You must have heard about big data and the theory used behind it. However, are you aware of the top industries where data analytics is being used for changing the way we work in the actual world? Let's take a close look at the top big data industries and how they are getting reshaped by using data analytics. The main idea behind using big data is that it is a new method for gaining insight into the challenges faced by various companies each day. In earlier days it was not possible to collect and interpret a vast quantity of data because there was no technology available.
1. Banking: Different retail banks utilize big data extensively for understanding the way their customers utilize their accounts and to help in identifying security risks. These banks will leverage the big data from location intelligence for deciding how to manage their branch locations more efficiently. It will also allow them to set location-based goals in terms of performance. Big data might also become the basis for different banks to aid clients in using their cash more efficiently. It is not a secret that investment banks are investing heavily in the use of big data to get an idea about the market and take smart, educated trading decisions based on it.
2. Agriculture: Agricultural professionals and farmers will not come to your mind when you are thinking about big data. But, keep in mind that these days data analytics are critical for the agriculture industry. The industry is poised to grow and become more significant. There are requirements for the Agri sector such as prediction of weather, and squeezing greater productivity from the available land. This means that data analytics has become necessary for the increasing number of people in the world.
3. Property management and real estate: Many real estate firms these days are leveraging big data for achieving better analysis of their properties. You can also get an apartment market survey for better trend analysis and a greater understanding of the clientele and the market. Similarly, property management businesses also use the big data collected from their different building systems for optimizing their performance and finding out the areas of concern. They can also use it for streamlining the maintenance processes.
4. Telecom: Even the telecom industry uses big data these days for improving many sectors. You can get a better fraud reduction, a better customer experience, a better churn prediction, and also dynamic pricing. And now with the 5G phones rolling out gradually, big data will continue to play a vital role, especially in network planning, network monitoring, and overall management. By using big data, the telecom industry will no longer just dial it in while they are using effective data analytics.
5. Healthcare: The use of data has always been critical for doctors that are trying to figure out things depending on the analysis of a big number of data points collected from the patients. Data about things such as how much sugar you should be taking every day is necessary. Or, what is the normal blood pressure level to be maintained? These days the healthcare industry is utilizing data analytics with tools like medical knowledge graphs for answering larger and more complex queries. For instance, you might be looking to discover whether a patient is at a bigger risk than normal due to substance addiction. Or, you may wish to find methods for treating the patients that are using the substance. Big data can be extremely useful in these areas. Going forward in the healthcare industry, data collection via devices such as wearables and smartphones is going to aid doctors in understanding their patients better.
Conclusion
It doesn’t matter whether you are working in one of these industries or other ones. There is every chance that accepting big data operations is crucial for innovation and being relevant to the modern world that depends a great deal on big data. There are data integration solutions offered by many companies such as Radix that can help you in ensuring that the data you are collecting is actionable. You have to be ready to analyze the available data by using these data analytics platforms. Apart from this, there are readymade products available in the market that provide good context to the existing data. You can make educated business decisions by looking at this data.