Milo Putra Matadewa – 2301870256

 

Data is any sequence of one or more symbols given meaning by specific acts of interpretation. Data requires interpretation to become information. To translate data to information, there must be several known facts considered. Big data is a field that treats ways to analyze, systematically extract information form, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data processing application software. Data offer greater statistical power, while data with higher complexity may lead to higher false discovery rate. Big data challenges include capturing data, data storage, data analysis, search, sharing, transfer, visualization, querying, updating, information privacy and data source.
So how does big data is used for business ? one of the examples is you can boost customer acquisition and retention by using big data. Coca cola in the year of 2015, they managed to strengthen its data strategy by building a digital-led loyalty program.

Another use of how big data works is big data solve advertisers problem and offer marketing insights, Big data can help change all business operations. This includes the ability to match customer expectation, changing company’s product line and of course ensuring that the marketing campaigns are powerful. After years of enthusiasm, marketing and advertising technology sector is now able to embrace big data. The marketing and advertising sector is able to make a more sophisticated analysis. This involves observing the online activity, monitoring the point of sale transactions, and ensuring of the fly detection of dynamic changes in customer trends. For example, Netflix uses big data analytics for targeted advertising. With over 100 million subscribers, the company collects huge data, which is the key to achieving the industry status Netflix boosts. Netflix has made its suggestions on next movie you should watch based on your data based on past search and watch data, so they know which film genre you like and which film genre you don’t like. These data gave them insights on what interest the subscriber the most.
So far, big data analytics has contributed greatly to the development of risk management solutions. The tools available allow the business to quantify and model risks that they face every day. Considering the increasing availability and diversity of statistics, big data analytics has a huge potential to enhancing the quality of risk management models. Therefore a business can able to achieve smarter risk mitigation strategies and a make strategic decisions. However, organizations need to be able to implement a structured evolutionary so as to accommodate the broad scope of big data. To achieve this, organizations collect the internal data first so as to gain clear insights that will benefit them. More important is the integrated process of analysis that a company uses. A proper big data analytics system helps ensure that areas of weaknesses or potential risks are identified. An example of brand that uses big data analytics for risk management is UOB. UOB is a bank form Singapore. Being a financial institution, there is huge potential for incurring losses if risk management is not well thought of. UOB bank recently tested a risk management system that is based on big data. The big data risk management system enables the bank to reduce the calculation time of the value at risk. Initially, it took about 18 hours, but the risk management system that uses big data, it only takes a few minutes. Through this initiative, the bank will possibly be able to carry out real time risk analysis in the near future.

That is some of the uses on big data for business, Big data is a useful thing because it is able to calculate what the business needs, so big data helps where does the business want to grow, or getting strong at.