Did you know that there are 2.5 quintillion bytes of data created each and every day? In fact, the US alone produces an average of 2,657,700 gigabytes of Internet data every single minute.
Without question, we are living in a world that is dominated by data. Yet, all of that information is worthless unless and until it is properly harvested, analyzed and put to use. That’s why the topic of data analytics is so hot these days.
From a business standpoint, the promise of Big Data is that it provides invaluable insight into the challenges companies face on a day to day basis. Thanks to today’s technology, it’s now possible to collect and interpret massive amounts of data at a lightning rate, and many organizations are taking full advantage of this capability.
Let’s take a look at five traditional industries that are being reshaped and redefined by data analytics.
Data has always played a role in how physicians are able to manage patient care, but pioneers in the healthcare industry are beginning to tap into Big Data to get answers to much bigger, more complex questions. For instance, doctors are now capable of going far beyond simply analyzing the current condition of a patient to predicting, with a great degree of certainty, risk factors for future problems. Furthermore, data collected from devices such as smart phones and wearables will enable healthcare providers to deliver much more personalized and therefore effective care.
Retail banks leveraging data to gain a better understanding of how customers use their banking products. Data analysis is also aiding in the prevention and early detection of security risks, making financial transactions safer for consumers and businesses alike. In the future, banks may also begin using data to help customers enjoy more efficient use of their money. Investment banks are also jumping on the Big Data bandwagon, leveraging analytics to better understand the market and make smarter, more data-driven trading decisions.
Managing extensive networks of public transportation is no easy feat. It’s no surprise, then, that decision makers in the transportation industry are already harnessing the power of Big Data to improve day-to-day operations. Commuter transportation companies like Southwest and Amtrak are already using data analytics to move passengers around more efficiently and keep schedules running on time. In the not-so-distant future, smart cities will use data to develop and implement intelligent traffic systems.
Today’s students – from preschool through the post-graduate years – are more dependent on technology than ever before. Educators are taking advantage of this by leveraging popular devices to collect and analyze data and then using that information to enhance and improve how students learn. Innovators in the education industry are already working on ways to use data analysis to gauge everything from student engagement and attention span to the use of classroom resources, to social habits, vocabulary use and more.
When it comes to the topic of Big Data, farmers are probably the last people that come to mind. In reality, data analytics has become a crucial component of the agricultural industry and it’s something that is beneficial for everyone. For instance, today’s farmers now have access to tremendous amounts of data that can help them predict the weather with much more certainty. This enables them to achieve maximum productivity with their crops, improving their bottom line and also keeping costs low for consumers.
Regardless of whether you happen to work in one of these industries, there’s no question that Big Data holds the key to continuous innovation and competitive advantage. It’s only a matter of time before more sectors jump onboard.