These days, as the world is getting more and more connected through different types of digital devices, a massive volume of data is getting emanated from a huge number of digital sources. Businesses and organizations from across the globe are leveraging the power of this data and putting it to their advantages.
Big data analytics is performed to identify correlations, hidden patterns, and to derive actionable insights that can help businesses make informed decisions.
While the concept of big data has been around for a significant number of years, everything has started to change with the emergence of big data analytics. This process allows businesses to perform analytical procedures efficiently and quickly, giving them a competitive advantage over competitors. Here’re some of the most prominent real-world examples of how big data analytics is being used.
The entire healthcare industry is getting transformed with the help of big data analytics. The ability to provide hyper-personalized patient treatment, improve the quality of life of the patients, as well as, discover medical breakthroughs — all have been impacted by big data analytics. In this industry, big data analytics isn’t performed with the focus of finding new product opportunities or increasing profits. Instead, it’s all about applying and analyzing big data to offer a better patient-centric approach. For instance, healthcare providers are analyzing historical big data to analyze and identify certain risk factors in patients, which is extremely useful for early detection of diseases, enabling both the patients and doctors to take action sooner.
Gary A. Stafford
Probably the maximum implementation of big data analytics can be observed in the retail industry. As the industry has gone digital, the customers have also started to expect a better and seamless experience.
With the help of big data analytics, retail companies have become in a position to understand their customers more and thus, to provide a variety of personalized services.
From creating product recommendations based on a customer’s past searches to demand forecasting to performing crisis control — everything is being taken care of through big data analytics.
The media and entertainment industry is one of the biggest users of big data analytics. As the number of users of different digital gadgets is increasing rapidly, media and entertainment companies are leveraging the power of big data analytics to a great extent. Some of the biggest benefits that are being experienced by the industry include on-demand or optimized scheduling of media streams, getting actionable insights from customer reviews, predicting the actual interests of audiences, successful targeting of the advertisements, and many more.
For any business, big data analytics is a crucial investment that can help to optimize the real-life situations where common people are involved to a great extent.
Implementation of big data analytics not only helps businesses to achieve competitive advantage but also drives customer retention and reduces the cost of operation.
And as technological advancements steadily continue to emerge, big data analytics will become even more important to businesses across industries.