The fact that Big Data is revolutionizing each and every domain is undeniable and inevitable. Let us understand why it isn’t affordable to ignore the application of Big Data by industries of all domains and almost of all sizes.
Industries such as; IoT, finance, education, healthcare, scientific research, cyber security, banking, transportation, e-commerce, telecom, travel, insurance, media and marketing, machine learning, and the list goes on, all of them are adopting Big Data as a decisive contributor in their growth.
A short introduction to Big Data
The origin of modern big data goes back to the 1960s and 70. Those were the times when the first data centers and databases were starting to develop and prepare for the next big upcoming steps for data on a larger scale.
Among many definitions, one which we can emphasize since it is more official and comprehensive we find it in the Oxford dictionary where Big Data is described as “Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions”.
In addition to that, Big Data is experiencing constant growth in its Volume, Velocity, and Variety. These large data sets can be structured, semi-structured, and unstructured data.
More about the Benefits of using Big Data in this article.
Top 5 Big Data applications
With its continuous development, Big data became a field that treats ways to analyze data it holds, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.
Below we will see the top 5 industry domains that are applying Big Data as part of their business strategy and source for growth.
The days where healthcare practitioners weren’t able to harness data on a large scale are gone. The healthcare industry has a very large amount of data and this is all available for continuous usage since the volume of big data is always on the rise.
These data are mostly collected from administrative and clinical databases and other electronic health record data.
Nowadays the healthcare industry uses big data to identify different patterns of medicines to discover new ways and enhance the old ones for developing faster and more efficient solutions for different disease treatments.
Despite the benefits of Big Data in helping to find the cure, its potential is seen in helping doctors to discover diseases in early stages or accurately predict their trajectory of development.
Gathering the clinical data and being able to analyze them resulted in many benefits that are already evident and tangible such as improvement of health process efficiency and healthcare quality. The cost reduction when using Big Data in healthcare is an extra benefit.
2. Educational system
The insights that are extracted from big data is the key to shaping the future of the people and thus it can transform the education system for the better.
Big Data is a beneficial resource for the growth of both, the educational system with teachers as executioners of learning strategy and its lessons derived from analysis of Big Data and students on the other hand as well.
Big Data helps youth shape their future and decide more easily which path for their studies to choose as a major with a greater potential for sustainable incomes.
Some of the impacts of big data on education:
- Collecting students’ data can be used for mapping and creating customized study programs or encouraging creative learning;
- It can enhance the learning experience, and digital reading and to make course materials more simple for students to understand.
- It can produce accurate career predictions for students based on their grades and performance
- It improves students’ performance and results – with the help of big data, it is possible to keep track of students’ progress to encourage better results.
- Track the dropout rates of the students and figure out what are the proper and required measures that need to be taken in order to reduce the rate of dropout.
Universities have started using Big Data as a tool to enhance their academic curriculum. This will help students gain the knowledge and skills which are more personalized to their skillset.
As in every domain that Big Data provides benefits despite different challenges, the Telecom industry helps get deeper insights and a clearer understanding the customer behavior, their preferences, interests, and their patterns of service usage.
Telecom companies probably are the ones that can collect data easier than many other industries since it is a more tech-related domain.
The IT infrastructure of the Telecom domain in general is easier to adapt for analyzing big data and pulling insights from it.
Telecom companies through Big Data can:
- Improve customer experience
- Identify areas with the lowest and with the highest network traffics
- Help telecommunication companies understand the customer behavior and
- Help companies provide customized offers to customers through targeted marketing
- Investment planning and other benefits
Through Big Data technology insurance companies possess many benefits when it comes to creating faster and better dealings with customers.
Insurance companies use insights from big data to complete the customer’s profile because they are able to get to know their history.
Based on this, they decide on which pricing model is best to present to that customer, which risk level is suitable and acceptable by the prospect customer, and after all these crucial steps, deliver the best services.
Types of information that insurance companies extract from big data include but are not limited to; accident statistics, policy holder’s information, and third-party sources.
All these insights and others help them to group people into different risk categories, prevent fraud losses, optimize expenses, and target new leads.
5. Wholesale and Retail trade
We know that one of the benefits of Big Data is understanding the potential of data-driven marketing.
In today’s world, staying competitive isn’t easy. Retailers continuously enhance the buying experience, offering relevant discounts, etc.
This, and a lot more, can be achieved using big data to help direct the wholesalers to uncover insights into customer behavior, their shopping history, their preferences, etc., and then create a personalized and targeted marketing strategy and run ads with optimal prices for their most preferred products.
This way the greatest return on investment will be more achievable and the network of sales performance will increase as a result as a whole.
The idea is that these insights contribute to manufacturers ensuring that products are first of all developed and then sold to related market demand.
Businesses cannot afford to ignore the benefits of Big Data applications. Every industry across the world is inclined towards Big Data usage and the treasure of insights that can be extracted from.
At Adservio, we know the real importance and impact the Big Data application across many industries can have.
We have great experience in dealing with Big Data and unleashing real hidden treasures from Big Data and maneuvering with them for contributing in business growth.
Aren't you exited and ready to dive into the thesaurus called Bid Data and elevate your business to another level?!
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