Top 10 Use Cases Of Big Data You Should Know In 2022
Big data is exponentially growing, and there is no stopping it. A big chunk of well-developed businesses has been using big data since its launch in 2005. At the time of its launch, no business believed it would become such an essential phenomenon. Big data impacts almost every aspect of the business. It brings innovation and transformation to the business; hence many big names and industries are investing in it. Big data use cases have been a part of various business domains, and we will explore them for you. But first, let us help you understand what big data is.
Big data is a term used to describe the large volume of collected, analyzed, and stored data. The “big” in the term refers to the size of this data. The daily data collection is growing exponentially, not just in one area. We have sensors on our phones, cameras on our streets, and more.
Big data is being used in many industries, including:
The “data” in “big data” refers to the data that is being collected and stored. This can be an individual’s personal information, photos taken by a digital camera, or statistics about the stock market. Understanding the use of big data is important because it impacts people and businesses differently.
Big Data Use Cases in Various Domains
Big data is too complicated and large to be analyzed and processed by simple data processing tools and techniques. Big data flow is uncontrollable because of its velocity, variety, and volume. Businesses and big companies store the big data on external files or software like Apache-Hadoop, Cassandra, etc. Businesses opt for big data use cases in the following domains:
1. 360-degree view of customers
This use case of big data helps build a dashboard to provide a 360-degree view of customers. Big data stores all the external and internal data from the customers related to the demography, name, location, address, job, and income, and holds the conversations of companies and customers through calls and email at any time in the past. The browsing history of every customer on the company website and social media platforms is also uploaded on the dashboard. All this information is present in one place, just one click away. It plays a crucial role in target marketing by predicting the customer’s likes, dislikes, and future purchasing behavior. Customers purchasing in a physical or online store can expect their data to be stored on the big data channels.
2. Supply chain and logistics optimization
Internet and AI have made it easier for companies to improve the efficiency of their operations with the use of sensors and wearables. For example, include using smartwatches to calculate the time needed for picking up an order and using GPS for effortless delivery through optimal routes. This is how Amazon works to ship orders worldwide. On top of that, big data helps in maintaining the inventory and forecasting product demand.
3. Security Intelligence
Another very important big data use case is in security intelligence. It provides robust security and analytical tools to stop hackers and cyber criminals from breaching the system. Moreover, big data security agencies provide intelligence data on potential cyber threats and prepare the company to counter them beforehand. Analytical tools of big data detect the anomalies and threat patterns in real-time to set security protocols in motion for the present and future security of the company.
4. Price optimization
Big data use case of price optimization helps B2B and B2C companies. The data and analytical tools read the market price history and draw optimum price points for the customers. Big data also caters to yield dynamic pricing strategies while keeping the target customers in view. This is done by segmenting the customers based on the amount they are willing to pay. Price optimization and customer expectation also help yield discounts and sale deals.
5. Operational efficiency
Operational efficiency is one of the most important big data use cases. Big data helps in maximizing profits in a more sophisticated manner. It allows real-time reporting using the data sources and streamlines the operations. The real-time reposts give insights into the business regarding the products, new launches, and problems.
6. Better healthcare system
The Healthcare industry is evolving rapidly and has gained recognition beyond any other industry. Big data has become vital in detecting illnesses due to patient history and recommending patients with tailored treatments and medicines. The patient’s symptoms are logged in the data via algorithms, which prescribe the most suitable treatment according to the patient’s age, medical history, and past and pre-existing illnesses. This big data use case has significantly reduced the treatment, hospital, and lab-testing costs. Furthermore, it saves the time and money of the patient. Most importantly, big data is used in genomic software and databases to identify biomarkers and genes from the patient’s DNA. This is a healthcare breakthrough into the future to save millions of lives.
7. Social media analyses and response
The digitalization of media and communication platforms has driven millions of people to post and share pictures, videos, and texts every minute on multiple social media platforms. All of that data gets stored in the big data software. Brands then use this data to keep tabs on the likes and dislikes of their target audience. The real-time monitoring of social media platforms helps companies to prepare their marketing strategies.
8. Smarter talent acquisition
Big data analytics can speed up the process of recruitment as it has data of multiple candidates stored. The data includes the qualifications, expertise, job history, skills, and candidates’ preferences. This data is provided to the hiring department of the company to find the ideal candidate for their job vacancy.
9. Effective online publishing
Using big data for online publishing is crucial for the publishing sector and avid readers. It helps build the reader base and filter the content metadata for the readers. Big data analytics test the reader’s preference and maximize the search accuracy of the reading content. The readers feel encouraged when they find relevant published content online. Big data generates higher subscriptions and revenue by building a loyal customer base in the long run.
10. Fraud prevention
Fraud prevention big data case is the most popular among them all. As businesses have digitally advanced, we all try to buy everything online using credit cards. This has made way for online scamming and fraud. People enter their bank credentials at unsafe websites and become the target of fraudulent transactions. Always stay alert about phishing, scam emails, and calls. Banks will never ask the customer credentials. Big data applications and software prevent fraud and criminal activity by keeping real-time track of geographical locations and authenticating any transaction beforehand.
Thanks to big data technology and its promising future, businesses are revolutionizing. Data breaches and hacking have minimized as companies make the data software fool-proof. It is high time for the business sector to adopt big data applications for a better and safer future for both themselves and the customers.
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