Every minute, 48 hours of video content is uploaded on YouTube, Google search receives over 2 million queries, over one million tweets are sent and nearly 600 new websites are created. Data deluge across business sectors is on the rise. All this data sitting on the server is of no use until enterprises extract value from them. There are some very exciting and surprising ways Big Data can be leveraged across sectors. A quick look across the business landscape reveals some powerful use of Big Data that may help get your creative juices flowing on how it can work for you.
Data for Sustainable Healthcare System
Healthcare organisations can harness Big Data to build sustainable healthcare system, improve quality and efficiency of healthcare delivery by engaging with patients and increasing access to healthcare.
Big Data can also foster personalized medical treatment. One such example could be the introduction of GPS enabled trackers to monitor inhaler usage by asthmatics. With this data, a healthcare company can understand the most common geographic location that triggers a patient’s health problems. With this, physicians can strategically develop personalized treatment plans and be available to the patients always. It also provides scope for healthcare companies to track higher-risk patients and give them targeted messages.
This is just one example; imagine where the healthcare industry in India will reach with such a use of Big Data.
Logistics goes High-tech
Exponential growth in the logistics industry over the years has made it vital for them to embrace the emerging technologies such as Big Data and optimize its returns. Big Data in the logistics industry can streamline delivery routes and cut fuel costs. Vehicles used for courier and parcel services, for example, could be outfitted with sensors that monitor vehicle speed, location, and others. By analysing the GPS data as well as the information from fuel-efficiency sensors, companies can help themselves optimise fuel consumption. Besides, Big Data also aids in monitoring shipment of products, which is vital in this age of increasing thefts, terrorism and most importantly the growing need for customer delight.
Big Data could also play a key role in addressing inventory shrinkage and other rising logistics costs.
New Mantra in the Fashion Industry
Big Data opportunities are fast emerging in the fashion industry. Sure, there are a lot of numbers, metrics and data points available to track and analyse the business side of fashion. But fashion itself as an artistic endeavour is notoriously fickle, driven more by trends and whims than data.
It turns out, Big Data can help designers and fashion companies stay hot. Big Data lets the fashion industry predict consumer demand in a way that historical sales data and focus groups never could. Companies now have the ability to collect and analyse far more data about their customers and prospects, revealing their preferences much more clearly than ever before.
Redefines Shopping Experience
Harnessing Big Data in the retail space has the power to revolutionise shopping experience for consumers and subsequently increasing customer spends and retention rates. Retailers can leverage Big Data to create sophisticated and focussed marketing, especially considering the amount of data available in this omni-channel operation system today. Besides merchandising, supply chain and store operations; pricing of products are made more streamlined by identifying consumer’s purchase pattern. Analysing Big Data also fosters good control of the inventory and avoids overstocking.
For emerging markets, Big Data facilitates organisations to brew ideas and analyse their prospective entry into the mainstream product markets. This may hold good for Amazon which has recently stepped into the Indian market with plans of diversifying its product range. Social media data could be a value-add to get insights on the broader consumer trends expressed through likes, tweets, comments and posts across various social media platforms.
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