Big Data and Its Application In Various Industries
The ability to effectively utilize Big Data gives companies a massive competitive advantage over rival companies that are not technologically adept. Established industries and businesses are rapidly being disrupted by the informational revolution.
Big Data and the Healthcare Sector
An apt example of how Big Data is impacting industries can be seen in the health care industry; Microsoft’s HealthVault (a cloud based platform) is an online depository where patients can maintain a complete record of all their personal health information that was collected from various sources. In addition to this healthcare also uses Big Data by enabling health professionals to forecast massive breakouts, cure disease, and ensure longevity by avoiding deaths that can be prevented. Data has also driven changes in the models of treatment delivery. The underlying philosophy is to chart as much medical information of a patient and to begin maintaining patient history as early as possible so as to be able to diagnose serious illnesses in their early stages. This makes treatment of such illnesses easier and less expensive as well.
Big Data and the Manufacturing Sector
The effects of Big Data can also be seen in the manufacturing sector which is fast being converted into a service industry; for example companies like BMW are able to track their products through sensors and make customers aware when repair or maintenance is due.
Big Data, Governments and the Public Sector
Governments have also been greatly impacted by Big Data. The Government of Sweden is effectively managing the highway system by taking advantage of having access to real-time traffic data, as well as vehicles’ GPS information, information about speed and flow of traffic from sensors on motorways, and comprehensive reports on the climate. The effectiveness is evident as the number of accidents has decreased substantially and the flow of traffic has improved.
Big Data and the Educational Sector
A more comprehensive picture of students’ learning processes can be gained through technologies that enable digital learning such as online learning systems and educational games which collect data as students are involved in playing the game, solving the test or participating in the activity. Such information not only helps keep track of students’ progress but also gives researchers and educators a better understanding about how to improve educational systems.
Big Data and Marketing
Marketers gain multiple benefits from big data such as being better able to profile their target consumers. By gathering data about the responses of the target audience to various campaigns that were executed in the past (by themselves and their competitors), marketers are able to predict how their consumers would react to their product offerings and marketing campaigns. Based on such analysis, they get the opportunity to enhance their products and strategies. Thus, marketers get the insight to optimize their production and distribution strategies as well.
Big data also enables marketers to better assess the performance of their products/services in the market once they have been launched. Lastly, big data makes it possible for businesses to retain more customers, that too at a much lower cost.
Disclaimer: The views expressed here are solely those of the author in his private capacity and do not in any way represent the views of Systems Limited, or any other entity related to Systems Limited.