Back in the day, when technology wasn’t very advanced, almost every business leader relied on basic scientific studies and statistics to predict trends about consumer behavior. However, Internet has gained traction, and business has become more and more global. Every day, wealth of information is derived from social media, and mobile phones. Data has begun to surge and enter the business lexicon. It was, therefore, important for every business leader to keep pace with new technology and understand the importance of the new medium, Big Data. To keep a track on Terabytes, Petabytes, Exabytes of data, and ascertain predictive information, Data Scientists are winning favor from the best employers of the world.
Why Big Data Is The Next Big Thing?
Recent research states that business that utilize Big Data analytics perform 26% better than their counterparts. Big Data analytics can help enterprises take concrete decisions to actually experience best business results. Following are the key areas where Big Data is profoundly being used.
Stock Market:
Big Data is now proving to be fruitful for companies that are forecasting with stock market applications. Data extracted can help in identifying new challenges and opportunities in the market.
Health Care Industry:
Large quantities of data help the Health Care Industry to identify drug interactions, social and economic factors that impact the outcome of treatments. Big Data can help doctors in detection of the onset of a disease before time that would lead to reduced mortality rates and better quality of life.
Retail:
Big Data can lead to better customer experience and enhance productivity in business.
Banking, Finance and Insurance:
By using Big Data it is easy to detect fraud and eliminates wrong actions during online financial transactions.
Telecom Industry:
Big Data can help Telecom companies to study subscriber persona and their usage patterns, which can help in devising marketing campaigns to find favor with them.
Politics:
Big data revolutionized the way American politicians win elections. This allows campaigns to identify their most likely voters and target them with ads and favorable content.
Read how Cambridge Analytica has been using Big Data for many political parties all over the world. Click here.
“Torture the data, and it will confess to anything!” Well, that is what most organizations do today when they use technology and strategize by transforming data into impactful information for desirable results of the business. You know it by the name of- Business Intelligence, in short BI!