The Impact of Using Big Data in Industries Today

With the rise of technology, Big Data has revolutionized the industry standards to a remarkable extent. The rapid increase in the use of smartphones and other ways of communication has enabled the collection of a massive amount of data every single day. Here is the impact of using big data in industries today.

Today, the way a business utilizes data determines whether it thrives or survive.

It should come in no surprise that the data marketing and sales of any industry largely depends on the use of data. However, due to the unstructured data that cannot be analyzed through traditional algorithms, the business might be suffering while the use of Big Data secures the solution to the use of the qualitative type of data.

The industries have been evolving by changing their standards and enhancing their revenues through Big Data consultation for their business growth. The major industries that are improving with better customer services through Big Data include healthcare, telecommunications, retail, fitness, travel, finance, entertainment, banking, and other big industries. Let’s dig deeper to understand how big data consulting services are helping major industries to make data work for increasing their bottom lines.

Healthcare:

Healthcare companies are using Big Data and cognitive computing to apprehend valuable insights from patients’ medical history and doctors’ prescriptions from all departments. The information collected and parsed into Big data solutions is likely to assist in identifying patients at risk, which is eventually helpful to improve treatment and to reduce the readmission of the patients.

Retail:

Big data enables the retail industry to provide their customers with personalized experiences. Data-driven advertisements and sales are helping the clothing and food industry to deliver outstanding services. Moreover, to make in-store experience better, the companies may use sensors and Wi-Fi access to track who visits the store and how long they stay.  Through social media, millions of data can be obtained to improve marketing and quality.

Telecommunication:

Telecommunications service providers are leveraging big data services to index thousands of documents, images, and manuals within minutes. This helps call center representatives solve customers’ issues quickly and effectively the use of big data helps telecommunication companies to reduce the call handling time, which eventually reduces the labor cost and boost efficiency.

Manufacturing:

Manufacturing industries are usually challenged about the production of finished inventory and avoiding overruns. With the help of big data, companies are producing customer-centered products based on their personality, preference, and weather conditions. The customer-center products help customers to get what they want and the company to meet their business goals by lowering expenses on overruns.

Fitness:

Big Data can help in serving customers directly. Sport and fitness companies are taking help from big data consulting services for implementing cognitive computing to provide fitness assistance to the customers. Fitness applications are a prime example of cognitive computing in fitness industries. These fitness apps usually work by collecting users’ data about their workout, calories burned, and heart points to perform as a “virtual coach” to help the customer achieve their fitness goals.

Banking:

Banks can collect data and analyze it with big data consulting services to acquire increased customer engagement in online banking. Moreover, customer care representatives can provide more personalized customer services by analyzing customer sentiments for a particular service and revenue generation on offered services and products.

With the help of online banking applications, customers can use services easily, which allows the bank to collect useful data to boost their services and the customer experience in the future.

Insurance:

Big data consulting services like (uniquesoftwaredev.com) are helping insurance companies, as well. With the help of cognitive computing, the required time to process complex claims has reduced from two days to a few minutes only.

Moreover, big data can help companies identify and eliminate fraud. As a result, big data help the insurance company become a more profitable and customer-oriented company.

Finance:

The use of big data consultation is the inevitable financing arm of a major auto manufacturer solutions too. Big data assists the financial sector to get awareness about millions of individual customers in minutes. The system combines unstructured content and data from public and internal sources and displays all vital information centered on the user’s job description.

Based on the collected information, team members can give more comprehensive information to customers while maintaining data security simultaneously.

Government:

One of the US state government uses big data consultation to make improvements in the services offered to the citizens. With the help of cognitive computing, citizens are enabled to search for a significant number of documents and information.

This allows the government officials to save time and physical efforts of meeting people one to one. In addition, the government gets more stable by gaining access to the data of citizens and help reducing crimes and corruption.

Travel:

Travel companies are using big data consultation to boost customer experience. With Big Data, the flight team can access valuable data about customers, including food and seat preferences, allergies, and previous travel history to provided customer-centered and personalized services.

A Vital Competitive Advantage:

With the increasing data surge every day, there are more significant opportunities for companies to provide customer-centered and more personalized services to the customers. In return, they eventually get better revenues.

To make Big Data work for these industries, they must use and implement data analytics and cognitive computing to collect and analyze unstructured data. On the other hand, those who fail to leverage cognitive computing services might be at the risk of getting left in the lurch.

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