November 26, 2020

Big Data in Industries

Oleh Meleshko

Pretty much any kind of information can be considered “big data” and, in our digital age, information means money. No matter what kind of industry your enterprise works in, using big data to your advantage and knowing how to gather, store, and process it can change your business strategy for the better.

Through analysis of the data at your disposal, your team can find ways to speed up product development or make it cheaper. And if you are, indeed, product-oriented and want to deliver quality – you can learn more about your target audience through that same data. It also allows you to learn from your mistakes as even information gathered after a failed launch can help avoid problems in the future.

Basically, this list could go on and on depending on the type of company utilizing big data’s power as there are plenty of niche use-cases to work through. Instead, let’s group these cases by industry (big data in healthcare, big data in education etc) and see which ones are key and, perhaps, you can find a way to use our big data consulting services to your advantage as well!

Travel

Pretty much all companies taking part in the travel industry can benefit from data analysis, including customer information and data gathered from the destinations, airlines, and GPSs. Moreover, this will, in turn, benefit travelers themselves, improving the quality of their travel experiences.

For example, if a travel agency processes the data on a set of customers and sees that they greatly prefer flying to one resort over the other, the agency can offer special deals on the flights to entice even more trips. Conversely, they could promote the other resort, subtly pushing the travelers over to it. Once the customers reach their destination, the agency could use its mobile app data to see which spots the travelers plan to visit and offer helpful tips, deals on some of the local products, or simply give directions.

In a more futuristic trend, companies can analyze tourist data and predict peak seasons for hotels and resorts.This enables them to offer customers uniquely cheap deals for dates where the accommodation options might be slim.In terms of the travel process itself, a company can and should gather info on flights, keeping tabs on which are taking off and landing on time and which ones might be late.

Using that, it can keep customers up-to-speed on their travel plans and help curb discontent if there is a delay. Processing big data also makes competition in the market more viable as, using the information, you can set yourself apart from the others and offer your customers a highly customized experience.

FinTech

Big data has already changed how the big players in the industry conduct business but it’s going to bring even more innovation later on. For example, while an investor can rely on their own knowledge and predictions to determine where to put their money. However, analyzing big data can help determine the optimal investment target without any chance of bias or human error.

Big data can also help file taxes, compiling information from previous years to speed up the process by calculating everything you might need. Similarly, tracking financial data can help prevent fraud and you’ve likely either faced or heard of it in action. Like when you’re feeling down and go to buy fifteen pints of ice cream and your bank calls you to ask if your card has been stolen? That’s the algorithms, taught by big data, deeming your purchase unusual and, potentially, fraudulent.

For broader cases, applicable to companies, consider the benefits of big data for risk analysis.Studying previous years and the cases of your competitors, you can use the information to really see how smart of an idea it would be to take a certain risk. Not just by assessing it via your analysts but via cold, hard data.

Healthcare

Big data in healthcare helps organize patient records, including all health reports, pre-existing conditions, and diagnoses. That way you can get information quicker and, in turn, provide faster healthcare without compromising quality.

Moreover, using big data, a hospital can calculate its costs and see what might possibly be cut in order to improve other aspects of its services. Similarly, pharmaceutical companies rely on big data in healthcare for pricing and determining which drugs are a priority for the market.

Speaking of which, big data is, of course, used to determine how effective a type of medication is and see how likely its side effects are. This, in effect, helps regulate the market and ensure that the medication sold to consumers is reasonably safe.

Logistics and Trading

Using data gathered on trading paths, customers, and delivery routes can help a company market its goods better by aiming at a particular area of the world or the country. Moreover, it also allows for a big cut to logistics costs as it optimizes all parts of the delivery, including the dreaded “last mile”. Moreover, collecting data on your logistics partners lets you know which are making late deliveries or not following the correct routes.

Plus, it boosts customers’ experience as they can get more precise information on when their product is due to arrive.And, though this one has room for improvement, you can automatize warehouse work and loading with AI, much like Amazon has done. This saves money, streamlines the process, and nullifies the chances of human error.

eCommerce and Retail

By tracking a customer’s purchases, the company can provide personalized deals and discounts or warnings, as in the case of Costco. More than that, by analyzing what the customers, in general, buy during particular seasons, events, or in certain locales, the retail chains can improve logistics and product distribution.

Basically, it’s like shipping less ice cream in winters but taken to a whole new level of analysis and statistics.Extrapolating from this, commerce companies can determine where to establish their physical locations or warehouses. The latter is vital for eCommerce sellers since it helps cut down delivery costs and get the product to the customer faster.

Education

While it may not always seem like it, education is a highly flexible process.So what better than big data in education to help personalize it for more effective results. A teacher utilizing big data analytics can see how well a student responds to various course types and which subjects are the hardest for them. Instead of getting frustrated that a student is failing advanced math, a teacher might be able to see where the problem stems from and mitigate it in no time flat.

Plus, it’s highly useful when getting to know students, using their previous experience as a basis for the teacher to understand which aspects of the studies have to be doubled down on or taught carefully.

As for the bigger picture, education institutions can use big data to survey the job market and see which careers are emerging in promising fields. Based on that, they can expand the courses offered or hire new teachers to cover the gap in staff for particular professions.

Hi-Tech and Software

Implementing big data into the software development cycle seems like an obvious pairing. It allows for a more precise analysis of user interaction and feedback, which helps make updates more meaningful and quickly address the concerns and complaints of your userbase. Moreover, before going all in on app development, you can use big data consulting services to lower the risks check how viable of a product you’ll actually end up with.

Later on, you can use big data analytics to measure the success of your product a bit more precisely and see what you can learn from it for the next project. Instead of trying to get the basic customer responses, just look at how they use the program and which features are key.

With all of these evident benefits across multiple industries, you can clearly see the importance of big data consulting services. So if you want to get ahead of the competition or increase customer satisfaction, feel free to contact us via the form below for help with big data.

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