American Express- Big Data and IoT

Do you all know what is IoT and Big Data? IoT also means Internet of things, refers to the billions of physical devices around the world that are now connected to the internet, all collecting and sharing data. The term IoT is mainly used for devices that wouldn’t usually be generally expected to have an internet connection, and that can communicate with the network independently of human action. Marketer will use IoT to do many things such as analyse customers buying habit, collect previously unobtainable data about how consumers interact with device and products, quickly resolve problems to close sales, keep customers satisfied and so on.

Big data is a term that describes the large volume of data – both structured and unstructured. There have three Vs of Big Data which are volume, velocity and variety. Big Data is very important as big data can reduce cost and time, smart decision making and new product development. However, there is a perfect match of Iot and big data. The two stalwarts have connection, since whenever we talk of plenty things connected via the Internet; there is surely generation of a large amount of data, which can be managed only through Big Data.

Here has a company, American Express which is using Big Data. American Express brought in machine learning algorithms and upgraded from traditional database technology to a Hadoop infrastructure in 2010. The company especially focus on Big Data, cloud computing and mobile infrastructure. American Express uses machine learning and Big Data algorithms to avoid fraudulent, and these two algorithms now has become common in the industry. Besides that, it has enabled American Express to save millions.

Other than that, this company uses board data flows to create apps that can connect a cardholder with products and services, provide some benefits to cardholders to use the app. For example, an app called Amex Offers, indicate real-time coupons related to the individual’s lifestyle and buying habits based on their nearby businesses and physical location. Besides, company hope that more business to accept American Express.

For consumers, the company is using its vast data flows to develop apps that can connect a cardholder with products or services. One app looks at past purchase data and then recommends restaurants in the area that the user is likely to enjoy. Another, called Amex Offers, shows real-time coupons relevant to the individual’s lifestyle and buying habits based on their physical location and nearby businesses. And this isn’t just a benefit to cardholders that use the app, but also hopefully an incentive for more businesses to accept American Express.

In conclude, Big Data and Iot will become common and indispensable for businesses in the future.

I hope my blog gives you a better understanding on IoT and Big Data, and feel free to leave comments or reviews to my blog.

References:

https://www.bernardmarr.com/default.asp?contentID=1263

https://www.zdnet.com/article/what-is-the-internet-of-things-everything-you-need-to-know-about-the-iot-right-now/