What are the Uses of Big Data
Business houses have long been dependent on whatever data they had to analyze trends, behavior (of goods and/or users), impacts and overall profits, etc. With the kind of data they now possess – thanks to the Internet – the computing goes beyond simple spreadsheets to provide them with many accurate results. Furthermore, Big Data enables them to perform more kinds of analysis to keep it a healthy and profitable business that is always on a path to growth.
Big Data Consumption
Industries Already Using Big Data: They Started Early
A] Financial Institutions: Mainly dealing with your money, these industries rely on Big Data to check previous trends and make predictions. Early data was less so predictions came with a bigger margin of risk. That risk is now reduced due to access to more data. Share markets, banks and other financial institutions may also be checking your spending methods to derive some sort of equation that helps you retain maximum profits. The following chart will assist you in understanding how financial institutions use Big Data. It will also give you an idea of how Big Data can be used.
B] Retail Marketing: The first thing that strikes mind talking about retail is the consumption of goods – area-wise or age-wise. Yes, you can use Big Data to tell how and who are using your goods and what types of goods. More than that, you can also focus on improving products and even introducing new products based on the ones that are succeeding. The other side of using Big Data in Retail Marketing is figuring out prospects (don’t forget the online window shoppers), prospect-to-client conversion rate and abilities or techniques, client retention, and similar areas. C] Government and Public Sector: How can we forget the government when it comes to data? Govt. and public sector units are ones that collect data more than any other sector. You can say they are drowning in data even as they digitize and store the data onto their servers or clouds worldwide. According to a whitepaper by IDC “As government leaders across the spectrum strive to become a data-driven organization to successfully accomplish their missions, they are laying the groundwork to correlate dependencies across events and track dependencies across people, processes, and information.” Overall, this sector gains in terms of productivity as it can track the speed + accuracy of different projects being run by them. It can then analyze the data to find better methods of improving performance. There are quite a few other benefits too such as tracking people for serving them better healthcare, employment, etc. D] Communications Sector: Another area where Big Data plays an important role from the acquisition of customers to enhancing or at the least, maintaining the class of service being provided to them, recovery, and bad debts too! Since they would want their services always up and running, they can use Big Data both for the above and into their own infrastructure to project potential growth as years go by. They come to know the requirements of bandwidth, they would know about fake customers and customers no longer using their services (helps in bringing them back), risk mitigation in case of a sudden increase in demand and much more – virtually any part of the business you can think of. E] Media and Entertainment Businesses: The main focus here is customer retention – sometimes more important compared to customer acquisition. Big Data at hand helps in checking out what kind of media different users enjoy and based on that, the media houses develop better content of that type. They focus on age groups and dividing the production of artifacts according to the analysis results. At the same time, they have to find out what kind of advertising do the different age groups engage with – instead of simply watching. Earlier, it was not possible to get that much data but due to Internet Marketing Agencies and compilation of data over years instead of just flushing it, they can make real-time decisions, take appropriate actions for both customers and staff. It is just the beginning. There are no limits on what all you wish to know. With the right kind of data in hand, you can always get accurate results. The above tries to give you a glimpse into what are the uses of Big Data with examples of different industrial sectors. Read about Big Data 3 Vs next. If you have any doubts or with to add anything, please do comment below.
