[Written By External Partner]
Big Data is Bringing Transformative Change to These Industries
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Big Data is tech jargon for describing huge amounts of data that is exceedingly complex, large, and fast. The nature of Big Data is such that it cannot be analyzed, processed, or understood using traditional systems. Doug Laney, a pioneer in the early years of Big Data described the characteristics of big data in terms of variety, volume, & velocity. These became the eponymous 3 V’s of big data systems.
The significance of Big Data is underscored by the sheer volume of information being transferred every second of the day. Companies pay top dollar for accessing the right datasets, for all manner of purposes, including intelligent decision-making, cost reductions, productivity and efficiency of operations, product design, development, and optimization, et al.
Many industries are pouring tremendous effort into Big Data, particularly those with a focus on the Internet of things (IoT), smart technology, and cloud-based systems. With the imminent arrival of 5G on a widespread scale, Big Data is more important now than ever before. The collection of data is one thing, but the analysis, management, and implementation of solutions through Big Data is sacrosanct.
Industries across the board are now turning to Big Data for increasing profitability, productivity, and performance. Many examples of industries focusing on Big Data abound, including: retail, insurance, government, gaming, manufacturing, banking, small and medium enterprises, education, healthcare, et al.
The Following 6 Industries Are Being Transformed by Big Data:
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The wide world of sports is gearing up for a spectacular comeback in 2021, now that the world better understands how to cope with the novel coronavirus. As treatment regimens and vaccines roll out en masse, stadiums will gradually fill up to maximum capacity and sports games will once again resume their rightful place on the grand stage. As it stands, the world of sports already embraces a variety of Big Data-style systems in the form of ‘smart tech’. These technologically-based solutions are designed to improve gameplay, analyze performance, provide real-time tracking, updates, and information transfers.
For example, players have smart sensors embedded in their uniforms, including their safety equipment for tracking and monitoring of their movements. This data is designed to provide detailed insights into player habits, player interactions, and player positioning. By accessing opposition Big Data sets, it is possible to develop, design, and implement effective playing strategies to better manage teams and their opponents. Many sports teams are now embracing smart technology and integrating the lessons learned through big data in terms of coaching, evaluation, and training systems.
It comes as no surprise that FinTech is on the forefront of the financial evolution, and Big Data is playing an important role in that transformation. Financial technology and Big Data provide a broad set of resources for banks and financial institutions to better serve their customers. From a business to business perspective (B2B), Big Data has transformative potential. Wide-ranging technological development has upended legacy systems, and replaced them with new-age payment processing solutions in the FinTech realm. By gathering pertinent data through electronic devices, this combo of unstructured and structured data can then be further analyzed by way of algorithms to extract the most valuable content, based on output requirements.
FinTech operations are naturally customer focused, and customer segmentation is a key component of their Big Data systems. Big data is also highly effective in terms of assisting financial institutions, banks, and blockchain-based operators to better understand business and consumer behavior, spending patterns, and unusual activity. This risk management element can be used to mitigate further downside risk. Carefully analyzed Big Data is also highly effective
in terms of improved compliance capabilities by providing valuable data that is needed for meeting customer needs. Whether it’s business to consumer, or business to business activities, Big Data has far-reaching applications in FinTech.
Big Data is available in 3 unique formats: semi-structured, unstructured, and structured data. It is estimated that some 2.5 quintillion bytes of data is generated daily, across all of these categories. In terms of banking applications, Big Data is front and center. Nowadays, banking customers no longer have to wait in line to deposit and withdraw funds. Everything is available online. Banking and FinTech are often interrelated in terms of Big Data.
The majority of customer interactions with banks occur online today, by way of applications, online banking, and online money transfers. Big Data is essential for banking institutions for several reasons. It can help banks to personalize all of the product and service offerings, generate effective retention strategies, conduct customer segmentation based on profiles, track spending patterns, and analyze customer feedback for improved banking performance, offerings, and profitability.
The healthcare industry is a multi-trillion dollar a year industry with massive demand for Big Data. In fact, Big Data in healthcare references copious amounts of data from electronic health records, pharmaceutical research, genome sequencing, receipts and payments, imaging, medical devices, wearable technology, and so much more. Big Data in healthcare has near limitless applications, and there are multiple sources of Big Data in health care.
These include: patient portals, research studies, government agencies, payer records, electronic health records, smartphones, search engine data, public records, and more. The overarching objectives of Big Data in healthcare are cost reductions, reduced adverse effects of medication, precision medicine, preventative medicine, diagnostics, population health, and medical research.
In the entertainment industry, Big Data is having an outsized impact on customized gaming options available to players, including player preferences, industry analytics, and so much more. Businesses involved in the entertainment industry, such as MMORPG games, social games, online casino games, poker games, et al can derive tremendous benefit from carefully sourcing the right Big Data. At the end of the day, it’s all about personalized entertainment content, and Big Data provides precisely the tools, resources, and information that is needed for companies to offer tailor-made offerings to their players.
For example, the online casino industry routinely uses Big Data to determine the types of card games, table games and slot machine games that players prefer. By assessing the most popular games, betting stakes, hours of play, bonuses and promotional offers, online casinos can tailor make their offerings to players by providing the perfect blackjack game, such as mansioncasino.com/uk/blackjack/perfect/, or the ideal video slot game as a centerpiece on the homepage.
Software and SaaS
Nowadays, traditional data storage systems and data processing tools are incapable of managing Big Data sets. The complexity, scope, and velocity of Big Data transfers is unlike anything traditional legacy systems can handle. It is imperative that software and SaaS employ the services of data scientists to make sense of all of the datasets that are available. This is a complex field of study, encompassing topics like SQL over Hadoop databases, SQL Relational Databases, Hadoop Distributed File Systems, and the like.These 6 industries are being transformed by Big Data, and showing the rest of the world what is truly possible in terms of managing, understanding, and utilizing the right information for myriad purposes.