Big Data and Data Science are undoubtedly one of the most frequently used business buzzwords. You will hear these terms in meetings, read in business strategies and in countless press publications. Big Data and Data Science are indeed a must in the ever-changing modern business reality. But to make proper use of the Big Data potential it is necessary to understand it thoroughly, and what is more, choose the right partner for big data development services.
In this article, we provide comprehensive knowledge about:
- what are Big Data and Data Science as a Service
- how Big Data and Data Science can benefit your business
- what are the most relevant Big Data use cases across business sectors
Big Data and Data Science: an introduction
What exactly is Big Data? If it is ‘big’, does it mean that this is just data in large quantities? Well, not exactly, as there is something more than just the volume of information. The Big Data definition consists of three basic concepts, commonly called 3V:
- volume, i.e. the data come in large amounts, from datasets with sizes of terabytes or more;
- velocity, which means that data streams come at a fast speed, and therefore real-time streaming instead of batch processing is necessary;
- variety, i.e. data come from various sources: internal and external, in different formats, structured and unstructured.
Tackling these large, various and high-velocity datasets is an enormous challenge, but it’s highly worthwhile because when done properly, valuable insights can be extracted from the data. This requires innovative methods in order to clean, prepare, and analyze gathered data, searching for patterns and dependencies that provide relevant information. This is when Data Science takes over. It’s the umbrella term for scientific techniques (such as machine learning, deep learning, statistics, predictive analysis) that allow obtaining precise and business-relevant information from complex datasets.
The importance of Data Science in business
As said before, Data Science supports companies in making data-driven decisions. It can be applied in numerous business contexts and industries. Data Science is the preferred method to tackle the enormous amounts of data, in many cases unstructured and incomplete, that can’t be stored in traditional databases nor processed by the standard means. The findings that can be extracted from that information can show the right direction when making decisions about business operations, processes, and products. Businesses already place emphasis on Big Data solutions such as customer segmentation, customer churn prediction, product recommendations or sentiment analysis that permit to automate and enhance many processes.
Big Data and Data Science development services
Using Big Data development services is the way to implement data-driven solutions in your company. For instance, Codete offers Big Data software development, which means that a team of developers skilled in Data Science technologies craft solutions adjusted to the needs and the profile of your company. Codete’s wide range of services cover not only Big Data service development such as designing data pipeline and developing tools for further processing that permits to extract meaningful information, but also data analysis and consulting services. Hence, our clients receive a comprehensive big data software development service as well as in-depth assistance in the analysis of the gathered information, extraction of business-relevant insights and the implementation of data-backed improvements. This means a true switch towards a data-driven mindset and decision-making, and therefore a chance to boost business growth and increase profits.
Above all, corporations, consulting firms, FinTech companies are the main target of these services because of their constant need to improve the performance and results of the business operations in extremely demanding environment. Moreover, innovation labs across all industries settled up by corporate clients and multinationals, seeking all kinds of improvements, can benefit strongly from using the big data development services. Big data can be a decisive factor in analyzing the situation of the business and looking for innovations, as well as new revenue sources.
What is Data Science as a Service?
Businesses can benefit from the Big Data solutions by contracting external teams of developers and Data Scientists. Data Science as a Service (DSaaS) is a kind of outsourcing service that consists of delivering to the client the information extracted from the analysis of complex datasets performed by dedicated external teams. The whole process is carried out by the Big Data outsourcing company: data cleaning, running algorithms, model training, and finally, data visualization in order to communicate results to the client.
The specialized data science teams consist of experts in multiple fields: Data Engineers, Data Scientist, Business Analysts, Data Analysts, Database Administrators, Product Developers, Project Managers, etc. This data science teams structure allows to properly tackle the data science & machine learning solution development and obtain desired insights that will guide the client in their business decisions.
Codete offers also the service of external Dedicated Data Science R&D departments that play a crucial role in our clients’ processes of research and development of new products or services. Data Science methods, such as forming data lakes for data storage and its further analysis for product and service R&D, are the foundations of successful innovation and digital transformation.
