The benefit of using Big Data is above all in gaining a competitive advantage. Using new information to provide better services, deeper customer understanding, and faster innovation.
There is a lot of noise around Big Data, more or less informed. What does the term Big Data really mean? It includes such data that are not possible to capture and process by today’s common means. The majority of a company’s structured data are better and faster processed at a company data warehouse that even though it might contain billions of records and Terra Bytes of data, cannot be considered a Big Data solution. The Big Data tag is reserved to a limited number of projects where the volume, speed and variety of data goes beyond usual range; mostly areas of telecommunication, utilities, retail, healthcare or finance.
Examples of application:
- The creation of such products which generate data about actual usage, with their own sensors, and use these data for innovation or to learn about customers.
- More detailed customer segmentation based on their behaviour will bring the possibility of creating real personalized offers.
- Connection of related data sets, in health care for example medical records, costs and medication expenses
- Intelligent transport, usage of GPS sensors for computing faster routes; the city of Copenhagen supports electro-bicycles that at the same time collect information about pollution and the traffic situation
- Execution of managed experiments with the help of sensors, for example monitoring of movement in the department store, driver behavior monitoring for logistic companies, evaluation of online trials for specific customers