There is no arguing that all industries, old & new, are taking up Big Data as a way to fine-tune their procedures, understand their customers, enhance their ROI, and bring about an overall efficiency in their business operations. Companies across the globe, be it retail, finance, high tech, health care, communications, and beyond, have been taking initiatives to integrate and analyze every speck of data they find. Of course, every sector has responded to the technology in different ways. Here I present a quick snapshot of how Big Data is transforming some of the major industries for the better.
Financial Services – Enhanced Risk Management
In the ever-changing financial markets, time plays a crucial role. The faster you can manage risk, the more advantage you can gain. In this context, Big Data has been empowering banks and financial services companies to conduct credit checks much faster than before. Analyzing customer credit reports or the spending habits of the customer can now be done in a jiffy. It also assists organizations to gain a deeper insight at the intent of their prospective clients when they fill out the loan forms, thereby alerting the lender about the probability of a default.
Retail – Prediction of Trends
Retailers have been embracing a data-driven strategy for deriving as much information as possible about their customers’ lives. This would typically include gleaning data about customers’ buying behavior, web browsing habits, social media engagements, and much more. By applying sophisticated machine learning and trend forecasting algorithms, companies are now in a better state to understand which trends will really take off, which are the must-have items of the season, and which products are bound to garner high sales figures.
Manufacturing – Optimized Operations
Better inventory management, demand-driven planning, minimum spoilage & wastage, optimal sourcing of raw materials are only some of the benefits that manufacturing companies are enjoying by cottoning on to the Big Data technology. With a real-time analysis of supply & demand facets, organizations are becoming more equipped to respond to changing customer requirements and the dynamic market scenario. The outcomes are evident through decreased production costs and enhanced revenues.
Healthcare – Better Patient Outcomes
The adoption of Big Data in the healthcare sector has empowered medical centers to become more patient-centric, reduce readmission rates, and render enhanced quality of care. The biggest achievement, however, has been the evolution of personalized medicine, which entails determining the best treatment for the patient, according to his genetic makeup, lifestyle habits, and the surroundings. Practitioners can now receive valuable decision support, particularly during critical situations. With the help of predictive analytics, institutions can identify people at risks for certain ailments, even before the problem occurs.
Communications – Prevention of Churn
Communication service providers operate in a highly competitive market, where only those firms thrive, who can deliver a great customer experience. For these companies, Big Data provides an in-depth insight on the customer journey across multiple touch points, thereby enabling them to determine the key drivers of customer churn, followed by formulating service offerings and undertaking pre-emptive actions in order to retain the subscriber.
Each industry is learning to reap the benefits of Big Data, and utilizing them to transform the manner in which it operates and competes. This shift has been spurring smarter business decisions, productive & effective outcomes, and increased top & bottom lines for all businesses. Considering these big impacts, it looks certain that the technology will continue to propel much bigger changes on a global scale in the foreseeable future. Apart from building new growth opportunities for existing establishments, it may also create entirely new categories of companies!
Acer Innovation is a leading edge data analytics firm providing consulting services across a diverse range of industries. For more information on its use of technology and services provided, one may visit http://www.acerinnovation.com/