The amount of data available to companies is growing rapidly. With the increase in volume, variation, and veracity of data, the common analysis techniques are out of the picture. This is where Big Data jumps in. Big Data analytics allows for the analysis this huge amount of data to bring out insights that were previously incomprehensible. All our activities online - the sites we visit, the posts we like, things we share, purchases we make, videos we watch - practically everything is recorded, monitored and analyzed. With this huge amount of data comes a host of advantages and so does the complexities. All industries are trying to leverage the opportunities this data offers. In the course of figuring out the uses of Big Data, many industries have advanced by miles from their competitors. The uses of Big Data vary between theory and practice. Theoretically what we have imagined is yet to be achieved but we are definitely moving forward. Here we have summarized a list of Big Data uses that can be incorporated in every industry.
5 Practical Uses of Big Data:
Here is a list of 5 practical uses of Big Data. Different industries are using Big Data in different ways. In our list we have compiled the uses of Big Data and what industries are using them. Read on to find out more:
1. Location Tracking:
Logistic companies have been using location analytics to track and report orders for quite some time. With Big Data in the picture, it is now possible to track the condition of the good in transit and estimate the losses. It is now possible to gather real-time data about traffic and weather conditions and define routes for transportation. This will help logistic companies to mitigate risks in transport, improve speed and reliability in delivery.
2. Precision Medicine:
With big data, hospitals can improve the level of patient care they provide. 24x7 monitoring can be provided to intensive care patients without the need of direct supervision. On top of that, the efficiency of medication can be improved by analyzing the past records of the patients and the medicines provided to them. The need for guesswork can be significantly reduced.
In the case of certain biopharmaceuticals, there are many variables that impact the final product. For example, while manufacturing insulin intense care needs to be taken to ensure the product of desired quality. By analyzing all the factors impacting the final drug big data analysis can point out key factors that might result in incompetence in production.
3. Fraud Detection & Handling:
Banking and finance sector is using big data to predict and prevent cyber crimes, card fraud detection, archival of audit trails, etc. By analyzing the past data of their customers and the data on previous brute force attacks banks can predict future attempts. Not just big data helps in predicting cyber crimes but it also helps in handling issues related to miss transactions and failures in net banking. It can even predict possible spikes on servers so that banks can manage transactions accordingly.
The Securities Exchange Commission (SEC) is using big data to monitor financial markets for possible illegal trades and suspicious activities. The SEC is using network analytics and natural language processors to identify possible frauds in the financial markets.
Advertisers are one of the biggest players in Big Data. Be it Facebook, Google, Twitter or any other online giant, all keep a track of the user behavior and transactions. These internet giants provide a great deal of data about people to the advertisers so that they can run targeted campaigns. Take Facebook, for example, here you can target people based on buying intent, website visits, interests, job role, demographics and what not. All this data is collected by Facebook algorithms using big data analysis techniques. The same goes for Google, when you target people based on clicks you will get different results and when you create a campaign for leads that you will get different results. All this is made possible using big data.
5. Entertainment & Media:
In the field of entertainment and media, big data focuses on targeting people with the right content at the right time. Based on your past views and your behavior online you will be shown different recommendations. This technique is popularly used by Netflix and Youtube to increase engagement and drive more revenues.
Now, even television broadcasters are looking to segment their viewer's database and show different advertisements and shows accordingly. This will allow in better revenue from ads and will provide a more engaging user experience.
Here we have, 5 practical uses of Big Data that can be used by different industries. Big data is taking people by surprise and with the addition of IoT and machine learning the capabilities are soon going to increase. The amount of data is growing rapidly and so are the possibilities of using it. The number of successful use cases on Big Data is constantly on the rise and its capabilities are no more in doubt.
Want to know more about Big Data? Read our blog.