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The application of big data analytics has introduced cutting-edge possibilities in every aspect of our daily life. Big data analytics are not only spreading their branches in the banking sector, healthcare sector, or manufacturing industries, after all, there are few large-scale industries with many examples of big data analytics, but also help to move one step further in this competitive world.
What is the concept of Big Data Analytics?
Big data analytics is concerned with working on large and complex data sets that can be considered by multiples of terabytes. This large set of data can be managed by data management applications such as RDBMS. Big data can be used for structured, unstructured, and semi-structured data sets based on requirements. Today, Big Data Analytics has been used by various industries such as healthcare, manufacturing, retail, and various government sectors.
Big data analytics can lead to positive business results like:
- New revenue opportunities
- More effective marketing
- Better customer service
- Improved operational efficiency
- Competitive advantages over rivals
Big Data Analytics Key Features
In 2001 Gartner analyst Doug Laney listed the 3 ‘V’s of Big Data – Variety, Velocity, and Volume. Depends on the size of data it has been determined the data set is big data or not.
Variety stands for standard, structure, and type of data that is gathered from various sources. In the past, there were very few sources of data like a spreadsheet, database, etc. But now users experience multiple sources of data such as emails, pdf, electronic media, eCommerce platform, social media, photos, videos, audios, SM posts, and so much more.
Velocity stands for the speed of data stored and generated in a particular development process flow.
Volume is one of the features of big data. We know that big data are related to large data sets. Volume is a large amount of data is stored in a data warehouse that helps data analysis reach the intended target.
Examples of Big Data Analytics in real life
The basic advantage of using big data analytics in the industry is to increase efficiency and productivity. People who are using Big Data know better what Big Data is. Let us take a look at some real-life industries that have used big data.
Big Data Analytics in Healthcare:
Big data analytics helps the healthcare industry grow. It not only provides individual patient treatment but also helps in improving the quality of life of the patient as well as medical breakthroughs. In this industry, big data analytics is not performed with the focus of finding new product opportunities or increasing profits.
The following are some ways in which big data has contributed to healthcare:
- Big data reduces the cost of treatment because it is less likely to make unnecessary diagnoses.
- It helps to prevent preventable diseases by detecting them at an early stage. This prevents them from getting any worse which in turn makes their treatment easier and effective.
- Patients may be provided with evidence-based medicine that has been identified and prescribed after researching previous medical outcomes.
Related Content: Big Data Analytics for the Healthcare Industry
Big Data in Retail Industry
The maximum use of big data analytics can be seen in the retail industry. The reason for this is that we can see that the retail industry is growing rapidly in digitization. With the help of big data analytics, retail companies have become in a position to understand their customers more and thus, to provide different types of personalized services. Everything is taken care of through big data analytics – from making product recommendations based on a customer’s previous searches to predicting crisis control performance.
Big Data in Banking Sector
The amount of data in the bank is increasing every second. Proper study and analysis of this data can help in detecting any and all illegal activities. In every bank, big data has been in use for many years. From cash collection to financial management, big data is making banks more efficient in every field. Big data applications in the banking sector have reduced customer hassles and generated revenue for banks.
How Banks Can Benefit Using Big Data Analytics:
- Clustering techniques help banks to identify new branch locations where it is in high demand and make important decisions.
- Big data analytics helps in estimating the amount of cash available in a branch for a year.
- Fraudulent activities and reports to the person concerned are easily given by big data analytics.
- The banking platform is currently digital and all activities can be done easily from home. Therefore, looking at this scenario big data analytics provide high security and trust to the user.
Big Data in Casino
This is the most interesting example of big data. The casino business becomes profitable only when casinos are properly invested in eye-catching interiors. Mainly to attract gamblers it is necessary to pay attention to decoration and interior design. But the budget plays a major role in carrying out these activities. Big data plays an important role in managing such activities. Casinos have started implementing big data in many countries and have experienced massive revenue over the years.
How big data helps in the casino
- Big data keeps track of newly launched and popular games so managers can increase the number of more machines to increase and engage more customers.
- Big data helps to manage the area in the casino. Where and what machine needs to be re-arranged and actualized.
- Big data helps keep track of transactions in the game so that your business does not have to go into a loss.
- You can engage people and inspire them to come again and again. So, you will make a profit in years.
Big Data in Restaurant
If we talk about the restaurant business, we can see a lot of competition and conflict that a restaurant has to face in order to be in the market. If you own a restaurant, you will have to introduce data science applications into your business processes to increase efficiency and productivity.
What do big data analytics do in the restaurant sector?
- Collects and stores customer data into databases to look for new prospects and identify opportunities.
- Evaluate the data to estimate the taste and demand of your food as well as customer behavior.
- Big data analytics can act as a smart stock and inventory management system that makes life easier for a manager to keep track of resources.
Looking at all the above real-life examples of big data analytics, we can say that big data has added huge value in various fields. You can easily find the result of your complex query for your large data set. You may also be able to predict future analysis in which managers make more accurate and robust business decisions.
If you want to see your own data in action, you can try the EzDataMunch free lifetime demo.
Abhishek is working as a Web Graphics Designer at EzDataMunch. He is involved in Maintaining and enhancing websites by adding and improving the design and interactive features, optimizing the web architectures for navigability & accessibility and ensuring the website and databases are being backed up. Also involved in marketing activities for brand promotion.