Big data has so much to offer to industries, yet there are many industries that have not yet seized this opportunity. There are many industries that have successfully implemented big data solutions and are currently reaping the benefits.
Let’s look at some of these industries and see how they have transformed themselves with the help of big data solutions.
Banking and Security
A study involving 10 top retail and investment banks has shown that big data solutions can fight some of the perennial threats and shortcomings of the banking industry. It can help in providing early warning about securities frauds, detecting card frauds, reporting of enterprise credit risk, archiving audit trails, providing visibility to trades, transforming customer data, using social analytics for trading, analyzing IT policy compliance, etc.
The Securities Exchange Commission (SEC) is already using big data for monitoring financial market activities. They are using natural language processors and network analytics to detect unwarranted trading activities.
A number of large banks and retail traders are using big data solutions in high-frequency trading for a pre-trade decision, predictive analytics, sentiment measurement, etc.
The industry is also using big data for anti-money-laundering, fraud mitigation, demand enterprise risk management, etc.
Communications, Media, and Entertainment
This industry has been facing challenges in meeting consumer demand for rich media in varying formats and devices, collecting and analyzing consumer insights, leveraging social media content, etc.
The industry is now using big data solutions for analyzing customer data and creating a detailed customer profile. This is helping them to create and modify content for targeted groups of audiences, recommending content to audiences, and measuring content performance.
Amazon Prime, which is known for offering excellent customer experience through music, video, and Kindle books, also relies heavily on big data.
The rising costs and fewer services are the foremost challenges before the healthcare industry. Healthcare providers are now harnessing the power of big data to turn inefficient systems into efficient ones and coming up with better medical services across a wide area of population. It is helping healthcare providers to give better patient care, cut costs, and serve more people. Big data is also used for generating health-related information database and coming up with patterns that are insightful in the field of healthcare.
With the help of big data solutions, doctors are now prescribing evidence-based medicine. This has done away with the practice of ordering the same set of diagnostic tests to all patients and has, therefore, brought down the cost of treatment.
It has also helped to create visual data to allow efficient analysis of healthcare information and prevent the spread of some diseases.
The education industry has been suffering from an inability to utilize data from different sources that can help in developing and sharpening learning and teaching methodologies. The issue of personal data protection has been another problem associated with this industry.
Now, institutions are leveraging big data to deploy Learning and Management Systems. These systems can track various student activities such as how much time a student is spending on different pages, the average progress of a particular student, and more.
Big data is also being used in educational organizations to measure and fine-tune the effectiveness of teachers which can ensure a pleasant experience for students as well as teachers.
Manufacturing and Natural Resources
The manufacturing and natural resources industry has been suffering from challenges in improving energy efficiency, profit margin, quality of products, and reliability. Though there is a huge amount of data coming from natural resources, agricultural products, etc., there has been no concerted effort to utilize this data to fight the challenges.
Now, big data solutions are harnessing graphical data, geospatial data, temporal data, and text and helping this industry to come up with predictive modeling that can help with decision making. It also helps in the manufacturing industry to get a competitive advantage.
There is no doubt that big data has helped these industries to fight the challenges and come up with efficient solutions. It is only a matter of time before other industries follow suit.