Top 5 Big Data Analytics Use Cases
Along with cloud computing and the Internet of things (IoT), organizations have been able to collect and store massive amounts of data from various sources. But with the data comes the challenge of doing big data analytics successfully in order to extract critical, actionable business intelligence. This blog identifies the top five big data analytics use cases Search Technologies has helped customers design and implement. For a deep-dive into the challenges, technology stacks, and business results of each use case, download our e-book to learn more.
1. Log Analytics in Financial Services
Banks use regular financial risk model calculations across all of their lines of business to determine their overall risk profile. Banks' IT teams run these calculations continuously to ensure that they comply with rules and that liquidity and cash balances are adequate. In order to sufficiently analyze and monitor application performance in real-time to ensure a near 100% service level requirement for these critical applications, banks can depend on open source log analytics solutions.
A system-wide logging infrastructure combined with log analytics is a powerful way to improve operational performance in IT and business. By analyzing event logs and system metrics that track the performance of IT systems and user logs that capture the behavior of users who interact with e-commerce sites, retailers can gather data and discover insights leading to more agile operations, improved competitive advantage, and increased site revenue.
3. Market Research
Market research is a very important component of today’s business strategy. Market research techniques typically encompass the analysis of data to gain insight or to support decision making. However, many market research firms have not improved their market research collection and analysis processes for years. In addition, both the amount of data and the number of data sources have increased exponentially in recent years. Thus, leveraging big data analytics solutions and scalable data processing techniques allows these firms to gather valuable takeaways and insights that could immensely benefit their subscribers.
4. Precision Agriculture
Agriculture has molded human history for centuries. Agricultural technology advancements have made collecting and storing data easy; but what about processing and analyzing this data to support productivity? How do we process and obtain information from all this data, which keeps growing in real-time? Combining search engines, big data, and analytics, we now have a method to tie agricultural data together, making agriculture an exact science, saving costs, and increasing productivity.
5. Precision Medicine
The scale of genomics information being collected is enormous. Today’s healthcare organizations and research institutes struggle with processing and extracting value out of the increasing deluge of genomics data triggered by the decreasing costs of genomics data sequencing. These organizations have increasingly been relying on big data analytics applications to ingest genomics data, physician notes, and medical research information in order to improve patient health, alleviate future health risks, and discover cures for diseases.
We expect to see more innovative applications as big data analytics technologies advance. Organizations, from large to small, can unlock insights and improve operations with these use cases – download our e-book to see how.