Data is the new oil that industries are leveraging to take their business productivity to an all-new level. Industries are increasingly investing in big data to squeeze in associated competitive advantages for their business growth. More and more industries are adopting big data and associated analysis approaches to gain maximum possible information to serve their customers in a better way. The adoption of big data approaches is rapidly becoming a common sight across companies that are keen to outperform their peers. In several industries, both the existing competitors and new entrants are leveraging the analyzed data-based strategies to compete, innovate and capture value. This falls in line with the growing interest of industries in unlocking the potential of digital transformation through Big Data.
Organizations have shifted their core focus on providing a legendary experience to their customers, getting a competitive edge and making better and sound decisions. To achieve the same, organizations need to harness insights from this ever-growing ‘big data’.
How different industries are deriving value from Big Data?
- Big Data in Banking and Financial Services Industry
Banking & the Financial Services Industry is a key area where an enormous volume of data is generated and handled at a large scale. This sector generates a digital footprint supported by data. With a rapid increase in the number of electronic records, financial services are leveraging big data analytics prominently to derive actionable insights, store data, and enhance scalability. Big data is enabling more and more BFSI organizations to harness a large volume of data for making intelligent decisions.
- Big Data in Healthcare Sector
Healthcare is one of the key areas where big data can bring a huge change. It has become the buzzword today and is widely heard in the healthcare industry. Big data is helping this sector improve patient care and efficiency. More and more healthcare companies are harnessing big data to monitor patient vitals, streamline hospital administration, and strengthen fraud prevention and detection drives and initiatives. Big data is enabling healthcare practitioners to make informed decisions as they have access to a vast pool of data.
- Big Data Set to Change Manufacturing Drastically
The manufacturing sector is the most complex landscape as far as the depth and variety of the product are concerned. In this growing state of flux, big data is offering a seismic competitive advantage to manufacturers. This industry is largely affected by diverse big data trends and possibilities owing to the amount and the nature of the data that is produced by this industry. Big data is proving a significant help in several areas of supply chain management. Some of the key use cases of big data include automatic quality testing, predictive maintenance, product optimization, and supply chain optimization.
- Big Data Transforming the Insurance Industry
Big data has emerged as a catalyst for business model innovation. It is constantly helping insurance firms optimize everything ranging from fraud detection and investigation to underwiring and claims processing. Big data technologies are increasingly enabling providers to maximize their efficiency and get more done.
- Big Data is Revolutionizing Retail Sector
To stay ahead in a fiercely competitive landscape, retailers are embracing new approaches. They are increasingly trying to make smart buying decisions, offer relevant discounts, and appeal a wider base of customers to hop on novel trends. They are hard-pressed to perform all this while making their business run efficiently behind the scenes. Big data is the key ingredient which is enabling them to keep up with all of this simultaneously. Big data technologies allow retailers to tap and retain customers, simplify operations, optimize the supply chain, make informed business decisions, and save money. Big data analytics is enabling companies to create custom recommendations based on purchase patterns and history and deliver hyper-customized shopping experiences.
In a Nutshell
With the data deluging growing day by day, companies are getting vast opportunities to offer hyper-personalized and customer-centric service while boosting efficiency and revenue simultaneously. However, only those companies are eligible for these benefits of big data that know how to leverage advanced data analytics to collect and analyze unstructured data. Companies that are keen to take advantage of big data and move ahead of the competition can explore opportunities with PureSoftware.