You may have heard about the term Big Data, but do you know what does exactly mean?
When we talk about Big Data we are refering to a data set or a combination of data set that’s defined by its volume, variability and speed. These characteristics make the data hard to track, process and analyse with conventional technologies and tools.
But what is it used for? Here we show you 5 practical uses of Big Data:
1.Location Track
Logistic companies have been using location analytics to track and report orders for quite some time. With Big Data it is now possible to track the condition of the good in transit and estimate the losses. It is now possible to gather real-time data about traffic and weather conditions and define routes for transportation. This will help logistic companies to attenuate risks in transport, improve speed and reliability in delivery.
2.Precision medicine
With big data, hospitals can improve the level of patient care they provide. 24×7 monitoring can be provided to intensive care patients without the need of direct supervision. On top of that, the efficiency of medication can be improved by analyzing the past records of the patients and the medicines provided to them. The need for guesswork can be significantly reduced.
In the case of certain biopharmaceuticals, there are many variables that impact the final product. For example, while manufacturing insulin intense care needs to be taken to ensure the product’s quality. By analyzing all the factors impacting the final drug, big data analysis can point out key factors that might result in incompetence in production.
3.Fraud Detection and handling
Banking and finance sector is using big data to predict and prevent cyber crimes, card fraud detection, archival of audit trails, etc. By analyzing the past data of their customers and the data on previous brute force attacks banks can predict future attempts. Not just big data helps in predicting cyber crimes but it also helps in handling issues related to miss transactions and failures in net banking.It can even predict possible spikes on servers so that banks can manage transactions accordingly.
4.Advertising
Advertisers are one of the biggest players in Big Data. Facebook, Google, Twitter or any other online giant, all of them keep a track of the user behavior and transactions. These internet giants provide a great deal of data about people to the advertisers so that they can run targeted campaigns. All this data is collected by algorithms using big data analysis techniques. As for Google, when you target people based on clicks you will get different results and when you create a campaign for leads that you will get different results. All this is made possible using big data.
5.Media and entretainment
In the field of entertainment and media, big data focuses on targeting people with the right content at the right time. Based on your past views and your behavior online you will be shown different recommendations. This technique is popularly used by Netflix and Youtube to increase engagement and drive more revenues.