Big data as the name suggests means data that is huge in amount which cannot be calculated using regular methods. The data exists in different varieties, velocity, information and amount. It requires a specific set of processes in order to be segregated, analyzed, interpreted and presented. This entire process of data mining is used to enhance the discovery, insights, decision-making abilities and optimization.
With the entry of social media, every day a new audience base is being introduced to multiple platforms which in return is churning huge amounts of data.
Big Data has become a game changer in recent times. All industry giants now are mining data in order to reach insight that can help catalyze the growth of their business. Big data has created avenues that were untapped in the past; this helps them serve their customers in a more distinctive manner. With the entry of social media in the lives of people, every day a new audience base is being introduced to multiple platforms which in return is churning huge amounts of data. All of this data, when segregated and analyzed, helps the organizations make effective decisions. Let us explore the industries that are using the Big data on an everyday basis, in order to generate more value for their product or services:
Education:
When the data collected from the students and faculty is analyzed with reference to the courses, hours and result, it is huge and impactful. It can help in assessing the quality of education, relationship between teacher and student and the output that is being churned keeping the input in mind. This can help in the promotion of goal setting, effective learning, definitive evaluation, decrease in dropouts to name a few which in return creates a better student experience and results in longer terms.
Retail:
The main aim of Big data in retail is to better the customer experience, everything leads to it. It helps in foretelling the trends, the relevant target groups and audiences which helps in reducing marketing expenses; you are fully aware of the avenues you need to invest your bucks in order to get maximum results. Not limited to this, Big data has multiple other uses in retail. It helps in streamlining the back end processes, have a birds eye view on each customer profile, their expenditure patterns and their possible investments in the near future by looking at the current trends. All of this helps in personalizing each and every experience that can be curated for any individual customer and hence make the experience with having. Brands and industry giants use the big data and its prediction to help with the recommendation searches.
Healthcare:
Healthcare industry has the most advantage drawn from Big data. It has helped in reduction of the cost procedures, medicines, predicting the outbreaks of diseases and epidemics, enhancing the quality of life to name a few. The data collected by the healthcare industry helps in maximizing the patient outcomes keeping the staffing in mind. This has led to better planning on the strategic end in order to reduce the flaws, redundancy and frauds committed in the industry.
Banking:
Banking uses Big data for proactive reasons. It helps in detection of frauds and increases security for their patrons by flagging any atypical movement regarding your credit and debit cards. It also helps in personalized and close monitoring and management of the relationship of the bank with its patrons.
Communications and Media:
Due to the increasing trend of fast consuming media, there has been an increase in the data. This has led to the entry of Big data in the industry as everyday there is a new trend on the rise. From the prediction of the likes from a certain set of audience in music, movies, news, television shows to actually making a strategy based on these insights to target the correct set of audience, Big data does all the work. The viewing and search history of any particular user is used as a north star in order to recommend better content and thus make the experience what it is today, at its peak.
Transportation & Travel:
Transport industry has an intricate and intrinsic role of Big data when it comes to managing staffing, revenue, foot-fall, strategic marketing, targeting of audience, and reputation management. It is also assisting in finding the needs of the customer, reducing the customer journey, waiting time and competitive pricing and discounts. It is also helping in addressing the safety and precautionary issues in the industry.
Government:
Government takes a huge help from Big data with reference to the geographical data, surveys, population data, usage of natural resources etc. the data collected helps in security aspects as well as the plans of development for each area. It also helps in deployment of resources and in the growth of the nation overall. Traffic control and monitoring is one such really big example of collection and prediction of Big data for the government.
Manufacturing:
Due to the advent of Big data, the process of manufacturing is not monotonous and tedious anywhere. It is also lending a hand at revolutionizing the product design, supply chain, maintenance of quality and assessing the multiple risk factors and minimizing them.
Agriculture:
Big data has helped in the Agriculture industry by reducing the operation cost, and opening the roads to new possibilities for business. The biggest credit goes for predicting the food demand, changes in weather, crop yields, and management of equipment and supply chain. Multiple apps have been developed in order to make agriculture easier for farmers.
Meteorology:
Environmental changes and development are tracked everyday around the world. Big data is used to predict the changes in weather and even if a natural disaster is impending. It helps in the prediction of weather every day and goes as far as to predict global warming. One of the biggest use of such data is prediction water tables and availability of water in any part of the world.
Wrapping Up
Big data has a huge impact on our daily lives. Each and every ounce of data can be used to make informed decisions by organizations in order to maximize the positive customer experience.
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Rachit Agarwal
