Big Data has become a game changer in most of the industries and sectors in the last few years. It is commonly said that when new technologies become cheap and easy to use, they can transform industries. This is what is happening with Big Data.
Here are six industries that Big Data analytics has redefined –
Securities Exchange Commission (SEC) deployed Big Data analytics to monitor the movements in the financial market. Along with network analytics and natural language processors, Big Data is being used by the stock exchanges to investigate illegal trade practices in the stock market. Big banks, Retail traders, hedge funds, and other so-called fat cats in the financial markets use Big Data for trade analytics. This is mainly used in high-frequency trading, sentiment measurement, pre-trade decision-support analytics, and predictive analytics, among others. This industry also relies on Big Data for risk analytics that includes anti-money laundering, KYC, demand enterprise risk management, and fraud mitigation.
Trade – Retail and Wholesale
From the traditional brick and mortar retailers, e-commerce traders to wholesalers; Big Data has impacted every stream of trading. The retail industry has gathered a significant volume of data from POS scanners, customer loyalty cards, RFID, local demographics, store inventory, etc. Big Data analytics has now become critical to the wholesale and retail industry to mitigate fraud, offer personalized products, and thereby improve the user experience.
Data analytics has large application in the transportation industry. The private sector is using Big Data to improve logistics, revenue management, for technological enhancements, as well as, to gain a competitive advantage. Various governments have also started using Big Data to optimize route-planning, control the traffic, and congestion management. Big Data is also being used to build intelligent transport systems.
Extracting oil and gas is becoming expensive, and with turbulent state of international politics, the difficulty of exploration and drilling for new reserves has just increased. One company that has started experimenting with Big Data analytics her is the Royal Dutch Shell. The company has been developing a data-driven oilfield to bring down the costs of drilling for oil.
On a significant scale, data and IoT are disrupting how energy in houses. Though this application is quite small, the rise of ‘smart homes’ that include technologies like Google’s Nest thermostat cuts down on energy wastage.
Hotel and the restaurant industry have turned to advanced analytics to understand customer satisfaction. The hospitality industry is now using Big Data analytics quite commonly to tackle recurring peaks in demand throughout the year. Big Data analytics consolidates factors like weather and local events that influence the number and nationalities of guests checking in.
Government and Public Sector Services
Big Data, analytics, and data science have helped a lot of cities to pilot their smart cities initiative where a combination of data, analytics, and the IoT is used to create public services and utilities that span across the city. One example is of a widely used sensor network that is rolled out across the council’s recycling centers, which helps streamline collection services where wagons prioritize the full recycling centers and skip the ones with nothing in them.
The massive adoption of change due to Big Data has just begun, and it is seen improving user experiences.