Big Data: What Is It and How Can You Use It?
What is Big Data?
Today, our existence is becoming increasingly digital. As a result, every single interaction we have with our devices is a piece of valuable data. According to Tech Jury, every human created about 1.7 MB of data per second in 2020. Zooming out to the big picture, you can easily see the sheer volume of daily data generated.
“Big data” is a tech buzzword that refers to large volumes of data that have high variety, high volume, and are received with high velocity. Variety, volume, and velocity, known as the “three V’s” of big data, provide a comprehensive idea of the essence of big data.
How are businesses using big data?
Technological advances have enabled organizations to utilize big data in a way that drives a smarter, more informed decision-making process.
Some examples of major corporations relying heavily on big data include Spotify, the popular on-demand music streaming service, which uses Hadoop Big Data analytics to collect data from millions of its users globally. Spotify then uses this data to provide individual users with highly personalized music recommendations.
Another well-known example is Amazon, where Amazon Prime utilizes big data to provide a unique user experience that shows relevant and personal product recommendations.
Retailers, hedge funds, and big banks also rely on big data for trade analytics, fighting money laundering schemes, and fraud mitigation.
Other common applications of big data include:
– Predicting customer behaviour
- Product development:
– Anticipating customer demand
- Customer experience
- Fraud detection and cyber security
Common challenges for utilizing big data
Some challenges associated with using big data include the following:
Collecting and processing data becomes more difficult as the amount of data grows. It can be challenging to find the right data a business needs and in the right format.
As the size of the data grows, it can be challenging to ensure its quality and usability. Organizations wishing to use big data need to first invest in ensuring that the data has no duplicates, errors, absences, conflicts, or inconsistencies.
- Tools and platforms:
It’s not easy to find the right software solution that can deal with big data and give businesses the needed outputs. Since it’s a big investment, businesses want to be sure that the tools used are up for the challenge.
The Big Potential of Big Data
Success stories for organizations like Spotify and Amazon show us how big data can be transformative for organizations if utilized correctly. A 2019 report by New Vantage Partners found that 97.2% of companies are investing in big data and AI.
According to McKinsey, utilizing big data analytics has the potential to increase operating margins by up to 60%. Another McKinsey report found that data-driven companies are 23 times more likely to acquire customers.
Trufla Bridges the Gap Between your Business and Big Data
The many challenges associated with big data can be an overwhelming roadblock for many organizations seeking to realize their full potential with big data. Hiring a team of data experts can also be financially unfeasible for some small and medium-sized organizations.
As an insurance brokerage, big data can help you grow your customer base and simultaneously retain previous customers. At Trufla, our data-driven software solutions are exactly what your brokerage needs to benefit from big data analytics in a hassle-free, affordable way.
Trufla’s Data-Driven Innovations
Trufla’s highly innovative products combine big data with AI technology to transform large data sets into digestible information that can be analyzed to improve efficiency and customer experience.
- Broker X-Ray
Broker X-Ray utilizes AI and big data to X-Ray your book of business. It enables brokerages to improve retention by identifying insurance coverage gaps and predict customer cancellations, thus saving your brokerage time and money.
- Broker Dashboard
The broker dashboard keeps your brokers informed about clients’ insurance information by sending the broker real-time data to their device. The broker dashboard can also provide quality leads and displays key metrics, including:– Number of clients and active policies
– Gross total premium
– Monthly sales
– Retention rates
– Book of business
Using anonymized data, truPredictor can predict the insurance rates of website visitors by initiating quick quotes. TruPredictor is an AI-powered plugin that delivers hot leads and increases revenue to your brokerage by targeting visitors ready to buy.
Are you looking to take your brokerage to the next level by using big data and AI tools? It may seem overwhelming, but our experts are here to help you achieve optimal results with efficient, industry-specific solutions designed to boost your brokerage’s performance.