Leverage of Big Data Analytics for Banking Sector
Journal Title: IJAR-Indian Journal of Applied Research - Year 2015, Vol 5, Issue 8
Abstract
In the global economy data are now woven into every sector and function.Much of modern economic activity simply could not take place without big dataand like other essential factors such as hard assets and human capital. The large pools of data that can be brought together and analyzed to aware patterns and used to mak-e bet ter decisions. It will become fundamental part and important aspect for enhancing productivity,the competition and growth for individual firms, and creating significant value for the world economy by reducing waste and increasing the quality of products and services. In IT investment the history of previous trends and innovation and its impact on competitiveness and productivity strongly suggest that Big Data can have a similar power, namely the ability to transform our lives. The same prec-ondi tions that allowed previous waves of IT-enabled innovation to power productivity, i.e., technology innovations followed by the adoption of complementary management innovations, are in place for Big Data, and we expect suppliers of Big Data technology and advanced analytic capabilities to have at least as much ongoing impact on productivity as suppliers of other kinds of technology. All companies need to take Big Data and its potential to create value seriously if they want to compete. For example, some retailers embracing big data see the potential to increase their operating margins by 60 per cent.
Authors and Affiliations
Dr. A. V. Nikam, Dr. S. D. Bhoite
Keywords
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