4 Industries Being Revolutionized By Big Data

It is a data-driven world. As digital communications technology such as smartphones and tablets have become ever more part of our lives, the creation and consumption of data has reached enormous levels. Data is now the most important resource for any organization, and companies are drowning in it. So much data is around, it is now impossible to collect and process all the information with traditional databases, software systems, or by hand. The rise of technology has seen the creation of cloud analytics and cognitive computing systems that allow data to be mined and used. We now live in the era of Big Data, and industries across the world are using it to get under the skin of their customers, responding to their needs and enhancing revenues while reducing costs. Here are 4 industries being revolutionized by Big Data.

Education

Every year countless millions of pupils and students enroll in a huge variety of institutions, generating an enormous amount of data. Where they enroll, where they live, what subjects they select, their exam grades and course marks – these are just a handful of examples. Such information has been held since time immemorial; but for the most part, not much was done with the data itself. Every student has different qualities and skills – using Big Data allows institutions to deliver truly personalized education that gets the very best out of each student. Educators can thoroughly track each student’s academic performance and see what they are responding to and what they are not. Tailored learning plans can be easily implemented that play to their strengths while helping in areas they are lagging behind. As interests and abilities are monitored, students can be guided into the careers that will suit them best.  Students are better directed and drop-out numbers are lessened.

Automotive Industry

These days, smart technology means that that we’re all connected 24/7; but it is not just about your phone, your tablet, or your television – your car is just another smart device, generating masses of data. There are many automotive big data solutions the industry is racing to adopt to maximize the benefit of all the information that’s being generated. Big Data analytics will allow the manufacturer to monitor the car’s performance and remotely alert the driver to any problems that need resolving before they make the car break down. Insurance will also be revolutionized – connected cars will allow premiums to be set based on driver behavior while accident data will also be reviewed to assign fault and eliminate false claims. Manufacturers will design and market the cars of the future with the deep consumer understanding Big Data will give them. Meanwhile, it will enable them to slash costs by identifying the best materials and best processes – so consumers will pay less for their vehicles while the manufacturers get the best profits.

Healthcare

Healthcare has always generated enormous amounts of data in the form of patient files, certificates, and records – historically difficult to manage and largely unusable on any scale to determine local and national trends.  Over the last decade, the industry has gone digital as paper records are done away with. It has created a vast Big Data health library that will be used to improve patient care and the whole patient experience. Data will be used for better treatments, custom-made medication and to eliminate poor or fraudulent practices, while efficiencies mean waiting times come down. Data-sharing across health providers will help to identify trends and promote better standards. In the near future, Big Data harvested in real-time from smart devices will be used to monitor ongoing health patterns and remotely flag any issues to the patient – so there will be predictive maintenance for humans as well as cars!

Banking & Finance

Technology has already seen online banking take over from in-branch banking. Big Data is further changing the industry with the advent of smart banking. Banks have got years of transaction information stored but Big Data will allow them to easily pluck invaluable insights on every customer – their needs, their desires, and how they spend their money. The insights will be used to advise customers and pitch the services and products they need in real-time. The customer experience will be personalized and far more engaging, although the mechanism may eventually be entirely automated. Bank Of America is already using Big Data analytics in their virtual assistant Erica. Erica helps customers with bills and transactions and is designed to get smarter each time. Soon Erica will understand individual banking habits and provide appropriate product and service advice. Away from retail banking, investment banks are racing to adopt Big Data to help them anticipate and understand the markets so smarter trading decisions are made.

 

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