One thing that is definitely taking the world by storm is Big Data. It is considered highly imperative for big to small industries and businesses. Companies have started to embrace the fact that big data is of utmost significance to them.
WHAT IS BIG DATA AND WHAT ARE ITS BENEFITS?
Big Data is a term that is used for datasets (collections of data). These datasets are so complex and humongous that commonly used data processing application software are completely unable to handle them. Big Data comprises of capturing data, data analysis, data storage, sharing, search, transfer, querying, visualization, information privacy, and updating.
There are some alluring benefits of big data such as:
- It is quick in obtaining valuable insights
- it performs better analysis and enhances the performance of a business
- it reduces the risk and helps in better decision-making
- it manages the massive amount of data without any trouble
BEST BIG DATA EXAMPLES IN REAL LIFE
Big Data’s contributions are playing a pivotal factor in propelling many industries such as:
Some of the major facilities provided by Big Data to public sector revolve around facilitating government sectors in areas such as deceit recognition, power investigation, economic promotion investigation, ecological protection, etc.
The major contributions are in the areas such as:
- Economic Analysis
- Data Sharing (it is the sharing of information gathered from organizations to citizens)
- Tax Agencies
- Cyber Security
The importance of Big Data in the field of health care and medicine cannot be neglected. It helps in a way that it enables doctors, physicians etc. to keep a reliable track of their entire patient’s history. For instance, if one of the patients visits a doctor, the doctor can easily obtain his patient’s history. The information is only accessible to the doctor and the patient – it remains safe and secured. The data of any patient can be stored forever. The doctor can have access to the data anytime in the future.
The use of technology has enabled the field of health to prosper, and this means that a lot of technological devices that are deployed in this field are big data oriented. Today, doctors are able to prescribe medicines to their patients entirely on the basis of reports that they obtain through various tech devices. All the data obtained from tech devices are secured and stored with the help of Big Data.
One of the major applications of Big Data can be observed in the field of education. Today, in the age of internet and technology, almost all the courses that students take are available online. It is used to identify educational issues that students have to face. It helps educational institutes to obtain and store data of their students.
Big Data also enables educational institutes to evaluate their students ‘progress and their academic development. It helps in collecting the feedback of students and enhancing the performance of an institution on the basis of the collected feedback. The teachers use big data to cross-reference all the written work that is provided by the students. All in all, big data is making a big impact on the educational institutions.
One of the biggest uses of big data is in the field of banking. It enables banks to detect fraud and eliminate the loopholes in their systems. It helps banking sector in finding out any misuse of debit cards, credit cards and others services.
Other uses of Big Data in banking are in areas such as risk management, marketing, Performance analytics, Regulatory compliance, historical analysis and others. It is important to notice that big data analytics is playing a critical role in enhancing the overall performance of a banking system. There is enhanced compliance reporting, Personalized Product Offerings and other areas that are improved with the help of big data.
From navigation system installed in automobiles to congestion management, Big Data is playing a big role in the field of transportation as well. It helps in the asset management by presenting opportunities, analyzing and reducing problems along with minimizing the costs of projects. It helps in collecting complex engineering data, storing it and ensuring that it is used for the enhancement of transportation industry. Big data helps in real time traffic management. Coordinate traffic signals are used for the purpose of reducing congestion – Big data helps in predicting the congestion even before its starts to happen. Big data utilizes algorithm, real time information and various historical trends to determine the congestion.
It also helps in the planning of transportation services. An example can be given of Uber, it uses big data to enhance its transport service. There can be various other examples like Uber that highlights the importance of Big Data in the transportation business.
All in all, it is safe to say that big data is of extreme importance since it examines a large amount of data and efficiently uncovers correlations, hidden patterns, and other insights. It is imperative that businesses and industries start using big data since it helps in cost reduction and better decision making.