This Christmas, learn the 12 Big Data Innovations, transforming healthcare, targeting the ads to correct audience, engineering seeds to predicting crop yields.
For the last few years, Big Data has become an insightful idea in all the significant technical terms. Plus the accessibility of wireless connections has facilitated the analysis of large data sets. Organizations are picking up strength consistently by improving their data analytics and platforms.
As we all know, 2019 was a major year over the big data landscape. At the starting of the year, Cloudera and Hortonworks merger happened, we saw huge upticks in Big Data use across the world, with organizations running to embrace the significance of data operations and orchestration to their business success.
Currently, the big data industry is worth is $189 billion, and all set to proceed with its rapid growth and reach $247 billion by 2022.
12 Big Data Innovations for 12 Day of Christmas
1.Role of Big Data in Sales and Marketing
Marketers have been targeting ads since well before the internet – but yes with minimal data. Based on what consumers might like based on their TV and radio consumption, response to the surveys and insights from the unfocused one-on-one “depth” interviews. As the internet and data have evolved, and so has marketing. Today with the help of big data, massive troves of data are been collected. What consumers like, what click on, what they are checking out. There is a huge influx of performance data – which measures the effectiveness of marketing campaigns via impressions, CTR and other metrics that are being used.
For Instance: Amazon ads are based on what we buy. Since the time of the foundation, Amazon has collected reams of info on what millions of people buy, the addresses and what kinds of cards they use. And in recent times, Amazon has begun to offer more and more companies access to its self-services ad portal, where they can buy ad campaigns and target them to specific demographics including past purchases.
2. Role of Big Data in Navigation and Transportation
From maps to apps, how navigation has grown from a hard copy of maps to a small app with the live location. With the vast majority of smartphone users relying on their devices for directions. And we get those directions – because of big data. The relevant information on traffic patterns – obtained from government agencies, satellite images and other sources.
3. Role of Big Data in Business Insights
The majority of companies collect far more data than they analyse. As per the study done by Inc., between 60-73% of the collected data is unused.. There are multiple possible reasons after that. One of them can be many analytics tools analyse only small randomized samples of massive data sets. They do it this way to speed up the discovery process but leaves a lot of data untapped.
And some companies, are ahead of the curve. The ones, which are actively and meaningfully integrate big data and big business.
For instance, how Netflix is taking the help of big-data in keeping the game always up. Big data impacts not only which series Netflix invests in but how those series are presented to subscribers. Like viewing histories, including the points at which users hit pause in any given show, and repeatedly influence everything with their attractive thumbnails – that appears on the homepage with “Popular on Netflix” section.
4. Role of Big Data in Healthcare
According to Centers for Medicare and Medicaid Services, Americans spend trillions of dollars a year on their healthcare but in major cases, they feel impersonal. Relationships between patients and doctors are not long-term or robust. As many patients find it more comfortable to speak with their devices.
The reality of the healthcare landscape is changing – earlier patients use to go to clinics for diagnosing the disease, now with the wearables like Apple Watch’s built-in features – heart rate monitor and skin temperature monitor, patients can diagnose for the basic things on their own. And unlike doctors, such devices can collect time biometric data over the long term instead of just during appointments. No doubt, these devices won’t replace human physicians but the collected data will be helpful to doctors in leveraging and acting on medical data in innovative ways.
5. Role of Big Data in Cyber Security
We shouldn’t be shocked knowing that – the rise of big data has dovetailed with the rise in cyber-attacks as well. The more data we have stored – the more reasons we are giving hackers to steal and exploit. According to a study, 446 million consumer records were exposed to security threats and the tally says that it’s more than double the previous year’s record.
Though big data analysis helps companies identify breaches by singling out unusual activity – which often signifies security issues. Like for example, real-time data monitoring. The company’s security operations suite relied on big data to identify and respond to cyber security threats and fraud.
6. Role of Big Data in Insurance and Finance Industries
The insurance and finance industries utilize big data and predictive analytics for fraud detection, risk management, credit ranking, brokerage services and block chain technology. They use big data to enhance their cyber security efforts and customized financial decision for customers.
7. Role of Big Data in Agriculture
From engineering seeds to predicting crop yields with accuracy, big data and automation industry – together helping a lot to the farming industry. The researchers and scientists to use big data to tackle hunger and malnutrition. With the help of GODAN (Global Open Data for Agriculture & Nutrition) – contains open and unrestricted access to global nutrition and agricultural data, some visible progress is being made in the fight to end world hunger.
8. Role of Big Data in E-commerce and Retail
The role of Big Data in retails and e-commerce is to make the processes more efficient and smooth for stores. The upgraded and personalized shopping experience for customers. Big data helps retailers and e-commerce stores to understand consumer and optimize inventory in a better way.
9. Role of Big Data in the Internet of Things
Let’s check out how IoT and Big Data work together. A vast network of sensors (IoT) collects a boatload of information – which is then used to improve services and products in various industries. At the end of the day, it will generate revenue.
According to Thingstream, “It is expected that more than 100 billion operational devices will be connected to the IoT, and generating a total revenue of nearly $10 trillion.”
For example, Tive’s cloud platform employs cellular trackers so users can keep tabs on a shipment’s location and condition in real-time with an array of connected devices. Which includes the tracking of high-value goods, monitoring the condition of chemicals and damage from handling.
10. Role of Big Data in Sports
Anyone who’s remotely attuned to college or professional sports broadcasting is acutely aware that data and statistics play a huge role in the sports industry. From historical data and fundamental scorekeeping to algorithmic performance forecasting and extremely specific player statistics. Data plays a major role. With the help of data, teams and organizations track performance, make predictions and be decisive on the field.
For example, Krossover is a sports analytics company that provides technology products and solutions to coaches and athletes. After uploading the game film to its platform, teams receive insights on the team and player performance.
11. Role of Big Data in EdTech
Data and education have joined hands together since schools started to keep grade books. Big data has gone beyond the grades and started maintaining student backgrounds, performance, behaviour and even emotional learning across schools. Still, the traditional schools are a little hesitant to adopt the new technology. With the help of big data, every school or institution can enable administrators, teachers and students to track progress and understand trends in performance.
12. Role of Big Data in Artificial Intelligence
With the evolution of AI in the last few years, there has been a drastic growth in computing speeds. And the reason is not only AI but how Big Data has played a role in AI. With the help of Big Data, there is an increase in processing capability, low cost and large scale memory devices are available. The bots are learning from the actual data set and not from sample ones. And last but not the least – open source programming languages and platforms.