Big Data
Big Data is a term used to describe exceptionally large amounts of structured and unstructured data sets. With large amounts of data sets, companies are able to make more accurate analyses through patterns, associations, and trends within the company. The effect that big data has on a company changes the way they do business. They are now able to use all this data they collect on an annual basis to increase operational efficiencies, reduce costs and risk, and so much more. With big data, companies have a better understanding of customer interaction and their engagement with the company, which has always been tough to measure and predict. Big data is predicted to be as big and useful as the Internet is now. One example where big data has been a huge benefit to companies is with fraud detection. In the past, fraud detection has always been somewhat difficult to detect. Most cases, companies wouldn’t be able to detect fraud until long after fraud was committed and by then, the damage has already been done. However, with big data platforms companies can now analyze claims and transactions in real time. This helps identify large-scale patterns across multiple transactions and can detect irregular behavior from individual users. Now companies are able to minimize the risk of fraud without the need to increase costs for security.
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“What Is Big Data?” IBM. N.p., n.d. Web. 21 Apr. 2015. <http://www.ibm.com/bigdata/us/en/>.
“Four Powerful Big Data Application Examples.” Ingram Micro Advisor. N.p., n.d. Web. 21 Apr. 2015. <http://www.ingrammicroadvisor.com/big-data/four-powerful-big-data-application-examples>.