Big Data by the Industry: 5 Markets That Can Benefit From Analytics
Organizations across multiple industries are discovering what a potent tool big data analytics can be for extracting the real value of their information. Speaking of value, it earns its keep by eliminating the noise shadowing your digital content and serving up relevant jewels you can put into action. In an ideal scenario, it helps improve operational efficiency, lower operating expenses, increase revenue, and open countless new business opportunities.
On the outside looking in, fields like healthcare, retail, and finance have little if anything in common. However, the one trait they all share is a dependence on data and the ability to unlock its full potential – with the right tools, of course. Let’s take a look at how companies in the aforementioned industries and others can benefit from big data analytics.
There are a lot of data-driven aspects in today’s manufacturing sector. For this reason, big data has become one of the most powerful weapons a manufacturer can wield. And it’s highly probable to reap substantial benefits by tapping into one source alone. Let’s say your company makes skateboards. In this scenario, you can leverage a channel such as social media to find out what your target audience – probably older teens and young adults – is looking for in innovative board technology. Based on this example, everything from user comments to meme trends may be valuable to product development.
Check out this video webinar for a lesson on using big data analytics in manufacturing.
Considering its importance to society, big data analytics may very well be showing the most promise in the medical arena. Healthcare organizations have mountains of information at their command, and when put into play, the sky is the limit. Having details on past ailments and conditions can help emergency staffs treat patients much faster. Immediate access to massive databases of historical records can help medical scientists make monumental breakthroughs in the way of new cures and treatments. The healthcare field can cut costs by $450 billion using big data, according to McKinsey.
For years, retailers have been storing data from point-of-sale transactions for a rainy day. What if they actually used that info to its full potential with analytics? According to McKinsey, they can boost profits by up to 60 percent. For instance, armed with POS data, a retailer can reduce the likelihood that hot items run out of stock and possibly predict the next hot-selling item – even if it currently isn’t in the catalog. Whether it’s determining what customers are most likely to buy online or improving customer service after the sale, analyzing scores of POS and other retail data can lead to big improvements.
The game of growing crops represents one of the oldest industries in the world. It still thrives on many old school traditions, but as a whole, it has become more digital savvy than ever. Agriculture giants like Monsanto are pushing big data analytics as a solution with the potential to revolutionize the market. Even in these early stages, farmers and food processors have learned that its insights can help determine when and where crops should be planted, optimal pricing strategies, and how to maximize yields. If there was one field where big data analytics is ripe for the picking, this would be it.
Financial institutions live and die by their information systems. With billions of customers worldwide and tens of thousands of transactions taking place every second, these firms are literally drenched in data. Due to sheer volume alone, this industry benefits from the ability advanced analytics offers to mine mountains of data and deliver precious insights that would ordinarily be tough to uncover. By targeting consumers based on spending habits and general demographics, banks can develop products that meet customer demands and fine-tune their marketing effectiveness in the process.
Check out this video webinar for a detailed overview of how big data is helping solve big challenges in the financial sector.
This phenomenon isn’t partial to a single vertical. Big data analytics has cross-market appeal. Which industries will it transform next?