The technology behind Big Data
The challenges that lie behind Big Data development services require the use of the most innovative, cutting-edge technology stack. At Codete, we use Amazon Web Services (AWS) to run Big Data solutions in the cloud. These comprehensive and scalable services allow us to build data lakes and analytical solutions for our clients. This includes solutions such as Amazon EMR for processing vast amounts of data, Amazon Kinesis for collecting, processing and analyzing streaming data, and Amazon Elasticsearch for operational analytics. Working with AWS, we are able to implement all major machine learning frameworks and libraries, including Apache MXNet, TensorFlow, and Keras to develop any kind of ML model. Big data service development in AWS provided by Codete makes solving complex business problems possible and has a great impact on the manifold and complex decisions that every business has to face on a daily basis.
How Big Data can benefit businesses in practice?
What exactly businesses can achieve thanks to big data software development? Big data development services, as well as data science & machine learning solution development are embraced on a large scale chiefly in sectors and companies operating with state-of-the-art technologies, where the data-driven decision making is of the utmost importance.
For example, the prevalent applications of big data analysis in business are segmentation (e.g. customer segmentation following given criteria), prediction (e.g. customer churn prediction), or sentiment analysis (detecting whether customers are talking about the company in a positive or a negative way).
Sentiment analysis nowadays is widely used for social media monitoring, eg. for PR, marketing or customer experience purposes. Such an application is the Content Monitoring Tool developed by Codete, a system built on machine learning and natural language processing engine. It’s able to search the internet for any written piece of content and determine in real time whether the author has a neutral, negative or positive attitude towards the topic. It can be a valuable hint for PR managers or marketers, as it provides a worthwhile feedback from users or customers in an easy-to-digest and standardized form (dashboards and statistics), much easier to analyze than separate comments spread all over the internet.
Let’s take a look also at the finance and banking sector. In this industry, a vast amount of data flows through the systems every second: regarding every single transaction, payment, mortgage or loan request, etc. When it comes to a loan application, banks use Big Data to analyze the customer’s financial history and classify basically all the data available about the petitioner. Afterwards a credit score is assigned. It will be the crucial factor in the decision-making process, i.e. whether the applicant will receive the loan or not. Moreover, as the banking industry is fraud-prone, Big Data is used to prevent financial fraud. Algorithms can follow patterns in enormous datasets and detect fraudulent activities, therefore minimizing risks and losses.
Implementing data science & machine learning solutions across a variety of business verticals
Obviously, big data development services can be beneficial for organizations of many more business verticals than mentioned above, and the most common and interesting are the following:
- FinTech. As well as in the traditional banking sector, FinTech companies use Big Data for pattern analysis in order to detect frauds, predicting financial market trends, but also analyze the customer behavior to understand better his or her needs and deliver personalized customer experience. In Codete, we had the pleasure of working with Global America Hedge Fund, and were involved in their R&D department’s works. We formed several independent teams working on different projects and delivering big data development services covering financial trends prediction, among others.
- Healthtech. Thanks to the implementation of wearable technology and IoT in healthcare, it is possible to collect data about patients for early detection of symptoms, improved medical care, remote monitoring, and many more. Among numerous projects completed by our big data software development teams, there was the implementation of the intelligent search engine based on natural language processing. The solution was aimed to support the medical organization in searching across large databases containing human biological materials.
- Automotive. From the concept of “connected car” equipped with sensors, processors and internet connection for remote control of the vehicle’s efficiency, safety or maintenance alerts, to the groundbreaking research on autonomous cars. Unquestionably big data is already a significant technology in the automotive industry. For instance, in Codete we cooperate with BMW. The goal of the project is to track the vehicles produced by the customer, on their way from the factory to the car dealers. Each car sends frequent messages with its current position and state of the sensors. These data needs to be matched with detailed information about the vehicle, which is stored in another system. The number of incoming messages is planned to be very high, so all the processing is done by the distributed architecture, using state-of-the-art Big Data tools.
- Marketing Automation. Customized product recommendations use data about the consumer’s behavior to detect his needs and interests in order to deliver the right marketing message to the right person.
There is absolutely no doubt that Big Data development services can contribute to various industries and help businesses develop new opportunities. Start taking advantage of all the data available and unleash the potential of Big Data by switching your company to a data-driven organization. Talk to us about how we can assist you in this process with our data science & machine learning solution development, data analysis, and consulting services.