According to Internet World Stats, global internet usage increased by 1,339.6% between 2000-2021. With nearly thirteen times as many people using the internet, this has resulted in a massive increase in the amount of data being processed daily. Our increased sharing and consumption of digital media also compounds this increased usage to create an enormous pool of data for big data analytics firms to process.
Many big technology companies have realized the importance of this large dataset and take full advantage of the hidden information contained within. With further analysis, the use of big data analytics can find patterns and provide valuable insights that businesses can utilize to improve their service offerings.
Big data analytics is a tool that many businesses should leverage to optimize their service, namely due to the benefits that insightful business intelligence can provide to a wide range of industries. Let us explore the benefits further.
While the adoption of big data analytics can benefit everyone from large corporations to SMEs, many companies are still not clear what big data is and how it is used to create a competitive advantage.
However, some industries are leading the way with big data analytics to better understand customer relationships, identify new opportunities, and use those insights to refine their business models. Here are a few industries using big data analytics to become data-driven.
In the data-driven field of medicine, it is easy to see how big data can significantly improve patient care and behind-the-scenes administrative tasks. Leading technology companies like Apple and Samsung have built wearable technologies that can track vital signs, such as heartbeat, blood pressure, and even blood glucose levels.
By linking to mobile phones with GPS integration, these applications offer deep insights into heart rates during workouts as well as the speeds at which users move. This automated data analysis all happens on the device, meaning that consumers are better equipped than ever to self-assess certain aspects of their health.
For medical professionals, specialized medical business intelligence consulting firms are working with leading healthcare manufacturers like Abbott and Freestyle in the field of diabetic care to improve patient/doctor communication.
For people with diabetes, new blood glucose meters have been developed that can sync across the cloud, offering predictive insights for patients to assist with managing insulin treatment. This information is also visible to practitioners who can remotely spot negative patterns in a patient’s blood sugar readings and alert them to take immediate action.
One of the most lucrative industries big data analytics consulting firms are targeting is the finance industry. In the latter half of this decade, tremendous strides have been made in the development of new and innovative financial platforms.
A significant change to the world of FinTech has been the development of stock trading platforms, which have made trading and investing in stocks more accessible to the average person. Some systems can mimic other successful traders, such as eToro’s CopyTrader technology, which automatically copies other investor's trading portfolios. This technology is a social function that permits the analysis and implementation of near-identical strategies in the stock trading market, despite users having no prior experience.
Another aspect driven by big data analytics in the financial industry is the use of algorithmic and high-frequency trading (which should be noted has been heavily criticized as a potential catalyst for the worsening of any future financial crises). These methods of trading rely on the constant analysis of multiple markets by computers, making split-second decisions as long as predefined conditions are met.
In the world of retail, there is more competition than ever. Technology giants like Amazon have created platforms that provide sellers with warehousing and logistics bundled in, making it easier than ever to run a successful business.
Many business intelligence firms, such as SellerApp and Jungle Scout have leveraged the data within Amazon’s platform to create profitable businesses that improve seller rankings on the site through big data analytics.
Independent business owners can also take advantage of platforms like Shopify, which offer a range of tools that can be integrated into the Shopify storefront. Tools like Import.io allow users to automatically extract data and images from web URLs, with its primary use being the tracking of competitor’s pricing.
Shopify tools are also used in brick-and-mortar stores, allowing businesses to track foot traffic to measure in-store metrics. This business intelligence can be gathered through using Wi-Fi scanning and Bluetooth beacons to detect customer’s mobile devices. This information can then be analyzed to create yearly footfall expectations and plan physical signage advertisements effectively to attract more customers.
As one of the leading data and analytics consulting firms, Trianz specializes in helping companies turn data into actionable decisions by identifying hidden patterns, new correlations, and uncovering market trends.
Along with the help of Tracers — one of the world’s most extensive databases on digital transformations — Trianz uses an eight-step process that extends across five phases to extract real-time insights from the raw information that flows through our client’s entire business ecosystem.
Our big data analytics consulting experts and data scientists use proven frameworks, technologies, tools, and processes to transform your organization into a data-driven enterprise. No matter the size or scope of your analytics project, Trianz is here to bring our deep industry expertise to help clients operate with new agility across all their business functions
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