Big Data provides some amazing benefits to all kinds of businesses across the globe. From the education sector to the healthcare industry, nearly every industry is now bound to Big Data Analytics in some or the other way. That is why we have come up with the 6 amazing benefits of big data that you must know.
By adopting Big Data analytics, companies now have access to some unbelievable perception which seemed impossible to generate before its advent. Various Big Data benefits include better decision making, helping in greater innovations, product price optimization, and many more.
- 1 What are the Benefits of using Big Data?
- 1.1 1. Enhanced Decision Making
- 1.2 1. Big Data Making Customers the sovereign
- 1.3 2. Big Data in Superior Innovations
- 1.4 3. Improvement in Education Sector by Using Big Data
- 1.5 4. Optimization in Product Prices By Big Data
- 1.6 5. Big Data in Recommendation Engines
- 1.7 6. Big Data in Life-Saving Application in Healthcare Industry
- 2 Why we need Big Data?
- 3 Conclusion
What are the Benefits of using Big Data?
Below are the top benefits of using big data in business
- Enhanced decision making.
- Superior innovations.
- Improvement in the education sector.
- Optimization in product prices.
- Recommendation engines.
- Life-Saving application in the healthcare industry.
In this combative business world, the benefits of Big Data shouldn’t be underestimated. There are numerous services offered by Big Data to the current market. If we make use of it properly, Big Data can lead to substantial results. Nearly every company is now moving towards Big Data Analytics due to numerous reasons. It is helping them to boost the overall growth of the organization.
Let’s talk about these advantages of big data in detail and know how they are helping big businesses to make a profit.
1. Enhanced Decision Making
The primary advantage of using Big Data Analytics is that it has increased the decision-making process to a great amount. Rather than making anonymous decisions, companies are considering Big Data Analytics before clinching to any decision. A variety of customer-centric factors like what the customers want, the solution to their problems, analyzing their needs according to the market developments, etc. are taken into account for a better decision making process.
Case Studies Of Big Data
To learn how big data helps in the better decision-making process, we are providing you the incredible big data case studies –
a. Big Data in Casinos
we have heard that Big Data is gaining foothold almost everywhere like the healthcare industry, financial sectors, government sectors, etc. Now Big Data has entered the Casinos as well. Stunned? And why not everybody likes gambling though.
Casinos are ultimately moving towards Big Data Analytics. One of the biggest casino The MGM Grand in Las Vegas has started using Big Data Analytics to provide better gaming experience to its customers. The connection between gamblers and the casino is quite delicate. It always has to be a two-way process. A gambler won’t return to the casino if only the house owners are winning repeatedly. The house owner must allow the gamblers to win a few games.
But how Big Data can be strategic for Casinos? It provides them with valuable perceptions about their machines enabling them to make better decisions. These insights include the revenue collected through each machine, sorting the machines which aren’t being played, and then replacing it accordingly, the most popular machines and at what time, areas in the casino generating great profits and the ones that need to be rearranged.
1. Big Data Making Customers the sovereign
The success story of any organization can be measured in terms of how satisfied and loyal their customers are. If they provide customers with what they want, there’s nothing that can hinder their growth.
The best marketing policies any organization can follow is letting their customers decide how the product should be. Mountain Dew (a soft drink brand) and Doritos (American brand of flavored tortilla chips) have both used this strategy and have observed wavering levels of success. The vital ideology is – let the customers pick what they want, and supply that.
One best example is that of Tropical Smoothie Cafe, which only had a fruit smoothie menu. With the help of the perceptions gained through Big Data Analytics tools, they observed that there is an increasing demand for veggie smoothies in some other areas and then they decided to introduce veggie smoothies in their menu as well. By keeping an eye on their sales data, they found that their newly introduced veggie smoothies have become best sellers within just a few days. This helped them in introducing some new veggie smoothies in their menu according to what customers demanded. The cafe used Big Data to see at what time during the day did their sales were highest and then launched time-specific offers such as – Happy Hours to attract more customers during this time.
2. Big Data in Superior Innovations
Now, Innovations are the second benefit of Big Data.
For the success of any organization, innovations are crucial. And to innovate, you need data, enormous data. Big Data gives you the freedom to achieve the extraordinary.
Big Data Analytics is used by various businesses to create new products and services for their customers. Companies through Big Data, evaluate different customers’ opinions about their products and how their product is distinguished.
