Over the past few years, big data has proved to be a game-changer in modern industries. Prominent stakeholders, academicians, and key industry players agree that while there has been much hype about big data, it is progressively gaining real value with time. Big Data describes the use of large amounts of data from diverse sources with a high processing speed to generate economic benefits. Big data is the type of data that may be supplied into the analytical system so that a Machine learning (ML) model could learn to improve the accuracy of its predictions. Industries that have adopted big data have some challenges, such as limited return on investment and funding. Still, they continue to develop skills that will be useful in creating greater value in the future. For example, in 2017, the Big Data market across the world was rated at $32 billion. Analysts project that by the year 2026, it will be worth over $156 billion. Below is a list of the industries where big data can be effectively used.
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Education
This is one of the critical industries whose problems have been addressed through big data policies. Education sectors experience technical, practical, and political challenges. Institutions receive data from several sources, yet they are not designed to utilise varying data. The staff has limited analysis skills as well as data management knowledge. It is also a big challenge to maintain privacy and protect personal data for educational purposes.
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The introduction of big data has proved to be a game-changer in higher education institutions like universities. Notably, they have deployed a tracking system that monitors login sessions per student, the amount of time they spend on various pages, and their progress. Big data is also used to measure teacher effectiveness.
Online Financial Transactions
Retail banking faces numerous challenges in this digital era, such as enterprise credit risk, IT operations analytics, card fraud, customer data transformation, among others. This industry has resorted to big data as a solution which has come as a huge boost to the gaming industry, which heavily relies on online banking.
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Communications, Media, and Entertainment
Consumers in the media industry have high expectations from service providers. However, the media faces various challenges when it comes to utilising data. Some of these challenges include a lack of capacity to leverage both social media and mobile content. They also find it hard to comprehend media content usage and real-time patterns and analysing consumer insights. These companies can use big data to analyse behavioural data and develop customer profiles. Through these analyses, they can come up with content that suits different audiences, provide recommendations for content on-demand and also measure performance. These are some of the positive impacts of big data and how it influences digital marketing. You can read more on this in the article influence of digitalization on marketing
Insurance
Professionals have identified the urgent need for insight and underutilization of data as the main challenges in the insurance sector. Big data has been incorporated in this industry to give insight to customers about simpler products. It has also facilitated an analysis of customer behaviour through data sourced from CCTV footage, social media, and devices built with GPS. In the management of claims, big data is being used to offer huge amounts of data in the underwriting stage. As a result, companies can now deal with instances of fraud. Social media and other digital channels are instrumental sources of huge data used in the claims cycle, real-time monitoring.
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Healthcare Providers
Healthcare sectors across the world have been compromised by inefficient systems and rising costs, despite having access to large amounts of data. As a result, many countries have witnessed slow penetration of healthcare benefits across their populations. The biggest challenge is that healthcare databases hold information but make it difficult to link it and provide useful patterns for medical personnel. In some instances, healthcare data has been compromised to become unusable, inadequate, or even unavailable. As outlined here, there are many instances of how hospitals can utilise Big Data analysis to save people. One of these examples is the use of mobile phone apps to trace patients. Instead of conducting multiple lab tests, doctors are now using evidence-based medicine in hospitals.
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Conclusion
Data protectionists will appear more and more to the almost transparent consumers to protect their rights. The pressure of competition is increasing. The initial goal of big data analytics was to help the companies make more informed business decisions by enabling the data scientist, predictive modellers and other analytics professionals to analyze large volumes of transaction data, as well as other forms of data that may be untapped by conventional business intelligence (BI) programs. However, that view has changed towards a broader approach.
