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Benefits and Challenges in Big Data Analytics
Benefits of Big Data Analytics:
1. Strategic decision making for making forecasts and optimizing resources, such as supply chain optimization.
2. Helps in product development and innovation.
3. Personalized Customer Service to target customers to provide enhanced customer service and increase customer satisfaction. Display products according to customers individual preference. Provide critical insights into customer behavior and market trends and provide targeted promotions.
4. Risk Management to identify and mitigate risks.
5. Cost Reduction by optimizing the work force and save work and time.
6. Healthcare sector support by tracking patients health records of past ailments and provide advanced diagnosis and treatment before it gets complicated..
7. Helps government and public sector to collect data through various sources such as AI Traffic Cameras, sensors, emails, CCTV, satellites, telephone calls, employee details, Customer details, Electric bills, and more and provide quality services like preventing crime, improve traffic management, and predicting natural disasters, optimize supply chain processes, reduce cost, improve product quality through predictive analysis, improve teaching methods through adaptive learning etc.
8. Helps Banking sectors track and monitor illegal money laundering and theft.
9. Boost customer acquisition and retention and maximize sales using Big Data
10. Scalability
Challenges in Big Data Analytics:
1. Keeping data secure ie., handle data privacy and security concerns as they arise
2. Finding the right tool and platform according to your business needs.
3. Maintaining Quality Data
4. Sharing and Accessing Data
5. Analytical and Technical challenges
URL : www.edujournal.com
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