Big Data Insights

High level updates and insights from the world of Big Data

According to recent estimates by IDC, the global market for big data and predictive analytics services will likely grow to $125 billion in 2015. Use of advanced analytics platforms is also expected to accelerate dramatically in the coming year. Enterprises are utilizing big data tools like Hadoop more frequently as new uses emerge on an almost daily basis. The new year is sure to bring with it an even larger list of big data use cases, so IDC and the International Institute of Analytics released some of their predictions for the industry for 2015.…

During the government shutdown last year, a variety of vital services were not provided by federal agencies. One such service was the monitoring of flu outbreaks across the country by the Centers for Disease Control and Prevention. Normally the CDC tracks the movement of the flu and other viruses in order to better prepare doctors in certain areas for a surge in patient visits and ensure they are prepared with sufficient supplies of medication.…

Since the dawn of our species, humans have been interested in the ability to share information with one another. With all of those pictures and stories, there came a need for an effective way to store all that was being shared and thus data management was born. Thousands of years ago, in 2000 B.C., the Sumerians used stone tablets to record historical events and popular stories. Following the Sumerians’ lead, the Greeks constructed the Library of Alexandria in 296 B.C.…

In recent years, with the emergence of new technology and increased consumer data, e-commerce retailers have had an advantage over their brick-and-mortar counterparts. Online stores are capable of collecting vast amounts of information about customer behavior and are able to leverage that surplus of data to more effectively market their products to specific customers. Amazon was always heralded as the king of this practice, but now physical retailers are beginning to access the same valuable information through the use of Hadoop and geolocation.…

One of the main topics of discussion in the current health care field is how to put the massive amount of medical information to use to improve patient care. There are two main types of data being used by health care organizations today: Retrospective data, which includes event-based information from sources like medical records, and real-time clinical data that is captured at the point of care from medical devices like heart rate monitors.…

A recently-released report by NewVantage Partners on the use of big data tools by Fortune 1000 companies has found that a growing number of large organizations are adopting the technology.

According to the study, more than two-thirds of executives from those organizations use big data analytics, almost double the amount who reported doing so last year. This highlights the extremely rapid pace at which enterprises are implementing the technology, as 85 percent of respondents in 2012 only had a big data initiative planned for the future but not actually in use.…

It’s almost impossible to talk about emerging technology without talking about the Internet of Things. The IoT continues to grow more popular, and the network of devices connected to it gets bigger every day. Currently only 300,000 developers have contributed to the Internet of Things, but by 2020 approximately 4.5 million will have added to it. Gartner has estimated that there will be 26 billion devices connected to the IoT within the next six years.…

While financial firms have always been on the lookout for suspicious behavior that might suggest insider trading, modern organizations are increasingly turning to predictive analytics and big data tools to detect anomalies that stand out in areas beyond an individual’s trading history. In such a heightened regulatory environment, the use of big data tools like Apache Hadoop provide firms with a service that can avoid costly fines and legal trouble.

As organizations collect larger amounts of data from and about their employees, behavioral histories of workers can be analyzed to find situations in which activity has made a sudden change.…

As a growing number of people begin to use mobile phones, the data created from the devices can be analyzed and used to help fight the spread of infectious diseases. Nuria Oliver, scientific director at communications provider Telefonica, used mobile data to track the spread of the H1N1 virus in Mexico, for example. According to Oliver, anonymized and aggregated information allows researchers to quantify the impact of public health efforts on the mobility of citizens and therefore on movement of the disease.…

While Zest uses big data to provide loans to individuals, financial startup On Deck does the same for businesses. On Deck analyzes information like past credit use, cash flow and vendor payment history in order to evaluate loan applicants in mere minutes. Big data analysis allows them to approve loans for organizations that have grown used to being turned down, yet are entirely capable of growing their business and paying back a loan.…

There has been a lot of talk about the applications for big data and predictive analytics in recent years, with many sectors utilizing the technology to experience dramatic improvements in customer retention and business insights. But perhaps no other industry has witnessed such extreme benefits in such a short amount of time as the financial services sector. Advantages are being realized in almost every area of the industry, from reducing credit card fraud to improving trading practices.…

Big data a game changer for financial services The growing use of big data for business analytics has dramatically changed the financial services industry, offering a variety of benefits to firms and their customers.

As more customers bank via online and mobile channels, firms have fewer opportunities for personal interactions with their clients. However, customers still appreciate an personalized banking experience.

Through the use of big data analysis tools, banks and other financial institutions can offer that by capturing customer activity then analyzing it to better understand customer preferences and predict future behavior.…

Wall Street firms seek innovative trading models As profits from traditional forms of trading shrink, Wall Street firms turn to big data tools to create new revenue streams and innovative trading solutions. Since competitors can quickly match reductions in transfer speed, trading velocity no longer determines competitive advantage. Because of this, firms are now looking to identify alternative data types that may help them make unique, insightful decisions that grow profits.…

Businesses report benefits from big data initiatives  A report recently released by Accenture found that enterprises are growing increasingly satisfied with the business outcomes of big data initiatives and are recognizing big data’s role as an important tool in corporate digital transformation.

The study, “Big Success With Big Data“, was based on interviews with executives in technology, data and analytics roles from companies that had completed at least one big data implementation in 19 countries across seven sectors. …

At this past Fashion Week, a bevy of designers was showing wearable technology on their runways, suggesting that the devices are more in demand and stylish than ever.

Sensoria, a new line of athletic clothing, showcased socks with GPS location capabilities and shirts with built-in fitness trackers. The Daily Beast reported that Womenswear designer Rebecca Minkoff debuted a set of gold-link jewelry that fit with her collection while also doubling as smart devices.…

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