Modern world seems to be more magical than ever…
- Doctors are performing operations without being physically present at the same location as the patient
- Self-driving cars that can sense their environment are running on the streets with little or no human input
- Customer sentiments can now be analyzed simply through the comments they share on the internet
- For planning a successful 2020 Olympics in Tokyo, weather forecasting is being used to determine the probability of natural disasters
What’s making these things possible? Connectivity and superb computing powers!
And at the centre of all this is “Big Data Analytics”- the technology that provides ground-breaking insights in real-time!
Industries are Making the Most from Big Data
Big data analytics is a complex process of examining varied and large data sets:
- It helps in delivering valuable insights to an organisation
- It empowers organizations to improve business practices
The data analyzed can very well uncover information related to unknown correlations, customer preferences, hidden patterns etc. and usually comes from different sources:
- Social data: comments, tweets, likes, video uploads
- Machine data: weblogs, industrial equipments, medical devices, cameras, satellites, smart meters
- Transactional data: Invoices, storage records, delivery receipts, payment orders
Over the past few years, big data has become a game changer for many industries – whether it’s manufacturing, government or insurance. Every industry is leveraging the insights offered by big data application.
Media and Entertainment
To gain customer data and insight, media and entertainment companies earlier used TV rankings, reviews and customer interviews. This is no longer the case. Today, across all media and device types, big data analytics is leveraged to easily track:
Organizations today are handling enormous amounts of data:
- Requests handled every day by Google: 5 billion
- Data gathered and processed daily by Facebook: more than 500 TB
- Events provided by Netflix during peak times: more than 8 millionconsuming 24 GB/Second
Big data application is making this gigantic task possible by helping organizations to:
- Predict what the audience wants: demand of genre of music, shows, and other content on different channels for a given age group
- Optimize scheduling of media streams: identifying the exact content audiences want to see and the time they will most likely view it
- Effective Ad Targeting: understanding the kind of ads consumers are willing to see and creating more personalized ads to increase conversions
- Content Monetization: understanding the current market better to know what the viewers want to receive, resulting in increased ROI
For instance, Amazon Prime heavily relies on big data to offer music, video, and Kindle books in a one-stop solution. Likewise, Spotify (on-demand music service) collects data from millions of customers using Hadoop big data to give music recommendations.
Retail and E-commerce
Retail and e-commerce have witnessed a paradigm shift in their operations over the last few years:
- Customers approach different stores/shopping websites at the same time
- They make their final purchase decision only after comparing prices and products
To stay in business, retailers are looking at different ways to manage their resources and engage customers. Interestingly, yet again big data is playing a major role in this. Retailers, both offline and online, are adopting the data-first strategy for understanding customer behaviour. Here’s how:
- Forecasting trends: understanding the market demands by using demographic data
- Customizing and personalizing promotions: understanding how customers interact with the brand, both online and offline and provide highly personalized promotions for customers
- Analyzing brands: by using brand website traffic analysis and social media analysis
- Customer Journey Analytics: understanding what’s happening across every step in the customer journey
Banking and Securities
As per the study carried out in top 10 retail and investment banks, the challenges in this industry include,
- Card fraud detection
- Enterprise credit risk reporting
- Transformation of customer data
- Securities fraud early warning
Here’s how big data is driving this industry:
- Big data is used for trade analytics by hedge funds, retails traders and other huge banks
- Natural language processors and network analytics is utilized by the Securities and Exchange Commission (SEC) to screen illegal trading activity
- Big data is likewise utilized for fraud risk analytics, which includes, mitigation, anti-money laundering, Know Your Customer etc.
The application of big data in healthcare has a lot of life-saving and positive outcomes. It has paved the way for new opportunities in:
- Treatment of patients
- Precision medicine
- Drug development
- Advanced cancer therapy
The industry is benefiting from the big data initiatives like:
- Electronic Health Records: where every patient has own digital record which includes medical history, allergies, demographics and laboratory test results
- Real-Time Alerting: by continuously monitoring the body vitals, potential health issues can be identified to provide care before the situation gets worse
- Eliminating medication errors: Flagging potential out of place prescription for reducing human errors and saving lives
- Telemedicine: includes primary consultations, remote patient monitoring and telesurgery
What Does It Take to Leverage Big Data into Business Decisions?
Abundant data is available today. And only organizations realizing the importance of analyzing data can lead their business in the direction of change or improvement.
To leverage big data into business decisions, therefore, data lakes, processing and real-time analysis are imperative. The good news is, massive data explosion can be properly supported by storage and processing repositories called “Data Centres”.
Data centres are a group of networked servers used for data:
In simple words, “If “data is the oil”, then Data Centers are the “gas stations”.
Moreover, data centres can be owned or collocated. Many organizations today are moving towards colocation data centre facilities in Chennai, Mumbai, Delhi, and other cities, instead of creating their own data centres from scratch.
The Rise in Data Center Outsourcing
Global IT spending is expected to see an upward movement in the coming years. This points to an expected rise in data centre outsourcing, regardless of the industry in which a business operates and its size.
Simply put, data centres are leading the way when it comes to IT outsourcing as they allow corporations to house their business-critical information and applications reliably and securely.
These colocation facilities provide and support:
- Underlying infrastructure
- Address increasingly larger data storage requirements
In fact, colocation data centres are now seen as a key business parameter, and not just as an external facility for storage. Leading data centre providers like STT GDC India, with data centre in Chennai, Mumbai and other cities, are directly helping businesses to:
- Protect critical data
- Increase server security
- Upgrade with ease
Moreover, the colocation data centres, whether in Chennai, or other locations, are playing a critical role in re-engineering the IT infrastructure of organizations.
Many of these data centers meet global standards and up-time, connectivity and security operations.