Big Data is the computational analysis and use of an extremely vast number of datasets to disclose trends, patterns, and associations, particularly pertaining to human interactions and behavior that otherwise are too complex for conventional data-processing application software to efficiently deal with.
Big Data is the unprocessed and raw goldmine of data and information for researchers and organizations to leverage it optimally that will, in turn, benefit them. Big Data is transforming the way many industries operate in the past.
Let’s take a look at 10 industries that will be revolutionized by Big Data in the near future:
With the increase in the volumes of banking customers, staying in touch with each of these customers will be difficult. Big Data will enable lenders to collect the resources they require to maintain excellent customer relationships. Big Data can also point out the areas where clients experience the highest level of frustrations in a phone call while looking for a solution to their issues. Lenders can also use the customers’ payment data and their buying information to understand their customers better.
Insurance firms can use Big Data to find key information of their customers and forecast their likelihood of getting involved in an accident. IoT wearables and social media can provide the insurance firms a clearer picture of where their customer is and several insurance firms provide discounts to the customers who have and wear IoT smart devices in their vehicles, houses, as well as on the road.
The legal sector benefit from the use of Big Data as all legal documents can be digitized, thereby creating less clutter in law firms and enabling easy search of cases that could assist lawyers in studying the case. Big Data also can be used to draw up all the previous cases in an unbiased manner and solve the impending cases in a fair and just manner.
Big data can help call centers to compile hundreds of thousands of documented records and enable the contact center representative to pull the records when they are on the call with a customer. Big Data can also forecast the heaviest periods of network usage and can accordingly target the audience using Big Data.
Big Data can be used in the energy sector to understand the patterns in the usage of energy in a household, look for automated predictions, and optimize performance. Big Data can also enable energy firms to create backup scenarios for blackouts.
Airlines industry can utilize several apps to aggregate Big Data from their passengers and look at their prior flight experiences, the food they prefer to eat, the place in which they prefer to sit, among many more.
The real estate sector can use Big Data to access all types of available information on any property across the globe. Big Data also helps real estate agents to collect various types of information on their potential clients and know their choice, equipping them to show them the properties as per the choice of the clients. Big Data is also helping people to buy their own properties without the help of any middlemen. As well as, Big Data is enabling real estate agents to assist their clients in getting the best possible deal.
Big Data helps the retail sector to forecast what people would like to wear the next season by churning out data at an exponentially faster rate and showing the trends that are garnering popularity in recent times. Big Data provides retailers with the necessary tools to analyze the trends and forecast what a customer would want at a particular season.
Big Data is helping the construction sector to enhance efficiency and reduce costs. Technology teams of construction firms are utilizing Big Data to learn from past sketches and material counts to determine narrower averages in cost.