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  • Mar 14 2024

Big Data: Benefits and applications in business operation

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big data and its benefits

Big Data is defined as a system combined with all processes and tools related to collecting, analyzing, and managing very large datasets. It first appearance has arrived with the development of the Internet, smart objects, and many other technologies. This is a revolution in the technology industry that brings to human life and businesses running various benefits and applications.

Every company uses data in a specific way for its own purposes. The more efficiently data is used in a certain company, the more potential it has to grow. The company can take data from any source and analyze it to find answers which will enable it.

1. Benefits of Big Data to the business operation:

– Accumulate the data collected from multiple sources such as social media platforms, company databases, and many other sources.

– From the data analyzed, the company can make the right decisions, and real-time forecasts and monitor the business operation as well as the marketplace situation that benefits the company.

– The company can mitigate the risk by predicting the potential threats and preparing some reactive plans for unforeseen situations that could occur

– Find out the errors and issues in systems and business processes to fix immediately

– Respond quickly to customer requests, and queries,… to increase the customer experience with the company.

– Innovate new strategies, products, and services that are more suitable for customer demands.

From all the benefits above, the company can get various competitive advantages for their businesses:

– Maximize the value for both customers and the company.

– Increase efficiency and productivity.

– Control well the company’s operational activities.

– Adapt to market conditions easier.

2. Big Data applications in various industries:

 2.1. Healthcare sector:

It is transforming the healthcare industry in the way we identify illnesses and treat them. Understanding as much about a patient’s situation as possible and finding out signs of illness as soon as possible makes the treatment process far simpler, and less expensive.

2.2. Banking industries:

Its applications in the banking sector go far beyond high-tech and big-money trading. Retail banks extensively use data to understand how their customers use money in their accounts and to help them identify security problems. In the future, data may contribute to banks giving their consumers some advice to use money more efficiently. Beyond retail banking, investment banks are now focusing on investing in Big Data applications in their business to understand the markets and make wise decisions.

2.3. Education:

This technology now is increasing large amounts of data generated about how we learn, and education establishments. From that, we can come up with better teaching plans, highlight the inefficient learning areas for students, and transform the way in deliver lessons.

2.4 Manufacturing:

For the traditional or modern manufacturing environment, data is still important. By embedding sensors into production equipment, manufacturers are gathering valuable data that helps them supervise the situation and productivity of those machines. Sensors are being installed into a wide range of products that allow manufacturers to collect helpful data about the products’ performance and being used.

2.5. Insurance:

In this field, insurance companies use big data to set more accurate and efficient policies, identify fraudulent claims, and improve their marketing efforts.

There were so many other industries applied this technology that we can’t list in this article. The widespread application of big data is the clearest evidence of its use and benefit to businesses.

ITC Group is a software outsourcing company that helps our clients in developing their businesses with the support of technologies. If you plan for big data development for your business, we are a suitable choice for you. The ITC team includes talented and experienced engineers who fulfill all your requirements in the set time frame. We have provided our Innovative solutions, modern Technologies, and mature process Consulting that bring sustainable growth and consecutive success for the client’s business and ours in return. Let’s contact us and get the best consultation for free.