We create minimum 2.5 exabytes bytes of data per year, but what’s more interesting is the fact that 90% of data has actually been generated during the last two years! IDC predicts that by 2025 that number will hits 180 zettabytes. Such vast amounts of data have created new opportunities for industries to better understand their customers, and to provide personalized services based on their preferences. Below you can find a few interesting applications of big data in different industries, but which you might also meet in your everyday life.
Revolutionize employee performance – human resources
Professionals and great employees are the fundamentals of every business. In my post about Artificial Intelligence I wrote that many activities have been taken from us and given to bots so we can work more efficiently and save time. Nevertheless, there are plenty of responsibilities that require the human touch. Hence, it’s extremely important to have the best people around you to grow a business. Human Resources has fallen in love with Big Data and seems to wish to continue that close relationship. Employers are able to use data strategically and find the best match for vacancies they’re offering. If you have done a lot of recruiting, you know how hard it can be to assess an individual’s probability of a success. The Chief Talent Officer in LG Fairmont Brett Comeaux said that identifying metrics that are common to the most successful hires you have made helps you to make better decisions over time and lower the risk of failure. Moreover, HR management can be made much easier with the use of big data. How? Key Performance Indicators (KPI) help us to predict an employee’s productivity output and comparing this with your company goals you’re able to create quite an accurate forecast for your workforce – how many people you need in specific departments. Great, right? There’s no waste of your time, or money, either.
Big Data in the healthcare industry
There’s a great potential for big data in the healthcare industry. The possibility of cutting costs? Check. Reducing wait times – something patients always complain about? Check. Medical companies can use big data to advise patients about their health problems. Whenever patients feel the need for medical help, they can log on to the website or through their smartphone to provide their medical history and present symptoms. Then, the screen displays a list of nearby facilities that might provide them with help. Imagine you’re traveling and exploring a city for the very first time. During the night your teeth start to hurt you so badly you can’t sleep. What then? Sure, you can ask someone for help, even though it’s the middle of the night but wouldn’t it be easier (especially if there’s a language barrier) to make a few clicks and receive the urgently needed information? Also, one of the hospitals in Paris found a way to use predictive analytics to assist with their staffing. Big data gives them a forecast for admission rates they might experience over the next two weeks. That information gives them the possibility to allocate their staff in most effectively.
Big Data in the eCommerce
Smart eCommerce companies use algorithms to forecast trends. They combine data collected from social media posts and web browsing habits to explore the current hot topics. Also, sentiment analysis enables us to find out if conversations in which our product is discussed online are positive or negative. Drawing conclusions we can precisely say which products would be top sellers over the following weeks/months. Amazon has mastered the usage of big data -they pull information from every possible area/department of their company. For example, they use big data in their supply chain management. Whenever they receive orders, their system assigns the deal to the closest manufacturers and warehouses in order to minimalize shipping costs and does this in the shortest possible time frame. Analytics enable Amazon to forecast the traffic on their website together with the possible conversion rate.
Big Data in banking
Big data is a big step towards the development of banking industries. Financial institutions such as American Express use it to gain insights about their customers’ behavior. They created cutting edge forecasting algorithms to identify what will attract their potential or existing customers. They’re even able to predict the percentage of accounts people will close over the following months. Not the most enjoyable information, but it provides an opportunity for the company to make an action plan and help to be ready for the upcoming changes. Big Data provides banks with information about a customer’s spending habits, so they can discover the needs and wants of a specific person. I’m sure at least once you’ve had the pleasure of receiving a call from a bank representative who wanted to present you with a special offer that would change your life. He no doubt said, ‘I see you’ve used a cash machine twice this month and you had to pay a fee for the second time. That’s why I would like to propose you a great solution’. Skipping the ‘solution’ thing, you would be shocked by how much the bank knows about you. They’re able to track and trace every online transaction you make or find out which services you like the most. Plenty of dedicated cloud solutions for banks deliver deep customer insights in the form of predictions about customer’s life events, financial events, propensities to buy or sell banking products. Even though there are concerns related to data security, this can offer the banking industry a great number of advantages both for them and for their customers.