchmark results.
Big Data & Analytics Use Cases for Retailers and Commerce
Doug Laney, Gartner analyst, presented 55 examples of big data case studies in 55 minutes. He joked, it’s like the Complete Works of Shakespeare, though ‘less entertaining and hopefully more informative’. According to the resource, big data & analytics play important role in commerce evolution.
Here are 5 prominent big data case studies for retailers:
Macy’s Inc. adjusts real-time pricing for 73 million items. Their technology is based on available inventory and current demand.
Wal-Mart Inc. applies its search engine for the online platform. The technology includes semantic search, relies on text analysis, ML and incorporates synonym mining to produce congruent search results. They report billions of dollars revenue increase.
Tesco supermarket chain collects data from 70 million refrigerator points. The generated analytics reports allow better refrigerators’ maintenance and energy costs savings.
Another privately-owned fast food uses its product data to determine the marketing strategies for their digital menu board displays. The longer the lines are, the better the chances are for the quickly-served products to be displayed on cameras.
Woolworths grocery store chain uses business intelligence technologies to analyse customer shopping habits. Billions of dollars are spent for data analytics to leverage online sales.
Extra Big Data & Analytics Case Studies OR Miscellaneous
Many industries leverage their business strategies with big data insights:
Big Data Analytics for Security
The Los Angeles and Santa Cruz police departments in collaboration with a team of educators and a private company apply data analytics to predict future crime locations. The techno logy forecasts crimes, pointing down to 500 square feet potential location. As the result, a 33% of burglaries reduction and 21% of violent crimes reduction occurred in LA.
UPS, North American shipment and logistics service, monitors 16.3 million packages for 8.8 million customers on a daily basis. Every day, the data analytics allows to satisfy 39.5 million requests from their customers.
Big Data is huge and demands innovative and cost-effective methods of processing and analyzing.
Big Data & Analytics allow re-developing some business product or service accordingly to structured and unstructured data analysis results.
No matter how big a business is, Big Data and/or Analytics can positively influence it.
Data Science and Big Data Analytics are helpful in everyday life too, since they are widely used in Healthcare, Retail and eCommerce, social networks and search engines.
Dealing with Big Data demands highly professional approach in order to extract relevant results.
Start Your Own Business from Scratch VS Acquire a Franchise
People who want to do business may enter the fray with two main options: acquire a franchise or start up a company of their own. Either of the approaches mentioned has its advantages as well as downsides, being purely a mixture of personal preferences and emotional qualities of a person who organises a company.
In case it doesn’t much matter for a future businessman what company to run, a franchise could be a success leverage; however, a start-up is the only choice for a person who follows her heart in entering an entrepreneurship…
Businesspersons are all in one boat in the ocean of risks.
Franchise or not, – each business is a risk. A risk factor in business could be interpreted as hard long hours of work leading to both ups and downs, testing the nerve and separating the wheat from the chaff. The stress in business is real and not so many can stand it. It takes a particular kind of stamina and a life outlook that makes an entrepreneur. What makes a real trade-off between a franchise and a start-up is the level of risk, otherwise all are in the same boat.
Franchise is a valid way to earn a decent living for a person without a strong vision of a unique business idea.Buying a franchise, its license fees are exchanged into business risks decomposers, sales and marketing done for you. Namely, for the price of a franchise you get a business model that works and comes along with the branding. Your job is only to run it well and respond to the market conditions particular to your market segment, most often subdivided geographically between franchisers.
If you don’t risk starting a company from scratch, you don’t win your dream fulfillment
Providing no particular business aspiration is pursued, a franchised business is the answer. It gives people – without a dream to fulfil – a place to express their entrepreneurial spirit and implement their managerial ambitions. But what if you have your own idea? It might be your family recipes for pizza that you want to build a restaurant around. There is no franchise for that. That is something to build on your own and by your rules.
Nothing is known and nothing is established for a start-upper. What is more, the Statistics says 99% of all the startups fail in the first 3 years. To jump into it takes will-manage-opening-a-parachute-just-in-time-on-my-possible way-down mindset.
What else is highly required when starting a company is personal charisma, which is a special mental ability to overcome stressful situations being a leader people want to follow and partner up with.
Partner up with the right people to make your business a success!
Therefore, our “family” recipe for baking a successful start-up company is: mix a unique business idea, leadership abilities, and a valid business plan together. Then season your company with the right partners who can boost your business. Chose Envion Software to get into that 1% of successful startups. We are good at what we do, 30+ years of our business presence evidencing the fact.