Big Data – 6 Industry Examples
Pubished 8th December 2017
Did you miss? Universal Basic Income - An Inevitable Future?
Big data is a term to describe the large amounts of data traveling into an enterprise day upon day. However, it isn’t the volume of data which is important. It’s what organisations do with the data which truly gives value to a business. Big data can be analysed for insights which leads to better decisions and strategic business moves, and it is used across nearly all industries. Below, are 6 examples of big data being used across some of the main industries in the UK.
1.) Retail Good customer service and building customer relationships is vital in the retail industry. The best ways to build and maintain this service and relationship is through big data analysis. Retail companies need to understand the best techniques to market their products to their customers, the best process to manage transactions and the most efficient and strategic way to bring back lapsed customers in such a competitive industry.
2.) Banking Due to the amount of data streaming into banks from a wide variety of channels, the banking sector needs new means to manage big data. Of course like the retail industry and all others it is important to build relationships, but banks must also minimise fraud and risk whilst at the same time maintaining compliance.
3.) Manufacturing Manufacturers can use big data to boost their productivity whilst also minimising wastage and costs - processes which are welcomed in all sectors but vital within manufacturing. There has been a large cultural shift by many manufacturers to embrace analytics in order to make more speedy and agile business decisions.
4.) Education Schools and colleges which use big data analysis can make large positive differences to the education system, its employees and students. By analysing big data, schools are supplied with the intel needed to implement a better system for evaluation and support of teachers, to make sure students are progressing and identifying at risk pupils.
5.) Government The Government has a large scope to make change to the community we live in as a whole when utilising big data, such as dealing with traffic congestion, preventing crime, running agencies and managing utilities. Governments however need to address the issues of privacy and transparency.
6.) Health Care Health Care is one industry where lives could be at stake if information isn’t quick, accurate and in some cases, transparent enough to satisfy strict industry regulations. When big data is analysed effectively, health care providers can uncover insights that can find new cures and improve the lives of everyone.
As the big data analytics market will soon surpass $200 billion it has caused a surge in demand for data scientists to rise by 28% by 2020. Whilst obtaining big data is of great importance, asking the right questions and finding effective approaches to utilise the data is a more challenging task.