There’s rapid growth in the collection and analysis of personal, professional, and organizational; data. Companies across various industries are using vast amounts of information to understand their markets, customers, and operations.
Big data allows businesses to create data models that discover patterns and anticipate future trends. By 2020, data production is expected to be 44 times greater than it was in 2009, according to global information company CSC.
Type of Data Categories
Global companies such as Oracle, SAP, Amazon, IBM, Teradata, and others are offering increasingly sophisticated tools for business analysis. Big data has three distinct categories:
- Analytics: the ability to analyze data. Analytical tools can target specific markets, data solutions, or even social media. Providing real-time insight is a popular feature.
- Management: Companies are delivering new ways to store and manage digital information. Some solutions manage structured IT data while others address documents, content, social media information and other unstructured data.
- Infrastructure/Services: IT vendors provide storage systems and management tools. Many vendors are addressing the convergence of big data and cloud computing.
Big Data in Various Industries
The economic benefit of big data is apparent in several industries. Retail is one sector where the demand for data is large. Predicting consumer demand is a major goal for most retailers.
Here’s how analytical tools are used across various industries.
Fashion is a trend-driven sector. Personal tastes and consumer demand are always in flux. Analyzing various types of data can help predict demand, which then aids decision-makers with product development and launch, inventory management, and other operational activities.
Similarly, major retailers are collecting more information on customers than ever before. Website enrollments, loyalty cards, and online visits are a few ways in which retailers collect data.
This information gives stores insights on customer preferences and shopping behavior. Big data helps stores optimize their business processes as well as marketing campaigns.
Colleges are gathering information on prospective students who apply for enrollment. Analytics tools help admission officers examine academic performance, financial needs, and likelihood of graduation within a specific period.
Data from standardized tests are also measured to predict success (or failure) in the classroom and beyond.
Patient data is pooled in centralized databases so physicians, hospitals, and pharmacies can access medical histories and immediate requirements. This database can hold info on an individual’s insurance policy, or simply schedule and manage appointments. Staffing, equipment, and service needs can also be accurately addressed. In addition, data from test results to employee timesheets can play important roles within healthcare companies.