Nowadays, Big Data solutions are very popular and widely used. Hadoop is the open source leader, but other solutions exist, like Google Big Query. They allow enterprises to find answers to questions they wouldn't think to ask before. This can result in insights that lead to new product ideas or help identify ways to improve operational efficiencies. Here are 5 very effective use-case examples:
Recommendation Engine: Online retailers use big data solutions to recommend products and services based on analysis of user profiles and behavioural data. LinkedIn and Facebook use this approach to power their “People You May Know” feature.
Risk Modeling: Financial firms or banks use Big Data to analyze large volumes of transactional data to determine risk and exposure of financial assets, and to prepare for potential scenarios based on simulated market behaviour.
Fraud Detection: Application of these technologies on customer behaviour, historical and transactional data can lead to detection of fraudulent activity. Credit card companies use it to identify transactional behaviour that indicates a high likelihood of a stolen card.
Marketing Analysis: Enterprises use Big Data solutions to analyse customer behaviours and show customers who are likely to leave for a competing vendor or service. These techniques can also be used for more traditional marketing campaigns, in order to propose coupons or discounts depending on the customer behaviour.
Network Monitoring: Big Data technologies are used to analyze and display data collected from servers, storage devices and other IT hardware to allow administrators to monitor network activity and diagnose bottlenecks and other issues. This type of analysis can also be applied to other forms of networks, including transportation networks to improve fuel efficiency.
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