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TA1 1.4 Purpose and use of big data analytics - Coggle Diagram
TA1 1.4 Purpose and use of big data analytics
Banking
To identify potential fraud , target marketing to a specific customer and making decisions whether to lend a customer money .
The bank can tailor to a user's experiences and products improving customer service , identifies fraud activity and bank activity can be automated (faster decisions)
Because of bank systems have been running a while the systems may not produce , manage or handle big data that is generated , there needs to be good security due to the storage of personal data and the data that is gathered from different sources maybe biased that may not apply to customers.
Media
Analysing user behaviour to identify their preferences but it also identifies trends in what user engages in and predicts what they engage with
Improves customer satisfaction more customers and increased profits
The cost of big data can be expensive , the data collected may not be accurate which an lead to bias (especially if collected from different sources)
Education
Helps identify students who need extra support or who is at risk of underperforming and it can help by predict student outcomes based on previous years results compared with theirs
Improved outcomes for students by tailored education , improved teaching by what methods are successful and new methods/tools to support student and more accurate predictions of outcomes.
Data maybe biased not all schools may contribute the same data for analysis therefore results maybe tailored towards against specific demographic , that students are individuals so the trends may not be able to fully represent each individual students circumstances .
Energy and utilities
Identifying trends in usage and demands for energy and utilities (both which supply and future infrastructure can be adjusted to need ) and real time data can be used accurately to identify usage .
operational efficiency can improve reducing costs and increased customer satisfaction
Data needs to be gathered from multiple organisations .
Government/politics
Monitoring changes in population can identify the need for more housing or healthcare and identifying threats to the country/government .
More efficient government processes data is analysed faster producing good results meaning better decision making , increased security and identifying what areas need funding .
The data collected may not be complete form all areas of a country , a large amount of data collected may not be of high quality and not all people may want their data collected and used
Healthcare
To identify the causes of diseases and analysing the results of treatments to allow for more precise diagnosis and treatment
The large amount of data from a variety of sources can be automatically analysed , diagnosis can be more accurate and groups at risk of diseases can be identified earlier and start treatment improving long term outcomes .
The data being held is personal and is at risk when stored through a network and each individual has their own characteristic which may mean that the results do not always match their exact circumstances
Manufacturing
Identifying supply chain problem or demand , predicting possible future increases and decreases in demand and analysing
Improved efficiency , identifying unnecessary excess production and understanding customers' requirements and needs can allow the development of suitable products