Leveraging Big Data
The ability to turn data into insights at the volume and speed required by today’s new technology capabilities is a competitive weapon in any industry among businesses that want to use their vast amounts of customer, product and operational data for strategic advantage. Big Data with its size, speed and variability provides never before seen capabilities to gain knowledge or create innovative products. ANDOVER, MA – (Marketwired) – 10/25/16 — SoftWareVoyage today announced that it has been doing big data long before “big” formed an all-important part of its name. In this article, we delve deeper into SoftWareVoyage – How it uses big data to deliver value for your business and what technologies & methodologies are used etc along with real-world examples of how companies can benefit from that.
Understanding Big Data
Big data refers to large, structured or unstructured datasets that cannot be processed through traditional database management tools. These datasets are derived from a wide range of sources, including social media channels, transaction data and sensors. Characteristics that Define Big Data
Volume: The scale of data today – in the order of terabytes and petabytes for every second that passes. In the organisational sphere, you need to handle petabytes and exabytes of data.
Velocity: The speed at which data is generated and needs to be processed so that accurate insights can be possible in near or real-time instances.
Data comes in different forms such as structured data (relational databases), semi-structured data (XML, JSON) and unstructured data.
SoftwareVoyage Style of Big Data
Using its big data analytics specialist knowledge, SoftWareVoyage helps companies transform their large volumes of data into actionable insights. The highly integrated data collection, processing, analysis and visualisation services offered by the company enables its customers to make informed choices of their processes for meeting the business objectives.
Processings and Integrations of Data
One lesson with the use of big data is that you will first need to collect and integrate data from multiple sources. SoftWareVoyage offers effective data collecting and integrating methods that provide accurate, complete wide spread of the entire business.
Focus: SoftWareVoyage has the ability to grab data from media, devices (IoT), transaction records and logs among other sources. It combines information from various sources to provide an integrated perspective of the business scenario.
Data Integration – Its very difficult to harmonise data across heterogeneous formats, structures and semantics from different sources. SoftWareVoyage, capable of integrating data using advanced tools and technologies to get it at a common point for easy analysis.
Data Processing and Storage
Next is data processing and storing the processed data so that it can be analysed in real-time. To handle the large amount of data, and at the same time supporting different workloads in a flexible way we chose scalable solutions to process this kind of big data.
Distributed Computing: SoftWareVoyage utilises distributed computing frameworks (such as Apache Hadoop and Apache Spark) to process Big data sets on multiple nodes. This ensures real time processing of data irrespective of how large the size is.
This includes storage in Data Lakes and Warehouses for processed data. Data lakes allow to store raw, unstructured data while storing structured query-optimised data in Data warehouses.
Cloud Computing – SoftWareVoyage uses cloud computing platforms to scale up and down for cost-effective storage solutions. Storage resources are elastically scalable with cloud platforms like AWS, Google Cloud and Azure)animated to scale up or down based on the demand.
Data Analysis and Modeling
Big data analytics is the process of analysing the huge amount of data to model over it and produce fruitful results as an output. SoftWareVoyage uses a number of sophisticated analytics methods to identify patterns, trends and relationships in the data.
Descriptive Analytics – Descriptive analytics summarises the historical data to understand what has taken place in the past. Statistical methods and data visualisation tools are used by SoftWareVoyage to show what was happening in your org before we came on board.
Predictive Analytics: With predictive analytics, you use historical data to foresee future events. Machine learning algorithms and statistical models are developed on top of the dataset to identify patterns as well predict outcomes such as customer behaviour, market trends and risk factors which SoftWareVoyage works upon.
Prescriptive Analytics Extracts values from Predictive analytics and Recommends actions for our problem area. SoftWareVoyage: it uses predictive models and optimization algorithms to predict the best course of action from data-driven insights.
Reports and Data visualisation
Communicating insights to stakeholders via effective data visualisation and reporting Dashboards and reports that SoftWareVoyage created are interactive, intuitive so users can explore data on their own.
Dashboards – SoftWareVoyage custom dashboard design offering, providing visibility into KPIs in real-time Interactive dashboards that lets the users drill down into the data and cover specific aspects of it
Provides Reports – The service creates comprehensive reports with findings and suggestions. Customising reports for various stakeholders, so that the right information goes to the right audience.
SoftWareVoyage Data Tableau PowerBI D3 js to generate exciting visualisations that could assist in understanding complicated data.
Practical Examples and Case Studies
Case Study 1 : Retail Analytics
SoftWareVoyage: One of the largest retail chains, who joined hands with SoftWareVoyage to max out big data and straighten its business footsteps.
