Top X Applications of Big Data
The consumer landscape is evolving rapidly, and every organization wishes to scale and keep up with it by using big data. The term ‘big data’ not only refers to the large volume of data we generate today but also includes the tools and techniques used to analyze it. The process goes far beyond just the collection of data from various sources. Experts can transform raw data into actionable insights through big data analytics, and companies can use it to make better decisions.
Initially, you may get the idea that big data is limited to the Information Technology industry. However, the applications of big data can be found in every industry – healthcare, banking and finance, insurance, aviation, retail, marketing, and even in government agencies. Big data engineers are in high demand as companies want to harness the growing power of big data and introduce state-of-the-art applications in the market.
This article lets you know about the top ten applications powered by big data. So, let’s dive in!
Leveraging customer data
In the field of marketing and sales, companies utilize big data in the form of a collection of customer data, operational data, and financial data. By gathering data of all the customers, marketing and sales professionals gain a 360-degree view of their audience. This helps them give a personalized experience to each of their customers, ensure better customer engagement, and recommend them the products that they are likely to buy.
Electronic health records
The healthcare sector can utilize big data efficiently in a number of ways. Some of the areas include real-time alerting, enhanced patient engagement, prevention of opioids, identifying the risk a patient has of any particular disease, among many others. Electronic health records, for example, aim to make patient data readily available to doctors or concerned people and keep track of their treatment.
Reducing the operational costs of airlines
Cutting fuel costs is crucial for all the airlines as a mere 1% reduction in fuel can save millions of dollars. With big data analytics, airlines are able to gather real-time data on various parameters like wind speed, temperature, humidity, air density, and aircraft weight. All these parameters affect the fuel efficiency of a flight in consideration and help determine the most cost-efficient route for the aircraft.
Automated stock market trading
Emotion-driven errors always let people change their strategies and make irrational moves. Automated trading has changed the way people approach investing. Big data analytics is allowing new traders to gain logical insight into how a firm’s non-financial factors like social and environmental impact can affect investments. Overall, financial markets are more interested in data-driven investment models and make economically motivated decisions.
Pricing optimization for eCommerce companies
You must have seen attractive discounts available on eCommerce websites like Amazon and Flipkart. You may not know but these companies are using big data’s predictive capabilities to offer the best deals while taking the highest possible margin into consideration. From a variety of customer touchpoints, big data analysis engines extract price-affecting data and carry out calculations to allow store owners to make more strategic, data-backed pricing decisions.
Allowing telecom operators to optimize network usage
An unprecedented amount of data has started flowing through the networks of various telecom operators. Big data analytics can be utilized by such operators to optimize network usage and services, improve security, and enhance the customer experience. For example, they can predict peak network usage by analyzing data so as to take steps and relieve congestion.
Prevention of financial fraud
Big data makes it possible to use consumer trends and detect any suspicious activity so that any fraud can be prevented. Banks collect data that contains customer information like pin codes, income level, travel patterns, credit score, and more. Analyzing such data can help spot fraudulent transactions and inform customers to freeze their accounts.
Minimizing waste and energy costs
In the field of manufacturing, big data analytics can help gain deeper insights into a company’s processes. By monitoring the various factors like temperature, coolant pressure, or carbon dioxide flow, a company can find out what factors can impact the overall yield largely. This would, ultimately, help in reducing waste by a considerable margin and cut energy costs as well.
Reduce inefficiencies in the supply chain
Supply chain managers have to deal with various issues as they work in a complex ecosystem that is driven by manufacturers, retailers, vendors, and so on. Big data analytics can help supply chain management in ways like – predicting product demand more accurately, evaluating contractor performance in real-time, reducing return costs, providing better visibility to the process, and improving delivery efficiency, speed, and accuracy.
Adjusting public transportation routes
When it comes to government agencies, big data has a lot of potential. In the transport sector, for example, local agencies can analyze the data acquired from traffic flow on different roads. Real-time traffic data transmitted by road sensors, GPS devices, and video cameras allow traffic managers to adjust public transportation routes in real-time and identify any potential threat to road safety.
The applications of big data analytics have just started and there is a long way to go. Becoming a big data engineer will definitely prove to be a rewarding career for you.
