Big data seems to be the up-and-coming term in the 21st century. Most people have heard of it, while companies and businesses want to get in on it. But while it’s growing popular every day, what exactly do we understand by it? And how is it of any benefit to us?
The collection of structured, unstructured, and semistructured data over a period is known as big data. Its four core characteristics—volume, variety, velocity, and variability make it an essential asset for businesses to run their operations today. However, due to its large size and complexity, it’s nearly impossible to analyze the data using traditional data management tools. Today, leading corporate giants understand how data analytics can change how the real world works. And so, by designing appropriate software and tools, they’re reshaping how business gets conducted.
Big data primarily offers a promising way to gain insights into everyday challenges and ways to overcome them in the business world. The advent of technology has made the collection and interpretation of data highly feasible. Therefore, it’s crazy not to take advantage of the vast opportunities it opens for us. As observed in recent years, industries that could adopt big data into their systems fared better than those that didn’t.
Here are six industries that have brought significant improvements due to big data.
Electronic health records and other digital technologies have made data collection much easier in the healthcare industry. The gathered information has brought several positive and lifesaving outcomes that have cut down on diseases and reduced treatment costs. Professionals working in healthcare can enroll in Data Analytics MBA courses to learn how particular datasets can transform patients’ lives and the entire community. Due to advancements in medicine, people today tend to live longer.
Additionally, the current treatment models differ from conventional approaches and are more efficient, fast, and cost-effective. These changes came from big data when doctors and healthcare workers tried to understand patients and their illnesses better. There’d have been no improvement without substantial evidence, and healthcare facilities would’ve stayed the same. Or worse, the changes would’ve had no real impact if their basis didn’t involve any real-time data.
The banking industry is another industry that has greatly benefited from big data analytics. It allows banks to create personalized client profiles to bridge the gap between banks and customers. Retail or consumer banks heavily rely on data to understand the ways clients use their bank accounts and identify potential security threats. By collecting information about their salaries and expenditures, they can make informed decisions about credit extensions or risk assessments. Big data also helps banks keep track of people’s usual behavior patterns. Banks can trace the origin and catch fraudsters much quicker when something goes wrong or out of the ordinary.
Whether it’s field games, esports, or fantasy leagues, sports heavily depend on big data to enhance player efficiency and predict future outcomes. This data can be in the form of players’ statistics, past matches, scorekeeping, or algorithmic performance, to name a few. When recruiting essential players in any professional team, coaches and managers analyze several factors before offering them contracts. Data analytics tools help draft players that don’t just have the proper credentials and talent but also seem the right fit for that particular team’s culture.
Besides team managers, broadcasters and sports channels also look for ways to increase audience engagement and revenue in the sports industry. Since sports companies rely on proceeds from selling match tickets and team merchandise, they need big data to predict customer behavior and identify the target market.
Many municipalities face extreme budgetary situations and subsidies for public services like transportation. Due to this, there is often less monetary leeway regarding how public transport should or could operate. However, using big analytics, local governments and towns can predict passenger volumes for specific routes as precisely as possible.
Other data like customer feedback can help transportation companies prepare for unprecedented events like malfunctions, holidays, or bad weather conditions. This real-time feedback saves valuable time and money and standardizes procedures to keep the system running efficiently and smoothly. Public services have also improved by gathering data regarding the peak passenger volume days to accommodate customers on more buses or trains. Similarly, when few passengers require transportation, companies operate fewer vehicles to save fuel costs and other expenses.
Like other industries, big data has transformed the education sector in several ways. In the old days, academics were a “one size fits all” system. This principle is no longer applicable as academia becomes more refined and individualized for each student. Pupils are now encouraged to explore their strengths and pursue their field of interest. With abundant data, professors and school administrators can offer their students a wider variety of educational subjects and improve current school programs. The interaction between students, professors, and administrators has also become more approachable and collaborative, allowing all stakeholders of the educational system to work together. Through big data analytics and student feedback forms, professors can identify areas where certain students need improvement or require extra help. By recognizing that each individual’s needs are different, teachers can better design curriculums and develop strategies that make classroom environments all-inclusive and pro-learning,
A decade ago, entertainment industries read reviews and chart rankings or interviewed the audience to gauge their interests and opinions. This approach was lengthy and costly and didn’t always provide accurate data as it was difficult to reach a larger customer base. Today, companies can monitor views, clicks, engagements, and more across various devices and at minimal costs. This type of data is critical in understanding the audience’s needs and helps develop relevant programs, commercials, and talk shows. By identifying the time of the day when most shows get streamed, media companies broadcast advertisements that generate the greatest profits. Big data in the media industry has also given small-scale companies a competitive edge, increased revenue, and enhanced customer brand loyalty.
It’s now widely acknowledged that big data plays an essential role in driving industries to success. Different organizations have different objectives, but the top priorities are enhancing customer experience, reducing overhead costs, and improving marketing. And big data provides the solution to all these.
The list above shows that industries using big data analytics are already ahead of the game. Therefore, any industry that wants to stay relevant and keep innovating must jump on the bandwagon, embrace big data, and watch how it improves business.