Data is omnipresent. It was there in the past, it is now at present, and it will be there in the future also. But the thing that has changed now is that the industries have realized the importance of data. Industries are now having knowledge of Big Data and are benefited by Big Data applications. It is like having a magical spell of insights into customer trends, habits, and more.
Having data might not be everything because datasets are multiplying at a greater pace day by day. What actually considered being the greater end game is how we can find ways to use analytics to gain meaningful information from this data.
Organizations are embracing Big Data because it will give them a proper knowledge of customer habits and trends. It will also help them in cost reduction, more targeted marketing, and do things in the more efficient way.
Top Big Data Applications
Now let’s take a look at different industry verticals that could use Big Data for their requirements.
Banking and Securities
Banking sector has faced many challenges related to securities which include early fraud warning, card fraud detection, misuse of debit & credit cards, archival of audit trails, customer data alteration, IT action analytics, and IT strategy fulfillment analytics.
The Securities Exchange Commission (SEC) has implemented Big Data so they can track all commercial market movements. Retail traders, private and public sector banks, hedge funds and other big players of this field are using big data for trade analytics in high-frequency trading, pre-trade decision-making analytics, reaction dimension, and predictive analysis.
Communication, Media, and Entertainment
Today’s communications, media, and entertainment industry heavily depend on providing viewers rich media-on-demand in different formats and in different devices. It totally bid on real-time data which helps to analyze customer’s behaviors and allow them to create content according to the viewer’s discretion.
Spotify, on-demand music services, uses Big Data analytics to collect data from its users and then after analysis provide them music according to their taste.
Netflix, which is driven to provide a great viewing experience, uses customers viewing habits and state preferences to create a profile for every single of them, so they can provide them content according to their likings.
The healthcare industry has many Big Data applications. Healthcare industry has piled of data but somehow they aren’t able to utilize that data to reduce the cost of rising healthcare and by inefficient systems that have repressed the faster and better healthcare benefits across the globe.
Big Data can be proved a helping hand in treating patients. After a patient is treated successfully by a doctor, his history related to illness as well as the procedure of treatment can be saved in a database for future references or for similar cases. Many healthcare devices are now getting Big Data oriented, so patients don’t have to visit doctors. Doctors can start the treatment only by seeing the data logs of those devices.
Big Data is also changing the education world. Today every course is provided online for online learning. Big Data applications in education help to measure the effectiveness of teachers to ensure a good experience for teachers and students. Classrooms with more data-driven nature have opened to ensure what students should learn and what extent of it they are learning.
Transportation is one of the fields which have implemented Big Data in a big way. With the rise of the internet, online booking, online maps, traffic control, and route maps, it is one of the top data generators. Airlines also create terabytes of data just in a single flight.
Being deficient in personalized service, personalized pricing, and targeted services to new as well as specified market segments are the main challenges of this industry.
Big Data applications provide simpler and transparent products to the customers, by analyzing and predicting the customer’s behavior through the data gathered from social media and from different retailer’s websites.
Big Data also provides a big help in claims management, predictive analytics where a faster service is given since a pile of data is analyzed in no time.
Retail and Wholesale
Retailers and Wholesalers are using Big Data applications to harness customer’s data from loyalty data, POS, store inventory, local demographics data. All these data are analyzed for giving the customer a personalized experience.
When the data is analyzed, it gives different insights about customer like – what encourage them to buy the product, their trend, how and when is it best to reach them? With these insights, you can improve your relationship with the customer and can develop new products accordingly.
Manufacturing and Natural Resources
Natural resources like oil, gas, minerals, agricultural products, metals etc. demands will only increase with time and it will also lead to increase in volume, complexity, and velocity of data which will a challenge to handle.
Similarly, tons of data is also created by manufacturing industry and it has been unexploited. This underutilization creates a gap in product quality, energy efficiency, reliability, and profit margins.
Big Data can be used in natural resources industry to create a predictive model with the help of data gathered from geospatial, geographical, text, and temporal data which will help them in decision making.
So, businesses are getting benefits of Big Data applications, and thus delivering a great value by providing some context to data. This, in turn, increases the demand for Big Data professionals. So, take a step ahead, learn Big Data, get certified, and start your Big Data career.
Data analytics is also segregating complex datasets into actionable intelligence which are helping them to take proper business decisions. These are just a few examples of Big Data applications; Big Data has brought revolution in each and every domain!
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