What is Big Data?

Big Data is said to be a combination of several structured and unstructured data that is used to gather some amount of information related to machine learning. The systems that are being integrated with the concept of big data analysis are a much common factor for the environment in which the order is said to be operated. Companies often use big data to improve their operational efficiency and also opt for better customer preferences and thus this holds a better competitive advantage over the engagement of the customers that are basically concerned with the historical data prices and the marketing strategies that are needed for meeting the customer needs and the desires. Big data is such a data analysis process that helps to identify the primary risk factors that are required by the doctors to identify the primary source of the illness and also helps to maintain proper parity with the organizations and thus it helps to meet the current demands of the consumers.

Figure 1: Big Data Analytics across industries

(Source: www.dasca.org)

From the above data analysis, it is shown clearly that big data analytics is being used over the industries on a mass scale, and thus it is being used most by the banking industries on a rapid basis. The significant portion of the data analytics is being used by the banking sector, and very little is being optimized by the technology sector ranging to 15% and with a minimal contribution to the manufacturing industry valuing to 9%. The concept of big data analytics is basically used to understand customer behavior and the preferences that are basically received from the investment pattern of the customers.

Figure 2: Big Data Analytics in Banking

(Source: medium.com)

The above picture shows the contribution of big data analytics in the banking sector. It can be seen that it covers almost the major section areas of the banking fraternity starting from the customer experience to asset allocation and investment solutions (Cao et al. 2019). The use of data analytics in the banking industry is seen to be the maximum in terms of the research made.

Reference List

Journals

Cao, G., Duan, Y. and El Banna, A., 2019. A dynamic capability view of marketing analytics: Evidence from UK firms. Industrial Marketing Management, 76, pp.72-83.

Dencik, L., Hintz, A. and Carey, Z., 2018. Prediction, pre-emption and limits to dissent: Social media and big data uses for policing protests in the United Kingdom. new media & society, 20(4), pp.1433-1450.

Erevelles, S., Fukawa, N. and Swayne, L., 2016. Big Data consumer analytics and the transformation of marketing. Journal of Business Research, 69(2), pp.897-904.

Hall, W. and Pesenti, J., 2017. Growing the artificial intelligence industry in the UK. Department for Digital, Culture, Media & Sport and Department for Business, Energy & Industrial Strategy. Part of the Industrial Strategy UK and the Commonwealth.