There is a lot of buzz on the internet about big data-the next big thing which will bring disruption. Certainly, big data can bring big impact to the organization! In the past, organizations were deficient in data analytic tools. But, the time has changed and there is an explosion in the data analytics tools that have changed the entire ball game. This powerful data analytics tools help the organizations to create powerful visualizations from the company’s data and eventually use it to siphon the firm’s strategy.
This article explains how the industries benefit from the data insights and most importantly how?
When it comes to big data, the healthcare industry has a tremendous potential since it deals with the health and wellness of people. Recently, modern healthcare management is emphasizing on data analytics in spite of traditional methodologies. Healthcare organization can foster significant data on all incoming and current patients and possibly share with other hospitals to even create a big database of patient’s information. This, in turn, can help identify trends and patterns that lead to a better understanding of particular problems, such as drug interaction or treatment option and ultimately better treatment methods.
In the entertainment industry, streaming service segments are the one which makes huge revenue with the help of data analytics tools. Streaming service giants such as Netflix, Hulu and Amazon are extensively using data analytics. These companies gather massive customer behavioral data like searches, ratings, the date and time a program was watched, the device the program was watched, which are used directly by them. These companies then use data algorithms to offer consumer suggestions which helps them in consumer retention. In addition to customer satisfaction, it helps them to build personalized recommendations for individual customers. Big data also helps the companies to juice out the trends among the users to deliver content targeting them, which helps to bolster their business.
The volatility of the retail industry depends on the consumer decisions and pattern of behavior. Using big data, decision making of customers and buying pattern can be observed. Say, for example, stores can monitor how many numbers of customers are coming in and going out of a parking lot or how many people are shopping online and offline and what patterns of behavior leads to eventual buying decisions. All these data could be utilized for accentuating a better shopping environment and thus driving more sales.
Insurance is one of the sensitive branches in the financial industry as it is based on carefully placed bets. There is a huge amount of risk involved in the insurance sector because companies need to earn money from the enrolled participants to support their eventual pay-outs. Big data precisely helps them to understand the potential risk and rewards of a new subscriber. Thereby reducing the vulnerability in their business.
Big data is exceedingly used by politicians in their journey of electoral success. Politicians use big data in their day to day work, where data is used to evaluate opinions of public or how the funds should be utilized or how the laws should be formulated and eventually analyzing the effectiveness of the decision-making process. During electoral campaigns, data can be efficiently utilized to recognize the top donors for the election funds and more successfully target the population which is most likely to donate.