The number of people using the internet has increased dramatically over the past few decades, rising from a mere 350 million users to over 4 billion in 2019. This rise in usage means that there are 12x more people now using the internet in 2019 compared to 2000, resulting in a massive increase in the amounts of data being processed daily. Our increased sharing and consumption of digital media also compounds with this increase in 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 result in the finding of patterns and other insightful information that can be used by businesses to improve their service offering.
Big data analytics is something that all businesses should consider to optimize their service, namely due to the benefits that insightful business intelligence can provide a wide range of industries. Let us explore the benefits further.
Which industries can benefit the most from Big Data Analytics?
In the data-driven field of medicine, it is easy to see how big data can be hugely beneficial in improving patient care and behind the scenes administrative tasks.
Leading technology companies like Apple and Samsung have been building wearable technologies for some time that can track vital signs, such as your heartbeat, blood pressure, and even blood glucose levels more recently. Applications that link to your mobile phone offer deep insights into heart rates during your workout and also the speeds at which you move thanks to GPS integration. 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 outside of the clinic. 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 patients blood sugar readings and bring a patient in for a consultation.
One of the most lucrative industries for big data analytics consulting firms to target 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 have the capability of mimicking other successful traders, such as eToro’s CopyTrader technology, which automatically copies other investors 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 thing driven by big data analytics in the financial industry is the use of Algorithmic and High-Frequency trading. The latter of these 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 pre-defined conditions are met. The most advanced systems currently being used are capable of analyzing content in webpages and on social networks, sparking fear that fake news stories may cause wrong decisions to be made by AI’s that are becoming ever more reliant on big data analytics.
Retail and eCommerce
The final industry that many business intelligence consulting firms are interested in is retail.
In the world of retail, there is more competition than ever, thanks to the worldwide adoption of the internet. Technology giants like Amazon have created platforms that provide sellers with warehousing and logistics bundled in, meaning it is 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 your Shopify storefront. Tools like ‘Import.io’ allow you to automatically extract data and images from web URL’s, with its primary use being the tracking of competitors pricing. Shopify is also used in brick and mortar stores, with tools such as ‘42’ allowing you to track foot traffic in your retail stores. This business intelligence can be gathered through using Wi-Fi scanning and Bluetooth beacons to detect customers mobile devices, alongside simpler camera setups that can track human movement using pre-existing CCTV infrastructures. This information can then be used to create yearly footfall expectations and more effectively plan physical signage advertisements to attract customers.