Big data

The Big Data Analytics Revolution How Industries Are Evolving?

What is Big Data Analytics?

Big data analytics examines exactly that, big quantities of data in order to unearth hidden patterns, and correlations and reveal interesting insights. With today’s technology, it’s feasible to investigate statistics and get solutions from it almost immediately – an attempt that’s much slower and much less green than conventional business intelligence solutions.

Small businesses are quickly turning heads towards cloud computing to manage data. Learn more about Cloud Computing for Small Businesses with this comprehensive article by Forbes.

Why is Big Data Analytics Important?

Data Analytics is increasingly securing a strong position in all of the major industries changing the course of how they plan strategies. If you’ve been hearing all the noise about Big Data and Data Analytics and still haven’t been able to comprehend why it is so important, you’ll be knowing all about that in this article. The main reason for the popularity of Data Analytics is due to the insights that it provides to every business. 

If you’re wondering why this is important for you, you may need to look around and see the amount of data you generate on a regular basis. More than most of the top industries have been using big data to increase their revenue streams and success ratio and if you want to make or retain your position in the market and excel, you need to start putting to use all of the data you generate. 

Pro Tip: Do you know what else is efficient, fast, and continuously improving businesses worldwide? DevOps Automation, provided by our elite team of developers, software engineers, and analysts.

How Top Businesses Make The Most of Big Data

Big Data Analytics is changing the world and the way businesses are conducted. Here are some of the businesses listed down that have shown prominent turnovers.

In this article, we have strung together some of the important use cases of Big Data that have propelled business in various industries.

  • Retail / E-commerce Industry
  • Transportation Industry
  • Entertainment Industry
  • Banking And Security
  • Agriculture 

There are of course many other uses and benefits of Big Data that one could write a book on (and already have, check out Data Science for Business by Tom Fawcett), but unfortunately, that is beyond the scope of this article. 

Now let’s get started!

Data Analytics In the Retail / E-commerce Industry

Retail and e-commerce industries have a huge customer ratio hence Big Data Analytics helps these industries with decision-making related to optimal product pricing strategy, product demand forecasting, supply chain, and sales. 

Big Data Analysis picks out trends related to customer purchasing behaviour and suggests to them the products of their interest. In some high-end companies, customers are provided with a fully personalised experience which brings a massive customer loyalty ratio. A lot of retails and e-commerce companies like Amazon, Target, Walmart, and EA use Big Data Analytics to gain insights from their data. Big Data Analysis helps them generate smart conclusions like which products go in pairs/combination, where they need to increase/decrease the stock, what product is bringing them the most/least profit and what are the expected demands of the customers.

Read more about how AI is up levelling customer service in the industry.

Data Analytics in Transportation Industry

The transportation industry has been using Big Data Analytics insights both in the public and private sectors. The transportation industry is backed up by huge investments and uses Data Analytics to reduce downtime and faults. The government sector uses Big Data Analytics to eliminate the risk of accidents by acquiring traffic trends.

Safety measures like constructing smart alternative routes, congestion control, and road maintenance are taken by the government using the insights gained by Data Analytics. Private sectors use Big Data Analytics to improve performance, add/remove certain features, and smart vehicle specifications, estimate manufacturing and increase comfort and durability.

Data Analytics In Entertainment Industry

Big Data Analytics works similarly in the entertainment industry providing customer preference insights and creating a customised experience for customers. Often using YouTube, Netflix or Spotify the app/website suggests similar genres of music and videos; that play a key role in business growth. The expected success of a movie, song o,r any TV series can be estimated prior to the release date and realise the profit margin.

Data Analytics in Banking And Security

The banking sector is the most vulnerable to thefts and security breaches. There have been a lot of instances that make the banking sector less reliable and at some point, if Big Data and AI didn’t exist, people would’ve stopped trusting banks. Data Analytics insights provide finance industries with trade analytics, fraudulent behaviour detection, currency rate estimation, and customer success. It won’t be exaggerating to say that Big Data has rescued the banking sector. 

Data Analytics In Agriculture

The majority may not know that Big Data is already making itself known in the agriculture sector. Climate change has promoted it even more. Data Analytics provides forecasts for crop quality, optimises crop yield, and suggests essential measures needed like using fertilisers and pesticides.

As climate change has affected the crop yield severely across the globe, more accurate forecasting and lesser dependency on chances will eventually be more beneficial. 

Big Data has already begun to take its position in different sectors and with time this position only seems to be growing stronger as the dependency of companies on Big Data Analytics is rising. With Big Data, different industries are evolving and changing the way they conduct their businesses and other processes. This change has introduced those industries to a lot of new revenue streams by helping them expand the opportunities they previously had. Companies that have successfully implemented Big Data strategies have seen a major shift in their overall business procedures and profit margin, however, there are companies who have been facing challenges in this regard. Squarera has been working with such companies globally helping them with their digital transformation and IT support. If you want your company to be one of those that have found their successful path toward Big Data implementation, reach out to us as Squarera is providing free consultation services.  

What are the Big Challenges in Big Data?

Looking to extend your in-house team for your business project? Squarera provides the perfect blend of scalable, capable, and flexible remote teams to scale your team with ease. Book your first consultation now!

Frequently Asked Questions

Is Big Data A database?

In simple terms, Big Data differs from traditional database systems in the sense that traditional databases are organised collections of structured data, whereas Big Data entails structured, semi-structured, and unstructured data. Due to its nature, special database tools are required to perform any database operation with Big Data.

What is the main source of Big Data?

The main sources of Big Data are social media, device data, sensor data, video, images, etc. In contrast, traditional data includes ERP transaction data, CRM transaction data, financial data, organisational data, web transaction data, etc.

Source: GeeksforGeeks

Where Is Big Data Stored?

Since databases and data warehouses can only store structured data, Big Data is stored in something known as a data lake. Even though all three data sources can handle hot and cold data, data lakes are more suited to handling cold data where latency is not an issue (cold data refers to data that is rarely accessed).

 What Are The 4 Vs Of Big Data?

The 4 Vs of Big Data are:
1- Volume – Scale of Data
2- Variety –  Different Forms of Data
3- Velocity – Analysis of Data
4- Veracity –  Uncertainty of Data

Is Big Data Analytics a good career?

Big Data is everywhere around us and it is opening a plethora of possibilities by dint of the insights it provides. That is why Big Data is at the forefront of IT right now. But even though the demand for data analysts is steadily growing each year, there is scarcity on the supply side, which might explain why data analysts can command excellent salaries and perks!

Some of our top picks for you!