How Is Big Data Revolutionizing Businesses Globally?
Can my business use Big Data?
Wondering, how? Have a look:
Big Data is all about insights. The sheer volume of metrics and numbers delivers enough scale as well as scope to present a clear picture of what it’s applied. You can identify and segment anything via Big Data. It includes customer behavior, processes, to logistical issues. Another impressive thing: if you combine it with machine learning and analytics, you can have data-driven decision capabilities. These capabilities can accelerate your goals.
3Vs of Big Data:
- Volume: A large amount of stored data.
- Velocity: The lightning speed at which you can process & analyze data streams.
- Variety: The multiple sources from which you can collect data such as numbers, video, images, audio, and text.
A look at how companies can use Big Data:
Let’s take a deep dive into the top five industries using big data technology. Have a look-
Retail banks use data to understand how their customers use their bank accounts and to help identify security risks. In the future, data may also become the basis for banks to help consumers use money. Therefore, be prepared for any fraudulent activity. Big data, however, is the most significant innovation in fraud prevention in decades, helping banks to minimize the chance of suspicious behavior.
The healthcare industry produces large amounts of clinical, financial, administrative, and genomic data. Big Data can help to manage this data efficiently. The valuable insights provided through big data is likely to assist in identifying patients at risk. This eventually helps to improve treatment and to reduce the readmission of the patients.
The on-demand music service, Spotify uses Hadoop big data analytics to collate data from its millions of users. This data provides customized music recommendations to the users accordingly. Over the top, media services rely heavily on big data to offer customized content to users. This is a great move to improve its customer base in such a competitive market.
In the retail sector, Big data allows knowing their customers with personalized experiences. Data-driven advertisements and sales are helping the clothing and food industry to deliver outstanding services. Furthermore, to make the in-store experience better, the companies may use sensors and Wi-Fi access to track who visits the store and how long they stay. This is a great marketing asset for the retail industry.
Big data analytics finds immense applications and opportunities in the transportation industry. Governments of various countries use big data to control the traffic, optimize route planning and intelligent transport systems, and congestion management. On the other hand, the private sector uses big data in revenue management, logistics, and tech advancements to gain a competitive advantage.
Whether you are in one of these industries or a different one, embracing data-based operations is the key to innovation and to stay competitive in the Big Data era. We at Successive have a team of competent professionals who keep themselves updated with emerging technologies. To know more about how you can utilize Big Data for your business, connect today!