Big Data Equals a Bright Future and More Revenue

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Big Data is one of the most important economic benefits due to its great value. It is a concept present in our lives for quite some time now, and it is here to stay. It is obtained usually from custom behavior, human interactions, sentiment, business activity, sensors, and many more.

Seeing back, Big Data is just data but with additional features like the high volume that includes excellent variety and made at extremely high velocity. To be more precise, the three primary Vs:

  • Volume
  • Variety
  • Velocity

Two more V’s were added in recent years:

  • Veracity
  • Value

Big data is involved, significant, and has many different sources. It cannot be processed via traditional software used for data processing. That is the main reason why NoSQL databases, Hadoop, and Cassandra appeared. Thanks to them, it is possible today to collect, store, analyze, interpret, organize relevant intelligence for better decisions.

Big Data applications:

  • Industrial equipment
  • Automobiles
  • Electrical devices
  • Wearables
  • GPS trackers
  • Marketing and Big Data

Bid data is as equal as the Internet. Marketers, thanks to millions of data floods, can design better and make astonishing campaigns. Not only that, but also data helps in boosting customer engagement, enhance customer retention and loyalty rates, and determining marketing performance to bring the most beneficial marketing spend budget.

The perfect example of the previously written paragraph are the cookies. Companies send and later receive cookies. Those cookies are small data sent from one website and stored on the user’s computer. Marketers receive the information they get and target a specific audience through the required content.

The infamous brand Coca Cola is another perfect example. They are among the first ones that started using data outside of the IT industry. The company issued a statement back in 2012 in which revealed that the data is a fantastic toolset that changes the approach.

Big Data and Banking Services

Data here is relevant, and Banks plan to use it for a long time as well due to multiple reasons. Besides, giving security data also detects frauds, archives audit, reports credit risk, social analytics, and more. American Express was among the first that used Big data to reevaluate their traditional banking strategies. By receiving internal data, American express is moving from legacy mainframes to large data processing environments to increase speed and performance.

Big Data and Healthcare

Healthcare needs Big data because it can predict patients among everything else. It also can increase patient engagement, predict analytics, reduce fraud, and can potentially cure long-fought diseases. It is essential to realize that Big data can only improve these services and improve every patient’s life. One essential Big data application in healthcare is the application of Electronic Health Records by hospitals. In every electronic record, there are lists of medicines, test results, laboratory test results, medical records, and more that save time and money.

Big Data and Education

Operational efficiency and working conditions in schools, universities, colleges can be highly improved thanks to Big data. It collects the educational needs of every person present, and the information is related to students, courses, records, teachers, and more. Data is mostly used for improving the learning and update of course material. A good example comes from the University of Tasmania. In there, there is a learning management system that delivers the number of how much time is spent on different pages of the system and the overall progress of students.

Big Data and Government

Although Governments are behind new technologies, that is not the case with Big data. Governments all over the world benefit from it and implement it to discover frauds, to explore energy, to analyze the market, to prevent crime, and more. The FDA, for example, uses big data to find out and study patterns of illnesses and diseases that are food-related.

Big Data and Media/ Entertainment

Online behaviors are the perfect fruit for Big data. One social network platform can be deeply analyzed, and the information gathered at the end will bring patterns of influence and peaks in communication on a subject. The “hashtag” Twitter has is the perfect example. On the other hand, there is Netflix. The company collects data from more than 100 users to later deliver perfect recommendation services. Thanks to Big data and its powerful algorithms, Netflix saved over one billion dollars from customer retention programs.

Big Data and Transportation

Finally, Big data is often used in transportation to give better roads, secure roadways, manage congestion, and develop new roads. One example, known worldwide is Uber. Uber’s algorithm is capable of starting a car as soon as a user requests one. The delivery is quite fast because it usually is a driver closest to the user.

Big Data brings a tremendous amount of revenue. In 2018 it was estimated that it took over 42 billion dollars. This amount is only rising. Besides bringing money, data science also brings companies:

  • Distributed computing
  • Visualization
  • Business intelligence
  • Data lakes

The next improvement phases of Big data applications are also known. These are:

  • In-memory technology
  • Machine learning
  • Predictive analytics
  • Intelligent apps
  • Internet of things
  • Edge computing