The relevance of big data to various organizations
Such a team as big data is now widely used by many IT professionals, scientists, and business executives. This term is supposed to describe a large collection of data sets that can grow almost at an exponential rate. One of the main trends is to implement technologies that can store, analyze, or categorize growing volumes of data. These technologies can apply to various organizations. For instance, one can mention the banking industry and medical institutions such as hospitals. It is necessary to show why these technologies can be relevant to these organizations.
Banks
First of all, these tools can be of great use to financial institutions such as banks because they have to work with various types of data that can be varied and complex. In particular, these organizations have to record information about their clients, business, partners, transactions, and so forth. Moreover, these data sets continuously grow in size because banks can interact with millions of people who can be living in various countries. This is one of the main aspects that can be identified. Additionally, big data technologies can help banks to improve their relations with customers.
In particular, financial analysts can analyze the way in which customers use different channels such as call centers, websites, or tellers (Groenfeldt, 2013). For instance, these tools can be used to analyze the voice recordings of employees in order to detect the most common errors that they make while interacting with clients. Additionally, these technologies are helpful for understanding why clients can be satisfied or dissatisfied with the quality of services (Groenfeldt, 2013). Therefore, the effective performance of organizations is also dependent on the use of information technologies.
Additionally, big data technologies can assist banks in analyzing the behavior of corporate clients. In particular, one can speak about small and medium-sized businesses (Crosman, 2013). For instance, bankers can better understand what kind of services entrepreneurs need. This is one of the details that can be singled out.
It should be noted that the application of big data technologies have become relevant to financial institutions at the time when the use of the Internet has become very widespread. The managers of banking organizations want to understand why clients can experience difficulties while making online transactions (Groenfeldt, 2013). Nevertheless, this information can be effectively analyzed if a bank implements big data technologies. At present, these applications are adopted by large international banks, but in the near future, they can be relevant to smaller companies.
Additionally, the adoption of big data technologies is helpful for the detection and investigation of fraud cases. For instance, these tools can reduce the costs of fraud screening (IBM, n. d.). This is one of the problems that bankers struggle with. In turn, the analysis of big data can make this process more efficient. Apart from that, these technologies can assist financial organizations in assessing the risks of giving credit to a specific counterparty (IBM, n. d.).
For instance, the managers of banks can determine what kind of factors can prevent a person or a business from repaying one’s loan. Therefore, these organizations can improve their risk management strategies. It should be kept in mind that the lack of these safeguards is one of the factors that contributed to the collapse of many financial institutions.
Overall, the use of big data can contribute to the effective performance of many banks. In particular, they can improve the retention of customers and reduce operational costs. Secondly, these tools can make banks more responsive to the changes in the behavior of consumers, partners, and competitors. This is why their benefits should not be overlooked.
Hospitals
Furthermore, the ability to examine big data is of great use to medical organizations. It should be noted that hospitals have to record various types of information. For instance, they have to store patients’ records, the information about employees, the data collected in the course of clinical trials, insurance numbers, and so forth. Furthermore, medical institutions can store data related to such areas as nursing, clinical care, public health, dentistry, and so forth. Therefore, they have to find ways of storing and processing this information which has such characteristics as complexity, variability, velocity, and increasing volume. Many of the traditional technologies and software applications cannot cope with this task. This is one of the main issues that can be identified.
Moreover, big data technologies are critical for analyzing the relationship between or among several variables (SAS, n. d.). Hospital administrators pay close attention to the patients’ outcomes and their satisfaction with the quality of healthcare (Kayyali, Knott, Kuiken, 2013).
For instance, the research indicates that the employment of full-time nurses increases the satisfaction of clients with the services provided by a hospital. Similarly, medical workers may want to determine which method of treatment is more effective. For instance, orthopedic surgeons can compare the outcomes of patients who used artificial joints designed by different manufacturers. So, hospitals need to know how the experiences of patients can be improved. This goal can be better attained if a hospital has big data technologies.
Therefore, it is possible to say that the understanding of big data can be of great benefit to medical institutions. Moreover, there are many research hospitals. Scientists working in these organizations often test the efficiency of treatments. They can derive many opportunities from analyzing large samples of data. Furthermore, big data technologies are critical for maintaining performance records of medical professionals (Kayyali, Knott, Kuiken, 2013). This information can be used by hospital administrators and patients.
Additionally, modern hospitals are driven by the need to reduce operational costs (Kayyali, Knott, Kuiken, 2013). This is one of the objectives that administrators are concerned with. For instance, they want to know which method of labor organization can reduce the running expenses. Moreover, hospitals attempt to reduce the turnover of nurses. In order to cope with these tasks, one has to examine many sets of data. For example, researchers often determine what kind of policies can prompt nurses to stay in a hospital. The development of policies should be based on verified evidence that can be derived from the study of big data. Therefore, it is possible to say that hospitals should be able to analyze information in order to improve their operations.
These examples indicate the growing relevance of big data technologies. These tools can help management make more informed decisions. In particular, the analysis of large data sets can be used to develop policies which can enhance customers’ satisfaction. This information can improve the performance of both private and public organizations. This is why these technologies can be widely adopted.
Reference List
Crosman, P. (2013). How Big Data Helps Banks Strengthen Ties with Small Business. Web.
Groenfeldt, T. (2013). Banks Use Big Data To Understand Customers Across Channels. Web.
IBM. (n. d.) Deriving Business Insight from Big Data in Banking. Web.
Kayyali, B., Knott, D., & Kuiken, S. (2013). The big-data revolution in US health care: Accelerating value and innovation. Web.
SAS. (n. d.). Big Data – What Is It? Web.