Challenges:
You cannot use customer data in your personalised marketing efforts.
Poor inventory management resulting in stockout and overstock scenarios.
Solution:
Deployed a big data analytics platform for aggregation and analysis of information from disparate sources such as POS, customer loyalty, social.
Built equations to predict demand and stock levels
Built custom campaigns adapted customer behaviour and interest
Results:
Better inventory management, fewer stockouts (reduced by 25%) and less overstocking (20%);
Enhanced sales by 15% with focused marketing strategies
Personalised experience for better customer satisfaction and loyalty
Case Study 2 – Healthcare Analytics
SoftWareVoyage was approached by a healthcare provider looking to use analytics on big data to enhance patient outcomes and operational efficiencies.
Challenges:
Managing, analysing many patient data: hard.
Missing fine-grained situational awareness in patient health and hospital operations.
Solution:
Combined electronic health records (EHRs), disposable devices, and administrative systems postulated into a common data platform.
Implemented predictive models for high risk patient identification and intervention recommendations.
Delivered the patient health and hospital performance observations in real-time analytics dashboards.
Results:
Better patient outcomes: identifying high-risk patients early and providing appropriate management, timely.
Increased operational effectiveness, which decreased hospital readmissions by 20%.
Better patient satisfaction with a personalised and preventive approach.
Use Case 3: Financial Services Analytics
SoftWareVoyage was hired by a Financial Services Company to create risk management and customer insights using big data.
Challenges:
Rising financial frauds and challenges in identifying fraudulent activity.
No idea about the behaviours and preferences of the customers
Solution:
Built a big data analytics platform at Mastercard to process and analyse large-scale transactions, interaction with customers, market etc.
Built real-time anomaly detection/ fraud alerts using machine learning.
Developed customer segmentation models to assess behaviour and preferences resulting in personalised services
Results:
Increased detection and prevention of financial fraud by 30% using real-time capabilities
Delivered hyper-personalised financial services for improved customer retention & satisfaction.
Reduced risk and adherence to compliance requirements.
Future prediction With SoftWareVoyage – Big Data
Big data will have more potential as technology progresses. SoftWareVoyage – We are committed to the next wave of Big Data Innovation, relentlessly investigating new trends and technologies assisting development for future generations.
A.I /Machine Learning
As large-scale data processing matures, the role of AI and ML in big data analysis will become more crucial. SoftWareVoyage is also working towards AI and ML R&D to take its capabilities in Analytics higher. And we do this by building cutting-edge predictive and prescriptive analytics & algorithms, natural language processing systems as well automation for decision-making.
Edge Computing
Edge computing processes data at the source – wherever that might be for a given context, rather than from central cloud-based servers. SoftWareVoyage is delving into edge technology to help refine instant data processing and analysis. With IoT data being generated on the edge of a network this is very important.
Blockchain Technology
The very nature of applying blockchain technology does offer vast potential in terms of improving data security, transparency and trustability. SoftWareVoyage is investigating blockchain across a range of potential use cases including secure data sharing, supply chain management and financial transactions.
Data Privacy and Ethics
The more data grows in volume, the more crucial are data privacy and ethics! As SoftWareVoyage we are developing data privacy aware solutions, working with authoritative personnel to be compliant in respect of prevailing regulations. This will involve developing strong data governance protocols and guidelines, while ensuring the responsible and ethical use of data.
Sustainable Data Practices
Sustainability Is a Growing Priority for Businesses and Consumers SoftWareVoyage: SoftWareVoyage is an effort to encourage environmentally friendly data storage and processing practices. This includes not only increasing data centres energy efficiency, but also using green technologies.
Conclusion
The world of big data opens up an unprecedented field for businesses to arm themselves with knowledge, innovate farther and gain a competitive advantage. SoftWareVoyage is considered a reliable ally in using Big Data and offers end-to-end solutions that meet the client’s specific challenges.
Whether it be from data collection and integration to advanced analytics and visualisation – using the expertise (expert: skdist) of SoftWareVoyage, we have all that is required for your information transformation. Key Factors dedication to innovation, quality and customer service means their customers will get the best solution available that dovetails with ease into their business.
While technology never remains static, SoftWareVoyage is committed to embracing new data abilities within the big-data innovation_chance. Through a partnership with SoftWareVoyage, businesses can skillfully navigate the complexities potentially entailed in big data – doing so confidently while having an experienced ally to walk alongside them every step of the way. SoftWareVoyage is the perfect place to partner when it comes to Big Data and help you take advantage of real-time data with an increased focus on customer satisfaction, operational efficiency & continuous improvement.
