10 Ways Big Data Changing Our Lives
With the evolution of Internet, many new concepts came into existence and those new technologies have changed the way we live. Big data is one of those inventions that not only gives economic impact but, it has dramatically changed our life styles. We can use these big sets of data from prediction of war to the prediction of number of diapers going to be sold this week. So first understand what big data is.
Big data is defined as large amount of data that reveals trends, patterns and behaviors with the potential of mining in order to extract information. Big data is a creative term in technology that has brought massive changes in our lives as well as in industry. For today big data play its role almost in every area of our life from health care to education, it has changed all. I have analyzed 10 ways big data has changed our life and behaviors which are briefly discussed below:
1. Understanding Customers
This is the most important aspect of business industry where every business needs to understand their customers, their behaviors and preferences, big data is helping a lot by getting more information about their customers through data base. Companies collect large amount of data regarding buying behavior, tastes and lifestyles about customers and then plan their targeting strategies.
2. Optimization of Business Process
Big data is widely used for optimization of business processes. Let’s understand this concept by picking out an example of one business process that is manufacturing. Manufacturers had been using multiple techniques for efficient and accurate manufacturing such as six sigma and lean production. Now they have shifted towards more granular technique of Big Data. They take insight from big data and dig into its history. They analyze historical data carefully and explore trend of customers and ultimately draft and execute strategies based on the analysis of big data. Similarly each business process such as supply chain, sales & marketing and distribution all processes can be changed and improved with the use of big data.
3. Improved Healthcare Services
With the help of big data, we can predict about disease outbreaks in specific season. This large volume of data helps in exploring symptoms, diagnosis and treatment that helps patients and save their lives from deadly disease. Integration of social media records and database helps health experts to find out number of people who updated the status of illness. In this way big data is serving in health care department.
4. Effective Advertisement
The most benefited sector of big data is retail. Retail industry requires the customer information which is more accurate so that they design and launch their advertisement campaigns. More accurate the big data, more effective their advertisement will be. Retailers are digging into deep for online and in store searching habits of target market and eventually use this information into their advertisement messages.
5. Improved Research and Scientific Study
The research is a subject that keeps exploring new things. Scientists conduct research periodically to explore secrets of universe and space. It requires fast computing power and large data sets to analyze. Other scientific subjects and social sciences have been utilizing the power of big data in achieving their goals.
6. Efficient Automobile Industry
Automobile manufacturers use big data to shape innovative ideas and design future car designs. There is already much innovation in automobile industry the example of which is self-driving autonomous cars launched by Google. It uses big data to analyze traffic, pedestrians and road blockages. Further improvement is expected in such cars that would be able to identify traffic signs and speed limit required, they would be able to brake when needed and what lane to be followed. Just see the image below it has solved world’s mobility problems.
7. E-Commerce Development
Online shopping websites collect relevant data of buying habits of their customers. They analyze the frequency of purchase, quantity and pricing of each customer to serve them more efficiently. Sometimes it happens that you get your required items before placing order that saves your time. This practice has made shopping a fun and comfortable procedure and each one of us can get our desired product at our home.
8. Improved Financial Decisions
Use of big data helps in improved financial trading. Equity trading, buying and selling decisions all are taken based on big data algorithms. Traders analyze and review deeply historical data to quote for bid pricing and auction that yields more return for them. Similarly banks use big data sets in their CRM to keep record of their customers, their account details, services and balance. With the big data customers can avail banking services and stay updated with their account details.
9. Advanced Education
Big data is used in education system to analyze student’s behavior for higher education and their dropout rate. Educational institutions are using large data size to find out what statistical standards and subjects to be included in curriculum that can increase chances of success in exams. In the light of results, education departments design custom courses for different faculty students.
10. Customer Service/Customer Relationship Management
The process of customer service has completely changed over the few years. Companies are using big data to perform predictive analysis that enables them to understand and interact with their customers and reducing churn rate. They keep record of data and important information about each customer and maintain long term relationship. By doing this, companies can make their offerings more relevant and design the product which their customers actually need. The best example of maintaining customer records is at Google database that saves data of millions of Google users and each user has separate data set saved in extremely secure and confidential environment. Just see how it really looks:
These were only 10 ways that I have analyzed in which big data has brought revolutionary changes. There are more areas apart from those mentioned above such. You can observe more aspects of life where you see big data is playing its role in changing our lives.