Extracting and analysing information or data sets that are very large and complex to be analysed using traditional methods is very difficult and time consuming. Big data analytics is the use of advanced analytic techniques to do this in a comparatively easy and efficient way.
One must understand that the importance of this vast subject is not in how much data you have, but what you do with the data that you have. We can analyse this data to make smart decision in any work place environment. This is used in many organisations for cost reduction, improving customer experience, enhance online security.
The major industries that use Big Data Analytics:
1). Banking Sector
The banking sector uses big data analytics to detect credit card fraud, pattern in loan payment defaulters, tick analytics, credit risk reporting and risk analysis in case of money laundering and trade analytics among others.
The Securities Exchange Commission (SEC) in the United States is using network analytics and natural language processors to detect illegal trade activity in the financial market (stock market).
The Entertainment sector especially online streaming services use Big Data analytics to understand patterns of real time content usage, creation of new content for the audience based on age demographics, culture and language of the region. They also use this to recommend movies and music to the user based on previously watched content.
Have you wondered why YouTube always keeps popping those cooking videos?
From recommending the next product to buy based on previously bough items to items currently in the cart, big data analytics is a major player in the e-commerce industry.
Other than recommending new items to buy, big data analytics is used in this sector to reduce fraud (don’t keep returning items), analysis of inventory, decision of what products to be kept in which region and number of delivery staff to be deployed in an area all depends on the cluster of customer in that region.
4).Health Care Sector
Big Data analytics is becoming more and more important in the healthcare industry mainly because of the vast amount of information available and increasing healthcare costs.
This is used for efficient staffing in hospitals i.e. how many doctors and nurses needed to be always present in the hospital to provide adequate care to the patient.
Analysing the patient’s record and keeping a check on his/her health always (e.g. blood pressure and glucose testing at home, exercise routine) and informing the patient about the next to visit the doctor. Risk of the same condition passed on to the patient’s descendants. The consulting doctor also gets these alerts.
The government is by far the biggest user of Big Data analytics. The uses range from health care research, environmental protection, financial market analysis, fraud detection in money laundering and tax payment fraud and finding resources of energy.
The Food and Drug Administration (FDA) uses Big Data analytics to detect and study patterns of food-related illnesses and diseases. This makes it possible for a faster response, which leads to rapid treatment and to ban the substance that causes life threatening diseases.