Big data is completely transforming the way we live and the way companies conduct business. Pretty much every industry you can think of uses some form of big data technology to help optimize their business. In this article, we reveal five industries which have been reshaped by big data technology.
1. Retail
IBM wrote an excellent report about the use of big data in the retail sector. Their poll showed 62% of respondents reported that big data played a vital role in their business. Retail is an industry which relies heavily on big data in the modern-day. Simply put, if a retailer doesn’t understand their customer, they are going to struggle to succeed in the market. The insights gained from big data are absolutely invaluable for retail companies. This kind of information ensures that retailers can understand their customers better and implement what is needed to keep their customers happy and returning. Big data and analytics can be used in a variety of ways in retail. For example, big data can be used to analyze customer behavior. The information which is gathered enables retailers to create a personalized experience for customers. Retailers can also use big data to predict what consumers will want to purchase. If a hot and sunny spell of weather is on the horizon, retailers can make sure they are ready by stocking up on outdoor chairs or barbecue food.
2. Online Gambling
Online gambling is perhaps not the first industry that comes to mind when you think of big data. However, online gambling operators are increasingly incorporating the power of big data technology to provide a better service for their players. Big data is helping gaming providers make better predictions. According to DataFlaq, some big data algorithms have around a 95% successful prediction rate. Personalization is another one of the key trends here. Big data enables operators to assess the behavior of their players and, as a result, provide a personalized playing experience based on what the player enjoys. Also, online gambling sites, such as GoWin, provide players with key information, use big data to better understand their readers and to optimize their content. And, of course, sports betting sites widely use big data to establish realistic betting odds and help predict outcomes in sport events.
3. Medicine
Big data and analytics are widely used within the health industry. Specialist equipment which uses big data can track vital signs of a disease and make diagnoses. Wearable technology is also providing health professionals with vital information about their patients such as whether they are taking medication or not and following disease management plans. More generally, big data and analytics provides doctors with a slew of information which they simply wouldn’t get from a simple in-person appointment. On more logistical grounds, big data also allows helps healthcare managers to improve care and reduce patient waiting times.
4. Transportation
The transportation industry relies heavily on big data and analytics. This information is used to improve services and increase the likelihood of successful journeys. The Transport for London uses statistics from big data to manage unexpected circumstances and map the journeys of customers. In the rail industry, onboard sensors provide all kinds of details about trains including the mileage and braking mechanisms. All the information is collected to improve services. Analysis of analytics information can glean patterns which, ultimately, lead to the improvement of operations.
5. Construction
Another industry which is now heavily dependent on big data is construction. Companies working in construction need big data to analyze many facets of their business including the time it takes to complete tasks to the costs of materials and instruments. They also use big data to analyze their operations with customers including referral rates and overall revenue. Also, big data and analytics can help construction companies to spot future trends. Big data is even gathered from within buildings and bridges through sensors. In short, big data and analytics is absolutely crucial to modern construction companies.
Big Data is Changing Industries Around the Globe
Big data is making a major footprint in many industries. It is important to be aware of the impact and utilize it to its full potential.