There are a lot of high-risk industries that have relevant use of big data in their daily operations. Take the banking and finance sector as an example. Big data analytics is a useful way to minimise the losses and avoid the risks in the insurance domain. When a customer approaches an insurance company for an insurance or when a customer approaches a bank for a loan, they can check his profile and historical pattern to understand if he is a good customer for them or a bad one.
A similar big data use case scenario exists in the healthcare sector. This industry also deals with a lot of unstructured data sets on a daily basis such as prescriptions and test results etc. Since big data analytics can handle both unstructured and structured data sets and do complex analysis to make business decisions, it is especially helpful here. India has a strong rural population. In rural areas, access to affordable health care has been an issue since forever. With big data analytics, the government can efficiently manage healthcare support to the last mile and deploy automated systems and predictive analytics that will enhance the quality of health care in the country. Health care access will become easier to manage and faster to provide with automation and access to real-time information through artificial intelligence and smart devices.
Also Read: Prosperous Data Science Careers in the Digital Age
We are already observing how big data analytics is proving to be useful in the field of marketing. Marketers are using the data available from digital marketing platforms and industry to better understand the behaviour and needs of their customers. This field of analytics is improving the planning of their marketing strategies and thus improving their business performance. It is also improving the time taken to deliver the product to the market or customer, through automated systems.
In the logistics industry, big data along with artificial intelligence is making delivery of cargo faster by making it trackable in real-time and improving the processes within a company’s ecosystem.
Big data analytics has several uses in the field of research, customer service, sales and marketing, healthcare, public welfare etc. It helps them in tackling business problems by using advanced technology for data analysis as it makes it possible to sort, store and understand data sets which were earlier unmanageable. By using this technology along with predictive analytics and artificial intelligence, startups are already working on making devices that can get critical data 24*7 from the customers and the environment. This, in turn, will improve the services given to them. A smart car that gathers data that is utilised to improve the car’s performance is a good example of what big data can do in the near future. The future of big data is surely bright in India.
Big data is the storage, measurement and analysis of large data sets. These data sets are so huge that it is not possible to work on them using traditional data analysis tools. The data sets may also be unstructured in nature which further makes them complex to deal with using traditional data sets. These days companies are investing in big data to enable their organization’s decision making and enhance its efficiency. They hire big data analytics specialists to work on big data sets and are willing to pay competitive salaries to them. These specialists earn their data analytics certification before they can be hired by organizations.
Major tech giants like Google, Facebook, Amazon etc use advanced big data methods and tools to work on their data and gather relevant customer insights. They also use it to enhance the user experience on their websites and apps. The unmanageable data of the past can now be effectively managed and understood thanks to big data.
Major financial institutions store huge volumes of data related to their customers. They operate on razor thin margins and need to focus on creation of useful insights for better outcomes. Big data can provide them with bigger profitability. McKinsey and company says that big data analytics is one of the top five catalysts that will drive job market growth and will boost the US economy by the year 2021.
Also Read: Why Enrolling for an Online Big Data Course is an Ideal Career Move?
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