Big Data – Bird’s eye view

Big Data is a term used to describe the massive amounts of data, whether structured or unstructured, that floods a business on a daily basis. This data is important to these companies only when it is analyzed for a specific purpose.
It can be the foundation on which big decisions and strategies are made. All stakeholders, big business owners and academics will agree that big data has turned out to be a huge game changer in most modern industries.
Can be used for:
• Development of new products and optimized offers.
• Find the root causes of failures and defects in the system and that too in real time.
• Detect fraudulent practices that are affecting the company before it is too late to react.
• Recalculate the risks associated with the different strategies.

Big data analytics is an integral part of every major industry. Let’s take a look at how these industries are using this deluge of data:
1. Education – Educators armed with data-driven insights can make significant system change. Things like identifying students at risk, tracking student and teacher progress can be done with big data analytics. This can also help teachers to assess students in an improved way.
2. Government – Governments always sit on reams of data, but now with analytics they can manage resources, prevent criminal activity, control population and manage agencies in a much better streamlined way.
3. banking – The banking sector may be taking full advantage of this advantage of big data. Large banks, retail traders, and hedge funds use it for sentiment measurement, predictive analytics, and high-frequency trading. They also heavily rely on it to combat money laundering, KYC, and mitigate fraud.
4. Manufacturing – Big Data information can help manufacturers improve quality and production. You can also help them make optimal use of their resources to minimize waste. It makes companies able to make much more flexible decisions that were not possible before.
5. Health care – The management of large amounts of data with the strict regulations and also the provision of fast services has been possible thanks to this. Information such as patient records, prescription information, and treatment plans can be used to improve patient care.
This is not the end of the list, as there are many other industries that use big data to improve their business. In modern times, if a company misses out on the opportunities it offers, it will also miss out on the next big innovation or discovery.

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