Across the world, organizations are turning to big data to deal with massive data problems. From customer analytics to storing of sensitive real-time data, big data has proven to be evolutionary for many industries. With the continuous increase in the amount of data generated by each individual, the adoption of big data services is accelerated.
For the year 2020, researchers have made some significant estimations regarding big data analytics. The estimate is that with the use of big data analytics, the GDP of retail and manufacturing will increase to $325 billion. Furthermore, another forecasted is that through big data analytics productivity gains in healthcare and government service will reach a mark of $285 billion! Studies also show, by 2023, the big data industry itself would be worth $77 billion.
Big Data for Leaders
Decision-makers and business leaders are now actively participating in analytical projects. Any organization is likely to have multiple goals to fulfil. The goals can range from customer experience to employee satisfaction, streamlining internal processes to optimized marketing, and more! Data analysis from different areas of an organization takes place to achieve such goals. The sources of data are as follows:
- Operation – This includes metrics used to calculate the quality of the work conducted by the business. It is data that quantifies business processes that come from different sources.
- Finance – Data from this source indicates the financial health of the company. The operations and finance sector also intersect and generate plenty of data.
- Constituency – Any data from here is related to human capital, from employees to partners. Their performance and satisfaction all come under this criteria.
Big Data for Industry Sectors
Big data is bringing about waves of change is almost every sector. Be it sports or real estate or even agriculture; all utilize big data analysis. Here we are going to look at some top industries that avail big data services. We will also mention use cases of big data in these industries and how they impact performance.
Big data is sellers and buyers think about transactions related to produced goods and commodities. Manufacturing sector makes use of big data analytics for demand forecasting, to better cater end consumers. It also assists in supply chain management and collaboration for product design.
Aren’t we always looking for a more personalized shopping experience? Big data provisions precisely that! The power of big data allows retailers to make use of customer behaviour analytics. Big data also helps understand brand perception and identify target segments for future sales.
Healthcare is an ever-evolving sector in itself, striving to provide the best of medicare. From the detection of fraud for health insurance to monitoring patients vitals, it is all big data that does it. Genome mapping and research for diseases like cancer, highly benefit from big data. Additionally, through tracking, monitoring and references of medical cases, big data also assists in disease diagnosis.
Banking and Finance
This sector deals with sensitive data and fluctuating markets, so big data is essential here. The analysis conducted helps in fraud prevention and risk provincial of various financial transactions.
Big Data for You
As you can see, big data impact one and all. You too, can utilize big data analytics to improve the efficiency of your organization and move towards business success. Big data with a high-performing cloud is the power couple an enterprise needs.
VEXXHOST provides OpenStack based private cloud service that supports big data solutions. OpenStack has a project dedicated to big data, better known as Sahara. Sahara provisions data processing frameworks on OpenStack for users. If you are looking for a fully managed cloud with big data capabilities or would like to deploy Sahara to your pre-existing cloud deployment, get in touch with us!