Blog

Big data is a big deal, and it's not going away anytime soon. According to Cisco, by 2023, 66% of the global population will be using the internet. The big data opportunity is just too big to pass up.

With so many companies trying to figure out how best to utilize the information they're collecting from their users; we've compiled the most interesting ways big data is put into practice in various industries.

Government

The public sector has quickly become one of the biggest users and purchasers of big data analytics. The government is responsible for tax collection, citizen documentation, social service management, and census calculation. These tasks require big data analytics to gather, organize, analyze, and create reports on an immense scale.

With the correct information, governments can improve their efficiency, accuracy, and overall public image. Most governments strive to be more transparent to their citizens, and big data analytics can help them achieve that goal. For instance, budgeting and spending reports use big data analytics to keep governments accountable.

Healthcare

The healthcare industry is already using big data to diagnose patients better, monitor diseases, improve surgeries, prevent drug shortages, track adverse reactions to medications, and even predict when a patient will get sick again.

One of the most talked-about big data applications for healthcare is IBM's predictive computing for cancer research. By using patient information like symptoms, healthcare records, images, family history, and treatment success rates, researchers can predict which treatments will work best for

Transportation

The transportation industry is quickly becoming one of the biggest users of big data technology, which can help predict traffic patterns or analyze systems to identify areas that need improvement. From traffic management to tracking freight movement to designating green transportation corridors, big data can significantly impact how people get around.

Big data also provides valuable insights for fleet management and logistics. For instance, we know that in 2019 Uber had 111 million active users, thanks to big data. Subsequent drops in demand from users helped inform Uber's decisions. This information inspired Uber Eats to fill the gap by offering food delivery during the peak of the Coronavirus pandemic.

Manufacturing & Consumer Goods

Big data provides incredible insight into consumer behavior, which is why companies are investing in it more than ever before. From targeted marketing efforts to inventory management, big data analytics can help businesses stay on top of the trends that matter most to their customers and assist them with making important decisions about product development or sales.

Manufacturers can predict demand for certain goods, which makes it easier to plan production schedules. Additionally, big data can predict the demand for raw materials and other resources required to create those products. For example, a luxury car company might use analytics to determine which color a customer is most likely to buy. Then they can prioritize that shade when stocking inventory.

Energy and Utilities

The energy industry has been using big data analytics for years now to track the movement of electricity on smart grids and analyze power usage patterns in homes and businesses across an entire city or state.

With smart meters, stakeholders can monitor electricity usage in real-time. This data can be used to develop energy-saving initiatives that are customized for each customer's needs.

Big data analytics also helps utilities track down outages faster to quickly restore service and minimize customer disruption. Information derived from smart grids enables better management of power resources and can even prevent blackouts in emergencies.

Agriculture

The agricultural industry is beginning to put big data technology to use by gathering information on weather patterns, crop yields, soil conditions, and livestock health to understand the farming process better and improve their yield. Big data analytics can help identify issues like crop diseases and suggest alternative planting methods.

For example, big data is now being used to develop drought-resistant crops by analyzing how well various plants grow under certain conditions or if they're more vulnerable to disease. These findings can then be applied to improve overall production and prevent future shortages of agricultural products. Plus, farmers maximize their potential and make the most out of their resources.

Finance and Banking

In the finance industry, big data is used to discover new ways of boosting revenue while maintaining a competitive advantage over other companies in the same space. Companies are using it for everything from identifying credit card fraud patterns to predicting stock market trends so they can stay on top of their investments.

Predictive analytics is also crucial in assessing creditworthiness, which helps financial institutions approve loans for customers who are most likely to repay them. Plus, with insights from user-generated data, financial institutions can improve service delivery and reduce operational costs.

Higher Education

Big data technologies are helping universities gather information on how students learn best and how they respond to different teaching methods. This data can help educators design relevant and engaging courses for their students, which improves student retention rates over time.

By analyzing past grades, instructors can get a real sense of what areas a particular student may struggle with, so they know where to focus their attention during class. In addition, they can use big data to look for patterns in grades and see how students of different backgrounds perform.

Leveraging Big Data in Your Firm

Whether you're a small business owner or a large corporation, there's no denying that big data analytics has an important place in today's tech-driven world. With the help of this technology, you can make more informed decisions and boost your bottom line by reducing costs and identifying new sources of revenue.

To reach these goals successfully, consider working with a knowledgeable tech consulting firm. At Advanced Network Professionals, we offer a wide range of services and solutions to help your business gain insights from user-generated data. Contact us today for more information!