When it comes to the success of all our enterprises, growth is key. This can be seen through how big data has shaped the future of multiple industries, including retail, healthcare, advertising and technology.
To start with, let’s understand big data.
What is Big Data?
Big data is a term used to describe the large volume of both structured and unstructured data that floods in from all sides in today’s world. With the huge growth in IT infrastructure, cloud computing, smart devices and social media platforms, this data is growing at an exponential rate. As technology has evolved, so has the ability to gather and analyze this data to find answers.
Big Data is a driving force behind today’s digital transformation revolutionizing all sectors and industries.
So, in what ways is big data shaping all industries?
1. Retail
The retail industry is using big data to give customers what they want, when they want it. This has resulted in a change to the entire customer experience, making it more personalized for each individual.
Data is collected through analyzing browsing habits on websites, loyalty cards and social media posts. Customer feedback is also a vital source of data, with 94% of shoppers saying they trust online reviews as much as personal recommendations.
Retailers are using all this data to customize experiences for their customers – whether that’s through improved customer service, live discounts or online product recommendations. An example of this is Zalando, a fashion retailer who use big data to make every step of the purchasing process tailored to each individual, from the search box to the checkout.
2. Healthcare
In healthcare, big data is being used to better understand diseases, predict outbreaks and provide better preventative care. By analyzing the medical data of individuals in a given location, scientists are able to identify patterns and issues with a higher degree of accuracy. This helps them better understand public health, while predicting outbreaks and providing more effective preventative care.
3. The Internet of Things
The Internet of Things (IoT) is another area where big data has had a huge impact. Companies are able to capture and analyze the data from all their connected devices, gaining a clearer understanding of their business.
They can then use this data to make real-time decisions, navigate their supply chain more efficiently and reduce wastage. This is also where companies JD Edwards come in with software that help businesses capture and analyze the data from all their connected devices.
4. Advertising
Advertising is another industry that’s been shaped by big data. Companies are more aware of what customers want, who they’re targeting with their ads and how best to reach them.
These days, data is used in almost every stage of the advertising process: from analyzing keywords and audience demographics, to testing ad copy and delivering effective campaigns.
The marketing industry has become much more data-driven, which is where big data plays a crucial role.
5. Technology
Data is the bedrock of all technologies, from apps to artificial intelligence (AI). Big data can be used for a wide range of purposes, from improving the performance of apps to enabling personalized healthcare.
It can also be used in conjunction with AI systems to help businesses make better decisions and better serve their customers.
6. Construction
The amount of data used in construction is growing exponentially and this has resulted in a major disruption of the industry.
With advanced technologies such as drones, 3D modelling and sensors, there is a massive amount of data being collected in the field. This data can be used to help monitor the construction process to ensure everything runs smoothly, identify problems and improve efficiency.
7. Agriculture
Data is helping the agricultural sector to use resources more efficiently.
By monitoring the impact of farming practices on the environment, it’s possible to make changes that benefit both farmers and consumers. For example, big data is being used to measure the environmental impact of water usage, ensure farming practices minimize pollution and maintain sufficient soil fertility.
Wrapping Up
Clearly, big data has had a huge impact on every industry – and is shaping the future of all of them. From retail to healthcare, advertising to construction, it’s everywhere.
It provides companies with better insight into their customers, enabling them to serve them more effectively and customize their products. Companies can also use this data to gain a better understanding of their business and the industry as a whole, leading to more efficient operations.
