Question
Which of the following is the primary benefit of Big Data
analytics in decision-making?Solution
Big Data analytics leverages large volumes of structured and unstructured data to uncover hidden patterns, trends, and correlations that can provide predictive insights . By analyzing vast datasets, businesses can forecast future trends, behaviors, and outcomes, helping them make more informed decisions.
- Why It Is Important: Predictive insights are especially valuable in industries like finance, healthcare, and retail, where anticipating future market trends, customer behaviors, and potential risks can significantly impact profitability and operational efficiency.
- Real-World Example: In retail , Big Data analytics can predict customer purchase behavior based on historical data, enabling personalized marketing campaigns. In healthcare , predictive analytics can forecast patient outcomes, improving the quality of care.
- Technologies Used: Tools like Hadoop , Spark , and Tableau help businesses collect, process, and analyze big data to extract valuable predictive insights.
- Limited Data Access: Big Data enables extensive access to various data sources, both internal and external, allowing companies to make decisions based on comprehensive datasets.
- High Latency in Processing: Big Data technologies, like Apache Kafka and Hadoop , are designed for fast processing of large datasets, minimizing latency rather than increasing it.
- Use of Structured Data Only: Big Data analytics often involves the processing of both structured (e.g., databases) and unstructured data (e.g., social media, videos, and text).
- Increased Human Intervention: One of the main advantages of Big Data analytics is its ability to automate decision-making through machine learning models, reducing the need for human intervention.
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