Big data is a massive amount of data that, when properly processed, can identify patterns and trends to help entrepreneurs guide strategic business decisions. Currently, thousands of international corporations use BD experts to filter data and organize the activities of their structures. In the article below, we have collected a few significant sectors for you that most often use the opportunities offered by big data.
Information has never been analyzed as thoroughly in today’s new digital age. Thanks to the data, companies can understand the needs and wishes of their customers and next offer them products and services as close to their expectations as possible. In an era in which the Internet, smartphones, connected objects, and social networks have digitized the lifestyle of the general public, companies increasingly owe their success to the use of big data solutions. It was no different in the case of such giants as Google, Apple, and Facebook, which continue to use BD to expand their field of influence in future areas such as the cloud and artificial intelligence. However, big data has long ceased to be the domain of only the largest corporations. Before we know examples of industries that already use BD, let’s recall what it is.
What is big data?
Thought leaders, academics, and other prominent players agree that big data is changing the game’s rules in most, if not all, modern business sectors in recent years. As big data permeates our daily lives, the focus has shifted from hype to finding real value in using this technology. BD solutions enable the collection of historical data and real-time data (online purchase history or visited seller’s websites) to allow companies to update and improve their marketing strategy or create products and services adapted to the evolution of consumers’ needs and preferences. Therefore, the main interest of big data is to put customers at the center of any company’s decision-making process. It manages, stores, and processes vast amounts of data that companies have today. However, the collection, storage, and processing of digital data sent over the network currently concern not only big data companies and specialists. Indeed, many sectors use BD. Let’s look at some major examples.
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1. Finance
Retail traders, large banks, and hedge funds use BD to analyze transactions in high-frequency trading, analyze decision support before trading, measure sentiment, or make predictive analyses. The sector also relies heavily on big data for risk analysis, including anti-money laundering, corporate risk management, customer awareness, and fraud reduction. Even in the United States, the Securities Exchange Commission (SEC) uses big data to monitor the activity of financial markets. Today, even the SEC uses network analysis and natural language processing (NLP) to detect illegal trading activities in the financial markets.
2. Communication and media
Due to consumer demand for media “on-demand” in various formats and devices, companies in this sector often use BD solutions to collect, analyze, and use information about their customers to understand the usage patterns of multimedia content in real-time. Organizations in this industry simultaneously analyze customer data and behavioral data to create detailed customer profiles, which they then use to create content for different target groups, recommend content on-demand, and measure the performance of individual content. Spotify and Amazon Prime are excellent examples of companies from this sector that have mastered the use of BD to perfection.
3. Production
Large amounts of data from the manufacturing industry are still underutilized, preventing manufacturers from improving product quality, reliability, and profit margins. BD enables predictive modeling to support decision-making used to receive and integrate large amounts of geospatial, graphical, text, and temporal data in this industry. Interpreting a wide variety of information allows you to identify the demand for a given type of product and respond to it with the appropriate amount and quality of goods.
4. Hospitals and medical care
The medical sector has access to vast parts of data about its patients. For example, some hospitals use data collected from a mobile app from millions of patients to enable medics to implement evidence-based care, rather than giving numerous medical or laboratory tests to all patients who report to the hospital. An innovative solution in the medical sector is the use of big data to track the potential spread of chronic diseases. An example is the use by the University of Florida of free public data, including from Google Maps, to create visual data to identify and effectively track the possibility of disease spreading quickly.
5. Education
Big data is used primarily in higher education. For example, more and more universities worldwide are using BD to implement learning and management techniques that track when a student logs into the system, time spent on other websites, and the student’s overall improvement over time, among other things. Otherwise, BD in education is also used to gauge teacher performance and provide a pleasant experience for students and educators. Teachers’ performance can be analyzed and estimated by student numbers, subjects taught, demographics, aspirations, behavioral classification, and many other variables.
6. Insurance
The lack of targeted, personalized services and adapted prices are detrimental to insurers. In this sector, big data is mainly used to provide information about customers so that companies can gain new segments and market shares by offering more specific products and by analyzing and predicting customer behavior. That is made possible, in particular, by data from social media or devices equipped with GPS. BD also enables better customer retention by offering personalization.
Grow your business with big data
As you can see yourself, big data is already very present in companies. However, the above list presents only a fragment of all industries already using BD in their activities. BD is also effectively used by logistics, transport, commercial, security, and many other companies. BD is the future, and this trend will continue for years. Therefore, if you want to develop your business and not stay behind the competition, implementing big data solutions and using data in your industry may be the most effective solution.
