Given the pace of advancement, big data might not just be part of the future but might BE the future. It comes with an unshakeable potential of changing the way businesses function. Be it defence, healthcare, finance, manufacturing or even agriculture. By opening the doors to high-quality data channels, in real-time, it helps businesses make decisions that matter. In a nutshell, data makes brands smarter and agile, giving them everything that it takes to stay buoyant amidst the cut-throat competition. Big Data applications work as the change-makers for acquiring, storing, and analysing the mammoth of data that we continue to create.
8 Big Data Applications across various industries
Most businesses aim to enhance customer experience, reduce costs, better strategize marketing, and make existing processes more efficient. Besides, data breach security has also become an important goal. With this in mind, let’s analyse the role of Big Data and its application in different industries. Here’s a brief description of how Big Data applications are working in today’s business environment.
Big Data in Healthcare
Big Data has helped doctors give effective treatment in the healthcare industry. And, to a large extent, data-based applications like IoT(Internet of Things) devices have supported the delivery of better treatment plans. For instance, sensors placed on a newborn baby constantly keeps track of heartbeat rate, blood pressure, etc. When the safety thresholds are crossed, an alarm beeps, allowing doctors and care providers to react accordingly.
Big data analytics have effectively improved healthcare by providing personalised medicines and advanced equipment. Researchers are using mined data to diagnose and treat critical diseases more effectively. Few of the famous Big Data application providers include Recombinant Data, Humedica, Explorys, and Cerner.
Big Data in Banking & Securities
The Securities Exchange Commission (SEC) uses data and network analytics to monitor financial market activity to catch illegal trading activity. This industry heavily relies on data for anti-money laundering, enterprise risk management, fraud mitigation, predictive analytics, etc. Big Data has been the heart of digital payments in the banking industry, a trending buzzword. It is also bossing in terms of fraud detection, risk analysis, algorithmic trading, and customer contentment.
1010data, Panopticon Software, Streambase Systems, Nice Actimize, and Quartet FS are the industry’s leading products.
Big Data in Communications, Media and Entertainment
Know how Spotify shows music recommendations based on user preferences? It uses Hadoop to collect data, analyse it and give informed music recommendations to individual users. Similarly, Amazon Prime and Netflix the world’s leading internet entertainment services, relies solely on big data for its recommendation systems which are driven to provide a great customer experience by offering video, music, and Kindle books in a one-stop-shop of a similar genre that you just stopped watching or reading.
Infochimps, Splunk, Pervasive Software, and Visible Measures are famous platforms in this industry.
Big Data in Education
Let us ask you a question… Why do you think data hold enormous importance in the field of education? Big data is helping in shaping the future of the people and has transformed the education system for the better. Education Institutions are using it for rekindling academic and interpersonal skills. The top universities use big data to renovate their academic curriculum and evaluate both the teachers and the students. With this, a teacher’s performance is measured against student numbers, subject matter, student demographics, student aspirations, and behavioural classification, etc.
Knewton and Carnegie Learning and MyFit/Naviance are the heroes of this field.
Big Data in Retail & Wholesale
Big data has helped the retail and wholesale industry gather, optimise, and timely analyse staffing, inventory using collected data shopping patterns, local events, etc. It has also helped to reduce fraud in the retail and wholesale industry.
Big Data Applications in this industry include First Retail, First Insight, Fujitsu, Infor, Epicor, and Vistex.
Big Data in Manufacturing & Natural Resources
Big Data allows for predictive modelling, defects tracking, supply planning, output forecasting, testing & simulation, and mass customisation of the manufactured products in the manufacturing industry. It has also helped to gain a competitive advantage, among other benefits.
Some available Big Data applications in this arena are CSC, Aspen Technology, Invensys, and Pentaho.
Big Data in eCommerce
Big Data analytics has redefined online shopping experiences. Customers now experience personalised services. For instance, if you’ve recently browsed for headphones on Amazon, you’ll start seeing targeted ads for headphones showing up on your Google search. Relatable? This is just a simple point in case of the many possibilities of big data in building brands and businesses.
Data helps eCommerce shopping sites like Amazon, Walmart, Flipkart, Ikea, and many more to track customer spending habits, shopping behaviour, and more. They tend to show appropriate recommendations to the customer, enhancing the customer retention and engagement.
Big Data in Utility Industry
In the utility and energy industry, granular data is used to analyse better consumption for improved customer feedback and better assess asset and workforce management. It also helps identify errors and work deviations to create effective and scalable solution models to correct disparities.
In this industry, Alstom Siemens ABB and Cloudera are few providers in Big Data.
Considering the role of big data in these 8 industry verticals, here are a few key takeaways:
Big data is dominating across the globe and has left no realm of the world uncaptured with its enormous benefits.
Every industry is now inclined towards big data analytics, and there is no going back!
Make sure to familiarise yourself with industry-specific challenges, know the data characteristics of each industry, understand where spending is occurring, and finally, match market needs with your capabilities and solutions.
Capitalise on big data opportunities by utilising data effectively and efficiently.
Explore Career Prospects in Big Data
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