Who's Focusing on Big Data?
Big data is a big deal for industries. The onslaught of IoT and other connected devices has created a massive uptick in the amount of information organizations collect, manage and analyze. Along with big data comes the potential to unlock big insights – for every industry, large to small.
- Select an industry
- Health Care
- Small and Midsize Businesses
Customer relationship building is critical to the retail industry – and the best way to manage that is to manage big data. Retailers need to know the best way to market to customers, the most effective way to handle transactions, and the most strategic way to bring back lapsed business. Big data remains at the heart of all those things.
Armed with insight that big data can provide, manufacturers can boost quality and output while minimizing waste – processes that are key in today’s highly competitive market. More and more manufacturers are working in an analytics-based culture, which means they can solve problems faster and make more agile business decisions.
With large amounts of information streaming in from countless sources, banks are faced with finding new and innovative ways to manage big data. While it’s important to understand customers and boost their satisfaction, it’s equally important to minimize risk and fraud while maintaining regulatory compliance. Big data brings big insights, but it also requires financial institutions to stay one step ahead of the game with advanced analytics.
Patient records. Treatment plans. Prescription information. When it comes to health care, everything needs to be done quickly, accurately – and, in some cases, with enough transparency to satisfy stringent industry regulations. When big data is managed effectively, health care providers can uncover hidden insights that improve patient care.
Educators armed with data-driven insight can make a significant impact on school systems, students and curriculums. By analyzing big data, they can identify at-risk students, make sure students are making adequate progress, and can implement a better system for evaluation and support of teachers and principals.
Small and Midsize Businesses
Between the ease of collecting big data and the increasingly affordable options for managing, storing and analyzing data, SMBs have a better chance than ever of competing with their bigger counterparts. SMBs can use big data with analytics to lower costs, boost productivity, build stronger customer relationships, and minimize risk and fraud.
When government agencies are able to harness and apply analytics to their big data, they gain significant ground when it comes to managing utilities, running agencies, dealing with traffic congestion or preventing crime. But while there are many advantages to big data, governments must also address issues of transparency and privacy.
Telematics, sensor data, weather data, drone and aerial image data – insurers are swamped with an influx of big data. Combining big data with analytics provides new insights that can drive digital transformation. For example, big data helps insurers better assess risk, create new pricing policies, make highly personalized offers and be more proactive about loss prevention.