When the world saw the rise of the internet in the early 1990s, some of the world’s brightest minds began theorizing about what would later become big data. But in 1999, the term “Big Data” was first published.
It’s 2020, and If you’re still thinking that, “Big data isn’t required for my business,” then you’re missing a lot. Big data is no longer just a fancy word gaining attraction, It is driving businesses and bringing digital transformation. Cloud can now provide the insights that your business needs for a better understanding of your customers by bringing business applications and productivity tools together.
But What Exactly is Big Data?
“Big data” essentially refers to a collection of datasets so large that it cannot be analyzed with normal statistical methods. The Bureau of Labor Statistics explains that such data can include videos, pictures, maps, words, phrases, and numbers. Customer reviews posted on a website, comments and photos logged on a social media platform, electronic medical records, and bank records are all examples.
Professionals who work with big data have created ways to not only harness our surplus of data but to also use it to transform how businesses operate. There is a reason why Big Data has gained immense popularity and followers in a very short span. The field of operation or the size of your business doesn’t matter; as data collection, analysis, and interpretation become more readily accessible, they will have an impact on every business in several important ways.
Let’s quickly go through a few examples of how Big Data affects different business sectors:
Healthcare, banking and insurance, financial services, manufacturing, and telecommunication are some of the leading industries using big data solutions. Business owners have readily increased the investment in big data solutions to manage their data traffic.
One of the biggest industries which generates a massive amount of data is Manufacturing. The industry faces several challenges in its digital journey, such as labor limitation, highly complex supply chains, and equipment breakdown. Big data usage facilitates companies to discover new ways to save costs and improve product quality.
Consumer behavior has changed drastically in the 10–15 years. The way we sell and buy things is evolving very fast.
The retail industry gathers a large amount of data through RFID, POS scanners, customer loyalty programs, and so on. The use of big data assists in reducing fraud and enables the timely analysis of inventory.
Banking, Financial Services, and Insurance (BFSI)
The BFSI sector extensively implements big data and analytics to become more efficient, customer-centric, and, thus, more profitable. Financial institutions use big data analytics to eliminate overlapping, redundant systems as well as providing tools for easier access to data. Banks and retail traders use big data for sentiment measurement and high-frequency trading, among others. The sector also relies on big data for risk analytics and monitoring financial market activity.
Media and Entertainment
The Media and Entertainment is a $700 billion industry in the US alone. Big data in the M&E industry doesn’t only help in providing insights into customer behavior but also helps in delivering personalized content.
The big data market is expected to witness remarkable growth over the forecast years. An important reason is the rapid increase in the amount of structured and unstructured data.
With an estimated 75 percent of marketers claiming to be headed the way of Big Data Analytics to procure a workable marketing solution, by 2022, it may be safe to assume that Big Data is making its place in every industry in a big way. Even though we have done wonders in digitally transforming the world, it still appears that we have only yet touched the tip of this ‘Big Data iceberg’.
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