Use of Big Data in Business
The presence of Big Data is omnipresent. This data generally overwhelms the business on the daily basis. Big represents massive data that arises from various mediums such as emails, survey reports, social media, conversations in chatbots. This data is available in
- Structured
- Unstructured format.
Big Data analysis can really work in favour of the business for their strategic planning and revenue growths along with providing the consumers with customized experience. Hence, the business should emphasize on data optimization in comparison to the collection of data. While Big Data is immense and complex in nature, storage in traditional method is difficult. So, options that are value for money platforms like data lakes, Hadoop, Spark (that manages both physical and real time data) have helped in the process.
Big Data relies on important characteristics such as:
- Volume
- Variety
- Velocity
Big Data analysis can help resolve queries or find solutions to the problematic areas of businesses such as inculcating
- Smart decision
- Cost reduction,
- Time management,
Chat Bots
A new revolutionary application to resolve the old problems, a conversational technology that took mainstream are Chatbots. Clear examples of Alexa, Siri now followed by many others in the form of voice identification and chats. The information can be fed and re-fed into the deep learning algorithms to inflate the intelligence in bots. They are perfect with adequate information for communication.
Analysing Data –The actual value of Big Data is derived from an in-depth analysis. In chatbots, this translates to the creation of dedicated Business Intelligence tools. More advanced bots can recognize the group or words which helps in retaining customers, this process is termed sentimental analysis. This gathered internal information or data can help in early detection and resolving underlying problems.
Only gathering data and analysing is not sufficient, the utilization of the gathered data and an insight that can help the business grow should be the ultimate aim. A unique way of creating a powerful engine, is by using collected data along with predictive analytics to create a hyper personalization for the customers. Example: Chat bot can remind Anniversary date can suggest option of buying flowers and ordering cake at nearby store, on approval by the individual, the bot can place an order with details of delivery and time, all of this without the individual to having look for several apps for buying flower and placing order for cake.
Comment with feedbacks on What do you think about chatbot?
Written By: Prajakta Jadhav
Keywords - Big Data, Chatbots, Consumer, Business, Customer, Business Analysis.
Reference:
Big Data: What it is and why it matters | SAS Ireland (no date). Available at: https://www.sas.com/en_ie/insights/big-data/what-is-big-data.html (Accessed: 16 February 2021).
Brooke, S. (2017) 3 Revolutionary Ways of Using Chatbots for Big Data, Medium. Available at: https://chatbotslife.com/3-revolutionary-ways-of-using-chatbots-for-big-data-c0a9076171c3 (Accessed: 16 February 2021).
Data analysis or Data crunching leads to astonishing results which helps in taking corrective measures and also replicating the thing for Successful outcomes
ReplyDeleteThe chatbot itself can answer all simple queries, and you can leave the complex ones for your customer support team. This is one of the greatest advantages of chatbots.
ReplyDeleteYes I totally agree with this Big data will allow pioneering organizational breakthroughs to be effective in using them. The Big Data and Big Data Analytics solutions can not only encourage data-driven choice, but can also improve your workforce's value. The benefit I found in big data with business are they accumulation of data from multiple sources, including the Internet, social media platforms, online shopping sites, company databases, external third-party sources, etc. Real-time sector and industry reporting and forecasting.
ReplyDeleteSince Chat bots are automated and can handle multiple queries at a time, it saves time and effort on the part of human workers, allowing them to focus on tasks that only humans can do. Whether it is true or not, chat bots are the best data collector to handle queries and manage the data more quickly than people.
written by - Mandar Butkar
In this era of smart phones, social medias etc. huge data is generated which if analysed by companies by employing AI tools such as chatbot , can be used to retain/engage customers by providing customized preferencial . services.However data protection should be given utmost importance.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteI agree with the term Big data which refers to the ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software. Current usage of the term big data tends to refer to the use of predictive analytics, user behavior analytics, or certain other advanced data analytics methods that extract value from big data, and seldom to a particular size of data set.
ReplyDeleteOn the other hand, a chatbot that uses machine learning works better because it has an artificial brain. The user does not have to use precise words to get accurate or useful responses. Moreover, the bot learns from interactions it has with users and can deal with similar situations when they arise later. It essentially becomes smarter as it talks to more people.
written by: Amarbant Singh
“You can have data without information, but you cannot have information without data.”Data is the new science. Big Data holds the answers.When we have all data online it will be great for humanity. It is a prerequisite to solving many problems that humankind faces.
ReplyDeleteWritten By : Sanchita Dalvi
Data are becoming the new raw material of business. We are moving slowly into an era where Big Data is the starting point, not the end.Data really powers everything that we do.In the end you should only measure and look at the numbers that drive action, meaning that the data tells you what you should do next.
ReplyDeleteTotally agree, Chatbots will play a very important role in coming era..and it’s an initial start….
ReplyDeleteChatbots can helps to collect precious data from customers by interacting with them,
in short- Gathering Customer Insights, Helps to Increase Sales by understanding customer well without having emotions connected and also Improve Customer Satisfaction
I also agree that only gathering data and analysing is not sufficient, the utilization of the gathered data and an insight can help the business grow and this should be the ultimate aim.
Chatbots are available 24/7. ...It Saves Money. ...Atleast first level Questions can be easily handled saving time of Marketing Executives or Customer Support exec..
Best e.g. is EVA at HDFCbank website…
Definitely the need of the day
ReplyDeleteChat Bot is a boon to people in today's busy world. The unique way of Chat Bot of creating a powerful engine by using collected data along with predictive analytics to create a hyper personalization for the customers is amazing. In a way Chat Bot caters to individuals personal requirements and saves the time of going through several apps for finding and ordering something. It saves time and effort on the part of human workers too, allowing them to focus on tasks that only humans can do.
ReplyDeleteAmazing and very detailed post Prajakta
ReplyDeleteWe are sure that Big Data will play an important role in the future, especially since the web is overflowing with self-service solutions. Furthermore, analytics technologies are struggling to respond efficiently to market needs. On the other hand, with today's data generation rate, data cleansing is becoming more industrialized, and there is currently a trend about data democratization.
ReplyDeleteWhatever the activity sector of a company, its resources and projects, there is a significant interest in including Big Data analysis tools in its different business areas. It is very likely that this implementation will radically change our conception of business, it will open new perspectives without a doubt.
Great article!
Thanks for this useful post.
ReplyDelete