What is Big Data and how will it affect consulting

Condotel Education

new big data

Big data is an information matrix characterized by colossal volumes, a rapidly growing accumulation rate, a variety of its presentation formats, both in the form of structured and unstructured information. Big Data also involves a set of innovative methods, including the use of embedded analytics to store, process, and display information. These methods help in the automation and optimization of business processes and also ensure the most effective decisions based on data trends.

The data scientist may vary depending on the business of the company. Here are some examples:

  • detection of anomalies, for example, non-standard actions with a bank card, fraud;
  • analysis and forecast: performance indicators, quality of advertising campaigns;
  • scoring and rating systems: processing large amounts of data to make decisions, for example, about granting a loan;

Big data as a new development engine

In the era of digital technologies and social networks, the amount of information generated increases exponentially. If a business has a website, smartphone app, customer requests and reviews sent to their email or instant messaging, then they already have data that can be used for analytics. But what benefit will it bring to the business?

This is a question that big companies started asking seven years ago, but few have benefited from analytics. In 2015, only 17% of companies around the world were using big data in their work. The pioneers in its implementation were companies in the field of IT, banking and telecommunications. It is not surprising.

The growing business interest in big data can be easily explained. Companies that ignore big data consulting services are starting to see lost profits. For example, Caterpillar, one of the world’s leading special purpose vehicle corporations, has been recognized for this. In 2014, its distributors lost $9-18 billion in annual profit just because they didn’t implement big data technologies. Caterpillar has more than 3.5 million pieces of equipment equipped with sensors that collect data on the health of components, their operating conditions and the degree of wear.

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The consulting services market will undoubtedly change under the influence of negative economic trends. The effect on each of our areas of activity may differ and depends on the consumer markets for our services.

The construction of infrastructure, housing, industrial facilities is being resumed and we are ready to help our clients to do their work more efficiently through specialized solutions. Cooperation with banks also continues. As a rule, during a crisis, players are redistributed across various industries, which will entail an increase in the volume of transactions, which, in turn, require various skills.

Faced with this situation, due to changes in work methods, special tools are required for the management of labor safety and protection in production facilities, which can become a growth factor for this area of ​​our activity, since most of SRG’s clients are large industrial companies.

As part of the IT department, we were one of the initiators of converting many home loan processes online. This is an assessment, where we’re a key service provider in Russia, and mortgage insurance, where we’ve integrated with a number of large insurance companies and are running pilot projects with a number of major banks, and electronic transaction recording and asset sales in difficulties. assets.

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Categories: Technology
Source: condotel.edu.vn

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