Although Big Data is useful to almost all types of industries, including small businesses and even cottage industries, some sectors already depend on Big Data. They have long implemented or rather incorporated big data – collection and analysis – into their systems to generate different types of reports for different end uses. This article focuses on the use of big data by these industries and how big data is used. I have already posted an article on the basics of Big Data, so this article does not repeat what Big Data is.
What are the uses of Big Data
Trading houses have long been dependent on the data available to them to analyze trends, behavior (of goods and or users), overall impacts and benefits, etc. With the kind of data they now have – thanks to the internet – computing goes beyond simple spreadsheets to provide them with many accurate results. Moreover, Big Data allows them to perform more types of analysis to make it a healthy and profitable business that is always on the 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. There was less early data, so forecasts had a greater margin of risk. This risk is now reduced with access to more data. Stock markets, banks, and other financial institutions can also check your spending methods to come up with some kind of equation that helps you retain maximum profits. The following table will help you understand 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 comes to mind when talking about retail trade is the consumption of goods – by region or by age. Yes, you can use Big Data to know how and who uses your assets and what types of assets. More than that, you can also focus on improving products and even introducing new products based on the successful ones. The other aspect of using Big Data in retail marketing is to determine leads (don’t forget online window shopping), lead-to-customer conversion rate and capabilities or techniques, customer retention customers and similar fields.
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C]Government and public sector: How can we forget the government when it comes to data? Govt. and public sector units are the ones that collect data more than any other sector. You can tell they are drowning in data even as they digitize and store the data on their servers or clouds around the world. According to an IDC white paper
“As government leaders from all walks of life strive to become a data-driven organization to successfully accomplish their missions, they are laying the groundwork to correlate dependencies between events and track dependencies between people, processes, and people. information. »
Overall, this sector gains in productivity because it can track the speed and accuracy of the various projects it performs. It can then analyze the data to find better ways to improve performance. There are also many other benefits, such as tracking people to provide them with better health care, better employment, and more.
D]Communications Sector: Another area where Big Data plays an important role from acquiring customers to improving or at least maintaining the class of service provided to them, collection, and outstanding payments too!
Since they would like their services to always be operational, they can use Big Data both for the above and in their own infrastructure to project potential growth over the years. They come to know about bandwidth requirements, they know about bogus customers and customers who no longer use their services (helps bring them back), risk mitigation in the event of a sudden increase in demand and much more – virtually any part of the business you can think of.
E]Media and entertainment companies: The main focus here is customer retention – sometimes more important than customer acquisition. The Big Data at hand helps verify what type of media different users enjoy and based on this, media houses develop better content of this type.
They focus on age groups and divide artifact production based on scan results. At the same time, they need to find out what kind of advertising different age groups engage in – instead of just watching. Previously, it was not possible to get so much data, but thanks to internet marketing agencies and compiling years of data instead of just dumping it, they can make real-time decisions and take action. appropriate for customers and staff. This is just the beginning. There are no limits to everything you want to know. With the right type of data in hand, you can always get accurate results.
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The above attempts to give you an overview of the uses of Big Data with examples from different industry sectors. Read about Big Data 3 Vs next. If you have any doubts or want to add anything, please comment below.