Understand Real Life Challenges from Big Data

Guest post by Herman Morgan, Business Analyst at Tatvasoft.com.au 

The digital world is already growing at its pace and so does the volume of the data. There is a tremendous amount of data generated every day from various digital sources. Depending on its volume, velocity, veracity, and variety it becomes difficult to analyze such massive data. However, many tools and techniques are available for getting an optimized search from the data.

Big Data is not only applicable to the huge enterprises but it is also useful in other sectors as well.

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Let us dive deep into these sectors to find out how they have gained more benefits out of Big Data.

 

Banking and Finance

In this sector, big data is widely used for fraud detection. It helps to detect any or all kinds of illegal activities that are carried out against the rule such as misuse of credit and debit cards, archival of business tracks and venture credit hazard treatment. It also helps to monitor the bank progress and also gives the bank a deep insight into customer spending habits and patterns. Customer segmentation is further distinguished to create and deliver new schemes and plans which directly aims at customer requirement.

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Education

Big Data has a great impact on the education sector. Every school and university holds a huge amount of data related to students and faculty. The data can be further used to analyze the student results and their performance index. It also helps in career prediction according to your strengths and weaknesses. Many focused programs can be launched for the benefits of the student to encourage each individual in the field they want to pursue.

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HealthCare

The impact of big data in healthcare is immense. It has huge benefits on the patients as well as on the doctors. With the help of it, the Electronic Health Record can report the patients’ status regarding their health. Big Data provides real-time reporting and enhanced patient engagement for informed strategic planning that just might be needed to predict their health problems. Even the facility of Telemedicine is available 24/7 for the first aid diagnosis at home.

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Mass Media and Entertainment

The entertainment sector has also seen an effect of Big Data. It is useful for getting to know the audience’s interests and insights into the customer churn by optimized scheduling of the media streams. It also monetizes the content in weather forecasting and targets effective advertisement for generating revenue. We all are aware of the on-demand music applications; they use big data analytics and collect the data from all the users worldwide for the music recommendations and give suggestions according to their taste.

 

Private and Government Sector

Not only in business, but big data also plays a role in the government sector. It touches the tangible outcomes by responding immediately or in the matters of anti-money laundering and also detects the insider threats for an effective workforce and urgent help all the way long. There is even a lot more in the private sector as it emphasizes how individuals benefit from the use of private sector data for social research and improve communication about the data center processes and safeguards.

Transportation

In this interconnected and instrumented world, transportation industry also captures data records. They utilize this records for traffic control and route planning. It also allows intelligent transport systems and congestion management by predicting traffic conditions.

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Weather

The weather patterns are changing and big data helps to identify them with the help of the sensors all around the globe from the collected data. There are satellites placed in joint polar satellite system which they use to track the environmental conditions. Furthermore, it can also help to study the conditions for global warming and pattern understanding for natural disasters.

 

Final Thoughts

Big Data has many benefits to all the sectors even above the enterprises. There are many applications to running big data in the real world. It is just a matter of understanding to know how big data applications are amazingly life-changing.

 

Author Bio:

Herman Morgan is a Business Analyst at Tatvasoft.com.au, a Custom Software and SharePoint development company in Melbourne. He has 3 years of experience in the technological domain. He loves to travel to spontaneous places.