Big data is widely used to provide customer insights for transparent and simpler products, analyze and predict customer behavior through data derived from social media, CCTV footage and GPS-enabled devices. The Big Data also allows for better customer retention for insurance and finance companies
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Big data is harnessed for cost and time reductions, smart decision making, new product planning, and optimized product or service offerings. Big data accomplishes business-related tasks such as analyzing the root causes of failures, defects in near-real time, recalculating portfolio risks,customized offerings based on a customer’s buying habits and in detecting frauds
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