No matter the industry you work in or where you live, the transmission, collection, and analysis of data is happening all around you every day, and is set to keep radically changing your world in years to come.
While you may tend to just focus on your own geographical or work area when it comes to big data, it’s important to stay aware of current trends across all industries. This way, you will be able to see what impacts may arise on your lifestyle and your career, as well as notice new opportunities or ideas that can be taken advantage of in your own sector.
No matter the industry you work in or where you live, the transmission, collection, and analysis of data is happening all around you every day, and is set to keep radically changing your world in years to come.
While you may tend to just focus on your own geographical or work area when it comes to big data, it’s important to stay aware of current trends across all industries. This way, you will be able to see what impacts may arise on your lifestyle and your career, as well as notice new opportunities or ideas that can be taken advantage of in your own sector.
Read on for the rundown on some ways in which diverse industries are currently using big data, and what it means for the future.
Health Care
Health care is one of the industries that have been impacted significantly by big data. There are many ways in which the capture and analysis of large amounts of information will continue to change the way health care is provided.
Social Services
Workers will be able to look at thing such as connections between a person’s home address and the frequency of their visits to social workers, or their rates of readmission to hospital and their length of stay there. They could analyze correlations between family status, interventions, and outcomes to identify potential patients when they first enter the care system.
It might even be possible to get ahead of negative trends such as domestic violence. In addition, big data should also make it much easier for social workers to identify the needs of clients before they even realize it themselves, and to then drive tailored services directly to them.
Clinical Trials
Another area of health care affected by the availability of big data is clinical trials. These days researchers can use the large amount of data pouring in to choose the best possible subjects for their trials.
Furthermore, the sharing of data between pharmaceutical companies is also resulting in breakthroughs about the use of various medications. As pharmaceutical researchers share information, they are discovering that some medications can be used to treat a much wider range of conditions than previously thought.
Manufacturing firms, especially those in process-based sectors, are also using big data to make extensive changes.
Reducing Costs and Increasing Profits
In particular, manufacturers are now using advanced analytics to reduce their costs and increase yields. Operational and shop-floor information is being used to provide insights which help to streamline processes and improve products.
For an example, look to biopharmaceutical production, where manufacturers commonly have to monitor over 200 variables to ensure that ingredients stay pure and all substances created adhere to compliance regulations. Now, with big data, companies can now increase the quality, accuracy and yield of their production, resulting in huge annual savings and massive jumps in output.
Optimizing Production and Customization
Big data is also being used to optimize production schedules. Companies can analyze information on customers, suppliers, and the availability of machines (and corresponding cost restraints) to increase their yield. Similarly, they can also come up with more accurate forecasts of product demand and production, and provide service and support to customers much faster than before.
Big data can make it easier for manufacturers to sell more customized or built-to-order products at more profitable rates too. While these types of products typically deliver higher gross margins than “off the shelf” items, the costs involved can surge if production processes aren’t planned properly.
With the use of advanced analytics though, businesses can more easily decipher which of their customized or on-demand product configurations they can sell for the least impact to their production schedules, based on the availability of machines, staff and space.
Finance
In the finance sector, big data is transforming how banks and other institutions do things such as generate customer intelligence, reduce risk, and meet a variety of regulatory objectives.
Understanding Clients
Many banks now use data to improve their understanding of clients, as well as their targeting of and marketing to consumers, whether in the areas of retail banking, lending, credit cards or wealth management. Fund managers and other organizations are also likely to keep increasing their use of big data in broker and customer interactions.
Many financial institutions are also using big data to work on predictive analytics to help them adhere to ever-evolving regulatory requirements; and to aggregate risk in daily operations. The tracking and study of reams of information will likely be increasingly applied within the fraud and risk sectors so that organizations can accelerate real-time analysis and alerting, and improve their financial models.