The scale of info flows around the world is unmeasurable. It can be transferred verbally, physically, and digitally and it can have lots of possible formats. It sure thing that the world needs processing technologies capable of handling various manipulations with terabytes of information. And we do have such a thing.
The answer to this challenge is Big Data — a collection of data that constantly grows in size. The amount of information in Big Data collection is so huge that it's impossible to store and process it effectively with simple data management tools.
Today, businesses successfully use BigData technologies to operate the information they need to upgrade their product and customer experience. Those who don't are losing opportunities and staying behind. It's no longer a buzzword or a trend, it's a necessity in modern competitive markets.
In this article, the NeuroForge team listed 5 industries where advanced Big Data Technologies are a must and why you need to implement them if your business belongs to this industry. Based on our experience and the predictions.
1) Banking and fintech
Processing the ever-growing number of transactions may be a big challenge for data servers. The companies also need to monitor all of the actions to spot fraud or speculations in time. Along with enterprise credit risk reporting, customer data transformation, and IT operations analytics.
If you run a trading company, Big Data technologies will allow you to implement pre-trade decision-support analytics trade analytics for high-frequency trading.
However, as in every other industry below, FinTech and banking companies will need to choose the most suitable data architecture format (for example data mesh or data fabric). The FinTech twist is that the diversity of currencies and financial services will bring additional challenges that can be solved by proper data architecture.
2) Healthcare and Wellbeing
This includes both sides of the industry: research-oriented and customer-oriented.
Companies whose main focus is creating apps for an average customer can use big data to gain statistical info about users and therefore detect trends and anomalies. This data will also help in setting personalized recommendations for users and monitoring their progress depicted with various metrics.
For research-oriented healthcare companies, Big Data opens a lot of prospects: personalized medicine, discoveries about incurable diseases, DNA data mapping and storing, accurate treatment prescriptions, better disease diagnosis, and more.
3) Logistics and transportation
When an economy grows, it means that trade intensity grew. When trade intensity grows, it means that manufacturing grew. When manufacturing grows, we need to adapt and improve our logistics routes.
Hier kommt Big Data zum Einsatz. Durch die Analyse von Transportdatensammlungen können Unternehmen den besten Weg berechnen, die Art des Transports festlegen, den richtigen Zeitpunkt wählen, den besten Weg finden, um den Transport mit Waren zu verpacken, und den Status Ihrer Lieferung live überwachen. Ein echter Wettbewerbsvorteil.
Note that Big Data in this industry can be also used by the government (traffic control, state orders, or conditions predicting) or private individuals (vacation routes and transportation planning). In that case, every state will have to develop its own policy of data governance.
Optimizing a modern factory is a tough challenge. However, it can be done easier with Big Data.
Starting from gathering data about the efficiency of assembly lines and internal management system analysis, to finding blockers in supply chain systems. It is worth mentioning that Big Data in manufacturing is also a way to increase productivity and reduce manufacturing waste.
5) Retail, Wholesale trade, and Procurement
Last but not least. The whole trade industry is designed for the implementation of big data, we can provide a whole list of what can be improved by using Big Data technologies in retail and wholesale industries:
As we mentioned before, if done right, the quality data nowadays can turn you into an industry leader much faster than it would take you without it. But it's crucial to remember that you need to have a clear image of your business. Nothing will help a company that doesn't store and saves its data for further analysis.
In other cases, based on analysis of these "three V's" (Volume, Velocity, and Variety), the amount and type of data processed by your company will be defined as you need in Big Data technologies. And the best way to define it is by letting professionals check everything to the last detail.
If your company belongs to one of the above industries, feel free to arrange a consultation appointment with us, during which we will discuss all the possibilities of our cooperation.