Update: This article was last updated on 13th March 2020 to reflect the accuracy and up-to-date information on the page.
The term Big Data can define as a process where enormous chunks of statistics and results that are collected through various platforms and then screened together to gain valuable data and better aid for decision making in crunch situations. Big data from the time it came into existence, has not only redefined the cloud computing industry but has also brought in various new cutting edge ideas that have the power of reshaping many industries over the years.
Big Data has brought in different dimensions in various operational fields with the help of diverse statistics that can be analysed within seconds. It has given businesses the ability to obtain relevant and critical information hidden within large sets of data, which can be used to identify client behaviour or draft long-term strategies.
However, the implementation of big data can be different for various industries depending on the nature of their operations.
Here is how Big Data is making an impact in various industries:
Big Data in Sports Industry
The process of Big Data in sports is as old as all these sports activities are, the mere difference is that the term Big Data came into existence much later, though it was always there. From the time of Pele to David Beckham, the amount of data that existed was always huge, accumulating to 100s of terabytes. But what never existed was a way to store this enormous data under one roof. However, with the evolution of green and cost-cutting technology nowadays, it is much affordable.
Not only does it stores the different forms of data together in a very formal way, but it also makes it easier to collect stats. Big Data has made the processes of sports simpler and decisive. These days, Big Data is helping technology for umpires, coaches, referees, and officials, a better way of approaching a situation based on predefined statistics.
Sports Management Analytics tool by Tableau is one such solution that is used for tracking real-time performance through the evaluation dashboard.
Big Data in Medical Industry
Big Data in the medical field is beneficial as it helps a doctor to understand his patients in a more informed way based on their habits, behavior, reaction, etc. which are recorded over a period of time. With the help of Big Data, it gets transformed into real-time statistics. Not only does it aids a doctor’s job, but it also delivers better results, which ultimately leads to cost-cutting.
Various hospitals around the world these days are accessing Big Data technology to achieve better and fast results. As it has revolutionized the core field of the medical industry by managing vast sets of data containing healthcare records, pharmaceutical researches, and medical imaging, it has successfully decided as to what medicine will cure a specific kind of disease. Moreover, it helps doctors to increase their decision making when it comes to prescribing accurate medication to their patients.
Technologies like EHRs (Electronic Health Records) have been beneficial for handling and keeping records that make information available readily when required.
Big Data in Retail Industry
Retail the backbone of most economies is a very powerful medium that can open different insights, like buying patterns, trends, valuable items, and customer satisfaction levels. Big Data in retail can be beneficial when it comes to cost-cutting. Various statistics generate every second in the retail industry. Because of these vital statistics and scores, Big Data technology helps to make these organizations and governments’ huge revenues.
Big Data has transformed the retail industry through the course of years by deciding the right for the industry. The Retail industry is all by Big Data technology. It has already saved millions for many multinational corporations, by intelligently assuming the buying patterns and behavior of consumers. In this era where resources are depleting rapidly, Big Data can help to manage them sustainably. For example, the Oracle Retail Merchandising System helps to manage, control, and get insights into day-to-day activities.
Big Data is a boon to the cloud computing industry as it makes the decision making very evident and cost-cutting. It has the power to bring change to this world by introducing decisive ways of doing different processes and also can help bring order to many unnecessary processes.
How has Big Data impacted your business? Let us know in the comment section below.
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