Most experts believe that Big Data is proving to be quite a Game Changer. The majority of the modern industries have started implementing it to their advantage, while some old school industries have started warming up to it. The advantages of Big Data are numerous; increase sales and cost cutting are some of them. To know more about which industries are best utilizing Big Data, read the lines below.
1. Financial Markets
When data is one of your industry assets, it pays to invest in it. Financial data analytics has resulted in big payoffs for the companies implementing it. When real time data is of utmost importance it pays to invest in them. Hedge fund managers have been using Big Data Analytics for long in the form of cutting edge Data Science.
2. Retail Banking
From the last 2 decades, retailers have started analyzing consumer buying behavior and data. They need to know the demand and supply equation, as retail is a season centric business. As thousands of pieces of data are collected in a given year, Big Data will help the information become more accurate. This, in turn, will help retailers accurately forecast demand and thereby buying that requirement of stock. The company will not only save on wastages, but it will also help to satisfy customer need as they won’t have to return due to lack of stock.
3. Energy
Today developed countries have started using Big Data to balance loads, manage infrastructure and price energy products. The Alternate energy consortium has taken a lead regarding Big Data. The old school energy industries are slowly catching up to this trend. Smart meters are proving to a boon in this space, as it provides millions of pieces of data to the supplier and the regulator.
4. Web Analytics
There are tremendous opportunities for Big Data in the web analytics field. With the popularity of social media, humungous amounts of data packets are generated. With Big Data we can know a user’s profile, how many times he logs in a day, where he has shifted his house. Also, you can find the user’s spending habits as well as the amounts of time he spends on a particular website.
5. Mining and Natural Resources
Most mines are fully automated with sophisticated machines and Equipment. They throw up large amounts of data daily. Sometimes the size of a single day data is in terabytes. This Data can be suitably used to increase mine efficiency. It can also channelize to improve yield optimization and predictive asset management. The value chain in the mining industry can be further strengthened with the help of Big Data.
With this wide coverage, it is no wonder that ‘leaders’ within 900 organizations surveyed by IBM are 166% likely to make most decisions based on data. Big Data analytics will drive strategy and tactics around the data explosion that will continue to happen as we read this post.
