- Why Digital Ready?
- Digital Marketing Consulting
Role of Big Data in Different Industries
March 28, 2017
Big data is an emerging term, from last decade we have seen a lot of data is generating day by day and it became difficult to store the complex data using traditional format application software. Organizations who manage with abundant data, for them big data became the only source to deal with that data sets. The process that requires handling of the large volume of structured and unstructured data is described as “Big Data”.
A large amount of data is generated every day from various sources like social media, organizational data, government records, business transaction and many other sectors. All around the globe there are around 3.5 billion people uses the internet and the data generated per day is 2.5 Exabyte which is equivalent to 90 years of high definition videos and it is expected to increase by 44 zeta byte by 2020.
Back then in 1992, the data generated was around 100 GB per day, but in 1997 hourly generation data was 150 GB and in 2012 same amount of data was generated per second. Analytical Experts suggest that by 2018 the amount of data generation will be 60,000 GB per second.
Data generated online per minute on the internet
- 500 hours of video upload on YouTube.
- 3.5 million Post on Facebook.
- 29 million messages will be sent on WhatsApp.
- 1440 word press post.
- 470,000 million tweets on Twitter.
- 70,000 photos uploaded on Instagram.
- 3.8 million Google searches.
- 149,513 Emails sent.
- 500,000 likes on Facebook every minute.
- 4500 image pin on Pinterest.
Just assume how much data had generated by this, just in the span of your reading.
The term big data seems to be a new for most of us, but it has been in use since 90’s, it uses software tools to capture, curate, maintain and process the data accurately in real time. In the years to come, more and more data will be generated and this software tool will be going to act as a backbone for every organization, government, medium scale business and many more sectors so that they make better decisions for their growth by analyzing the data.
Attributes of Big Data (3V's of Big Data)
The organization collects data from various sources like social media, business transaction, machine to machine, stock price, news. Prior it was the problem to store the data, now it is burden free.
In this scenario, at what speed data is generated and handled to meet the challenges and demands.
Data can be generated in any kind of format from- numeric, structured, semi-structured, unstructured, video, audio, image and business related financial transaction.
As more and more organizations began to implement the big data and business analytics tools and services in there line of work, it is now expected that by 2019, revenue will be more than $187 billion through the sale of this application. Companies like Oracle, IBM, Dell, SAP, HP, and EMC have spent more than $15 billion. This industry is growing rapidly than any other industry.
Advantages of Big Data
- Storage of historical data safely.
- Dynamic risk can be predicted.
- More valuable new strategies can be develop.
- Reliability of data.
- Competitive advantage.
- The root cause of failure can be identified.
- Helpful to analyze the data.
- Big data is a cost saving.
- Customer engagement and loyalty can be improved.
- Better customer experience.
- Better planning can be done with available data.
Big Data in Digital Marketing industry
In the past, marketer used to have the data in the form name, telephone, address of a customer in handwritten book or yellow pages, with that data, they meet the customer in traditional marketing format it was time-consuming process but now in this digital era it is changed, When it comes to digital marketing, enormous data is generated through various sources on internet, it is the responsibility of a marketer to collate the data and integrate the online data into marketing database, and approach the target audience through various digital strategies like email, Content, paid advertisement, social media advertisement.
This digital data is really helpful to make worthy digital marketing strategies like location based marketing all over the globe sitting in one place, engage the customer even though there might be border barriers.
According to a survey by 2nd Watch, it is revealed that most of the digital marketing organizations are using the big data to support digital marketing efforts.
The survey also says
- 29% use big data to understand customer.
- 24% for successful campaign and promotion.
- 38% use big data to support digital marketing.
- 14% to drive customers.
- 47 % for customer engagement.
Big Data in Healthcare Sector
Healthcare industry is a most promising industry where big data is applied. Healthcare providers, insurance companies, pharmaceutical firms have a large set of data of their patients. Over the last decade, people in health care have digitalized their data in the electronic form and storing it into the medical database. Healthcare analytics with the available data has the potential to reduce the cost of a treatment, come up with innovative medicine for life-threatening diseases and improve the quality of life.
Big Data in Politics
Big data has spread its roots in politics as well. It is said that big data played a major role in winning of presidential candidate election in the U.S.A. most of the political parties are using big data for their election campaign to gain the competitive advantage. Much of the data will be collected from various sources of a specific voter and analysis can be done by the political gurus so that they can prepare speeches and campaigning strategies accordingly to attract the voters.
Big Data in Banking
In the years ago, banking operation was run in a manual written form. It was difficult to maintain the transaction related information of a customer. Almost all the banks worldwide started to implement the big data into their system, so that they can store each and every transaction related information of their customers, which would be helpful for future reference for both the customers and bankers.
Big Data in Education Field
Schools, colleges, and universities upgraded themselves with a new teaching pattern as they started allowing new technology in their education system, big data is beneficial for them to analyze everything that happens.
These days we have seen a lot of rising in the online education system this kind of online teaching has given a new meaning to the teaching. Due to the advent of big data in the institutions, it has revolutionized the way teachers teach and students learn. The main objective of big data in the education field is to progress student result, improve the learning procedure of a student, increase the result, and focus on the student by motivating them in the interested field.
Big Data in Marketing
There is a lot of contribution of big data in this marketing field. These days it is crucial to make better decision to stay on the top list in the competitive market. Today’s customers are so modern that before buying any product they are doing a lot of research, to meet up there expectation organizations began to change their way of approaching the target audience.
Big data help the marketer to know more about the customer like, what customer wants, when and what time to meet the customer. Along with it, how customers loyalty can be gain through influence. With all the data about the customer, it is useful for the organizations to optimize their marketing strategies. It gives the opportunity to dive in deep into the data and do the analysis for the business growth.
- The ideal customer can be defined more clearly with big data.
- It helps in creating better user experience.
- It Improve customer loyalty.
- Marketing performance can be tracked.
- Better allocation of a budget.
- Real-time engagement with the customer.
- Performance of campaign can be measured.
Big Data in Smart cities
There has been a lot of buzz around the smart city concept. The respective government of that particular country selects few urban cities and identifies them as smart cities of a future. The main concept of developing city to smart city is to provide basic infrastructure to give modest quality of life, sustainable and clean environment through applications to its citizen.
Big data support the government in doing so, by providing necessary real-time data. Every inch of the city is fitted with fiber optic sensor to track the traffic flow, pollution level, tracking of disposal wastage. If any fluctuation occurs the data will be sent to the central unit and will be coordinated with the concerned department to take necessary steps instantly.
Big Data for Government
The government is also in the race of big data. They are accountable to the public for each and everything about their policy implementation and development work. From last few years we have seen everything is going online starting from submission of an application till the release a final document, every day more and more data is generated from various department of the government sector as it was difficult for concerned offices to work on, and preserve the data of each applicant. Now it is hassle free work for them due to big data. Every bit of data can be stored without any manipulation for future purpose.
Big Data in Lawmaking
Due to rapidly increasing efficiency law firms are always under pressure as they make a complex strategic decision about cases. Big data provides the opportunity to help the clients with the practical verdict. Lawyers produce an enormous amount of data like proceedings, advice, and the discovery of the evidence and judgment of a particular case, now it has become easy for them to store the data in the electronic form and protect it for a longer period of time for future reference. Even for the jury the big data is useful to do an analysis of the past critical cases and come up with a best judgment.