Benefits and applications of Big Data in business operation
Big Data is defined as a system combined with all processes and tools related to collecting, analyzing and managing very large datasets. The big data generation has arrived with the development of the Internet, smart objects and many other technologies. Big Data is a revolution of the technology industry which 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, 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 prepare some reactive plans for unforeseen situations that could occur
- Find out the errors and issues in systems and business processes to fix immediately
- Response quickly to customer requests, 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:
- Healthcare sector:
Big data 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.
- Banking industries:
Big data applications in the banking sector go far beyond high-tech and big-money trading. For the case of retail banks, data is used extensively to understand how their customers use money in their accounts and help the banks to identify security problems. In the future, data may contribute to banks to give their consumers some advice to use money more efficiently. Beyond retail banking, investment banks are now focusing on investing for Big Data applications in their business to understand the markets and make wise decisions.
Big data 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, make the highlight the inefficient learning areas for students, and transform the way in delivering lessons.
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.
In this field, big data is used to help insurance companies in setting more accurate and more efficient policies, identifying fraudulent claims, and improving their marketing efforts.
Big data is also applied in many other industries that we can't list in this article. The widespread application of big data is the clearest evidence for its use and benefit with businesses.
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