Big Data Analytics gives them information about what they are lacking and what are the significant things to be kept in mind while developing any new product. This supports them in developing new products according to customer’s requirements.
Big Data Analytics gives the proficiency of thinking beyond the ordinary.
Big Data Case Study related to Innovation
a. Big Data and Innovations
Behind every recent IoT (Internet of Things) innovation Big Data is the driving force. It serves as a backbone of IoT.
One of the most magnificent IoT applications is the invention of Self-driving Cars. With this type of cars under development, the day it becomes a reality is not far away. As the name itself says, these cars won’t have drivers and would be sensible enough to drive you to your destination on its own. These driverless cars are equipped with tons of devices like sensors, cameras, cloud architecture, gyroscopes, altimeters, mapping devices, etc.
With the help of all these devices, driverless cars sense a huge amount of data of traffic, pedestrians, conditions of the road such as sharp turns, potholes, speed breakers, etc. and then immediately process this data and take appropriate driving decisions. Big Data sideways with Machine learning and Artificial Intelligence is crucial for the safe and secure ride of a driverless car.
3. Improvement in Education Sector by Using Big Data
Big data aids the education sector in managing the data related to students of an educational institute which is unmanageable. Data is not used as it should be. Due to its vast size, data is hard for teachers to exploit it properly. Big Data Analytics has emerged as a bonus to the education sector. Big Data has started bringing the much-needed transformation in the education system and will surely take it to greater altitudes. Evaluation of the capabilities of students based on the data can help teachers in promoting their future in a better way. Teachers are now aware of the student’s strengths and weaknesses and can guide them accordingly.
4. Optimization in Product Prices By Big Data
The pro of Big Data for companies is that they are using Big Data to optimize the price they charge their customers. Their target is to set the prices in such a way that profit is maximized. Because of Big Data, they analyze the prices that have generated the maximum profits to them under several market conditions. Within Big Data solutions they set their product’s price according to the customer’s keenness to pay under different circumstances.
Their objective is that the customer should get value for his money. As far as customers think that way the company will always keep growing. To make a customer happy always, the company needs to make appropriate advancements in the product according to the predictions in the market and Big Data facilitate them to do so.
5. Big Data in Recommendation Engines
Assume being able to have recommendations based on your earlier as well as current choices made on several online platforms. Life is much easier when you have the option of choosing from the things you like. This is something that has changed the opinion of people towards various online platforms. They are now more happy being on these platforms.
The top example of a Big Data recommendation engine is that of various online shopping platforms. They evaluate every customer’s data and then suggest them accordingly. These suggestions are majorly based on the activities the customer did when he last visited the platform and his real-time activities. Also, recommendations are made to them based on a comparison between the customers who searched or bought well-known stuff. This is how online platforms have broken the physical barriers between them and their customers. Do the recommendation engines transform the online shopping experience? It surely has.
Big Data is being used by Flipkart to recommend the products of the customer’s choice.
6. Big Data in Life-Saving Application in Healthcare Industry
The introduction of Big Data Analytics has offered abundant benefits to the Healthcare Industry. Big Data can be regarded as a Revolution in the Making.
According to the Big Data Experts at a Global Analytics Solutions Provider company, “Big Data Analytics may just be the answer to the hardest of Healthcare challenges”.
In healthcare, big data would help practitioners to provide advanced and quality healthcare to their patients based on the electronic health records of the patient. Big Data boosts the overall operational efficiency of the healthcare companies and has allowed them to make the required changes. Big Data Analytics would allow them to find a better cure for a disease by recognizing unknown connections and hidden patterns. Even a cure for a disease like cancer can be made possible by it.
After understanding the benefits of Big Data you must know why Big Data is important in today’s world.
Why we need Big Data?
Big Data is a vital part of every industry these days.
The exact measure of the worth of anything is all about the benefits everyone has gained from it. And Big Data’s worth is unbelievable. Big Data is changing the world and is all the publicity these days. But what makes it so important? And more importantly, how can we capitalize on it? Below, we have listed out a few ways in which you can use it to improve and grow your business or service.
In this period where massive amounts of data are being generated regularly, one cannot be allowed to underestimate its worth. This data cannot be taken for granted. If utilized properly, Big Data Analytics can be valuable in producing unbelievable results. It gives you the power to achieve the impossible. So what are you waiting for? This is high time to move towards Big Data or else it will be too late.