Big Data and Analytics are new buzz terms internationally. But why should this matter to you? Simply, because it is transforming the way that we live and do business.
Big Data refers to information flowing into an organisation from various sources. This can come from transactions, social media content, enterprise content, sensors and mobile devices. The information comes in large volumes, at high speeds, and in a variety of formats. And accuracy can sometimes be in question as a result. This is why Big Data is known for its 4Vs: volume, velocity, variety and veracity.
Analytics is the science of examining data to identify trends, patterns, and gain new insights, to predict future actions.
Therefore, the injection of Big Data & Analytics into operations, allows you to capitalise on the data that flows into your organisation on a daily business. This leads to better informed decision making; more efficient operations; as well as the ability customise products and services to your clients.
Examples of how Big Data & Analytics are impacting sectors and industries include:
- Business: Did you know that retailers could increase their profit margins by more than 60% through the full exploitation of big data analytics?
- Healthcare: With the use of analytics, healthcare institutions can create a strategy which reduces costs and wastage, improves patient care, improves pharmaceutical research and development and lessen the need for government subsidies.
- National Security: In March 2012, the White House announced a US$200 million big data initiative across six federal departments and agencies, since it has been posited that data analysis on a grand scale can solve the nation’s most critical challenges.
The UWI-ALJGSB continues to be the frontrunner in delivering unique training and development opportunities, which are relevant to the goals and objectives of your organisation. Download the brochure or contact us today for more details on how you can be a part of our upcoming Big Data & Analytics Series.