Big Data is a term used to describe the massive amounts of data, whether structured or unstructured, that floods a business on a daily basis. This data is important for these businesses only when analyzed for a specific purpose.
It can be the foundation on which big decisions and strategies are made. Every stakeholder, big business owner, and academician will agree that big data has turned out to be a major game-changer in most of the modern industries.
It can be used for:
• New product development and optimized offerings.
• Finding the root causes of failures and defects in the system and that too in real-time.
• Detecting the fraudulent practices that are affecting the company before it’s too late to react.
• Recalculating the risks associated with different strategies.
Big Data analytics is an integral part of every major industry. Let’s take a look at how these industries use this deluge of data:
1. Education – Educators armed with data-driven insights can make a significant change in the system. Things like identifying students at-risk, tracking of progress of students and teachers can be done with analyzing big data. This can also help the teachers in evaluating the students in an improved manner.
2. Government – Governments always sit on piles of data but now with the analytics they can manage resources, prevent criminal activities, control population, and run agencies in a much better-optimized way.
3. Banking – Banking sector is perhaps making the most of this advantage of big data. Big banks, retail traders and hedge funds use it for sentiment measurement, predictive analytics, and high-frequency trading. They also rely heavily on it for anti-money laundering, KYC and fraud mitigation.
4. Manufacturing – Insight from Big Data can help the manufacturers in boosting quality and output. It can also help them to optimally use their resources in order to minimize the waste. It makes the companies capable of making much more flexible decisions which were not possible before.
5. Healthcare – Managing large amounts of data with the strict regulations and also providing speedy services has been made possible with the help of this. Information like patient records, prescription information, and treatment plans can be used to improve patient care.
This is not the end of the list, as there are many other industries which use the big data to improve their business. In the modern times, if a company misses the opportunities that it offers then they will also miss the next big innovation or discovery.
Source by Sukhdeep Dhalla