The Rumsfeld Matrix as an effective tool in the decision-making process
During a briefing on the Iraq War, Donald Rumsfeld divided information into 4 categories: known known, known unknown, unknown known, unknown unknown. ...
Data value has increased dramatically in recent years. Every business in every field of activity owns data and uses it for the main purpose – to increase revenue. It is no longer possible to imagine a business that makes decisions without relying on data but relies only on intuition. And this is logical. Data reflects a real and predictable picture, which allows to make informed and effective decisions.
Below are the top 10 industries that use big data applications.
One of the reasons for the rapid development of this industry is Big Data. They play a key role in the process of improving the user experience. Advances in technology have made it possible for e-commerce sites to use data in almost every activity (getting recommendations based on a customer’s preferences, showing specific products that match a customer’s past purchases, etc.).
The higher education system is actively using Big Data. This allows to track the entry of each student into the system, find out and analyze the amount of time spent on different pages in the system, analyze students’ progress etc. Also, Big Data allows to evaluate the level of teachers’ efficiency. So. it’s possible to analyze and ensure an effective educational process and interaction between teachers and students.
Users want to consume information in different formats and on different devices. Consumer data mining, analysis and usage makes it possible to understand the patterns of media content use in real time.
Data is very actively used in the healthcare industry. This made it possible to solve many problems in this area, as well as improve the economy. Data has made it easier to conduct research, identify the chain of diseases and their spread. Also, historical data and medical information usage has helped discover new medicines.
The gaming industry is also an active user of Big Data. They provide an opportunity to increase income by providing information about trends and player preferences. This, in turn, allows to make relevant offers to players.
One of the most common financial problems faced by many companies is fraud. Big Data helps to solve this problem. With its help, financial institutions monitor activity in financial markets, and network analytics allows to identify illegal trading activities in financial markets.
Big Data in this area is used for predictive modeling in order to make better decisions.
Big Data allows to provide customers with transparent product information. Insurance companies have the ability to predict customer behavior by analyzing data from social networks, GPS-enabled devices, video recordings from CCTV cameras, etc. Also, Big Data can increase customer loyalty.
Big Data allows to explore information on certain parameters. Thus, recruiters have the opportunity to study candidates’ profiles and resumes, analyze information and select the most suitable specialists for a specific position.
Smart meters collect data almost every 15 minutes. Such detailed data allow for analysis of utility consumption. This, in turn, makes it possible to improve customer feedback and control over the use of services.
During a briefing on the Iraq War, Donald Rumsfeld divided information into 4 categories: known known, known unknown, unknown known, unknown unknown. ...
Artificial Intelligence and Machine Learning have contributed to the advancement of data science. These technologies help data scientists conduct anal...
Artificial Intelligence is widely used in many applications, including for data analytics. AI is used to analyze large data sets that allows to obtain...
