Introduction
This is the era of knowledge and data which determines the power of an individual or an entire nation, every single economy is striving hard to capitalize this element to become the dominant force of this planet. Having a scenario like this, what happens when a highly demanded and effectual technology like Big data analytics get evolved?
A huge collection of data set “Big Data” is synchronized together in order to derive highly actionable insights that help companies to plan better for future and stay competitive in the industry.
This blog section will detail about the top 5 industries that have got highly influenced by the big data analytics technology and the way it transforms business too.
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Medicine
The first and foremost industry that highly relies and implements big data analytics is the healthcare industry, this industry implements this technology into its specialized equipments that helps to track and diagnosis the patient’s health status.
For example, big data analytics embedded wearable tracker keeps notifying the physician about the activities of the patient and provide information about their regular medicational practices. Digging further deep, this helps physicians to continuously track the health status of a patient and predict the forthcoming disease possibly.
Big data analytics also plays a pivotal role in public health department to calculate and take preventive measures in terms of inspecting the food safety issues by prioritizing high alarmed areas. Moreover, it also helps health department to analyze the health condition of particular area and predict the feasibility of particular disease occurence over there.
Big data analytics also helps hospital managers to schedule patient appointments smartly and help them to reduce their total waiting time. Hence, this technology is highly disrupting the healthcare industry without any doubts.
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Retail
Retail is an entirely different sector that gets benefitted from big data analytics, comparatively being highly distinct from healthcare this industry will have its primary focus on driving more sales and customer retention.
Big data analytics plays a primary role in providing ideas to retail owners about product placement and other makreting activities that drive more and repetitive customers.
According to IBM’s report,implementation of big data analytics have helped retail industry to attain a repeated set of customers upto 62%.
Big data analytics helps retailers to deliver completely personalized service to every customers and also renders a great support in tracking the entire purchase journey of a customer.
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Construction
No wonder the construction industry is a huge ocean even when it deals with building of a single house, it involves various parameters and stakeholders in accomplishing the project.
Ranging from estimating the price of raw materials to tracking the working of an individual labour, Big data analytics renders great helping hand in supporting the construction industry to complete any level of project with minimal to zero wastage.
Proper implementation of big data analytics will help to track both the forward (building, promoting, work tracking and selling) as well as backward (purchasing raw material, quoting price etc.) processes to get carried out in a seamless way.
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Banking
In terms of security, risk management and fraudulent detection, Big data analytics plays the most important role in rejuvenating the way financial insititutions works. Involving big data into the process initially brings in transparency into the account and let the holder helps to keep an eye on the transaction details.
For example, Bank of America has recently installed a predictive analysis based tool called Erica, that keeps tracking the transaction details and banking approach of customers and provide them with relevant financial advice at the right time.
Fraud detection is another key benefit catered by the big data analytics for the banking sector that brings in a confident about digital monetary handling and the recent scenario of predictive machine implemented by QuantumBlack helps to detect around US$ 1,00,000 within a week in its client banks.
Transportation
Travelling is a highly integral and unavoidable part of every human, big data analytics will provide millions of insightful data for the travel service provider as well as to the user in making the travel safe, short, cheap and useful as well.
It provides the driver with the shortest and risk free route to attain the destination and also the user at the same time to find the best commuting vehicle that suits them in all the categories.
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Conclusion
Market predictions and business forecasting used to be the outcome of assumptions made by expert in that particular field who have rich domain experience and take initiative steps that foresee company’s growth in future. Having big data analytics aside will bring in much more clarity when it comes to decision making and helps the senior fellows in corporates as well as in any organizations to take calculative risk.
