Big Data has not only transformed our lives as a consumer, but has also completely changed the way how companies operate on a day-to-day basis. Though it has created two of the juggernauts like Google and Amazon, most of the traditional industries still consider Big Data analytics as one of a very big hurdles to overcome.
With that being said, there are also some industries that are making the best use of this modern breakthrough. Let us have a look at 5 industries that are making the best use of this technology-
- Retail- The world of retailing has been completely transformed by Big Data. It has improved how retailers manage their product information, marketing as well as sales process. Big Data technology and its related tools has allowed the retailers to understand the customer identities and purchasing trends. Moreover, it has also allowed them to use multiple channels for promoting their products, giving a completely new meaning to the term omni-channel experience.
- Healthcare- As per the statistics, more than 75% of hospitals save their medical records electronically. Vast amount of healthcare providers from this 75% use Big Data technology to provide the patients with an improved experience and also reduce the costs. Vendor Neutral Archive is one of the Big Data tools that can be used by medical professionals for the purpose of storing and sorting the data.
- Finance- For the world of finance, there are many Big Data technology tools which can allow an investor to make a better decision. Algorithmic trading which has been around from quite some time now received more popularity with the introduction of Big Data tools. Apart from providing traders with mathematical tools and historical data, Big Data technology has transformed itself into an integral component of algorithmic trading.
- Oil and Gas- There are multiple Big Data tools which are used by oil and gas companies to collect and manage the production, drilling and seismic data. This has allowed the companies to improve their competitive edge and output, while reducing their costs and effect on the environment. MapR Converged Data Platform is one of the most common tools used by these industries.
- Digital Media- The realm of digital media is advancing at an accelerated speed. With the help of Hadoop, they are now able to easily store and analyze transactions, social media data, clickstream, etc. and this allows them to understand the modern consumer patterns and improve their ad campaigns. This also helps them to optimize their campaigns effectiveness, increase revenue as well as improve their viewership.
With the introduction of Big Data technologies, these industries are now able to do much more than they could’ve fancied with the use of traditional technologies. While there are many different benefits of switching to Big Data, increased revenue and decreased cost of operations is the one that contemplates most of the industries to jump on to the bandwagon. With rapid advancements in the technology, all the other industries are sure to follow the trend as well.