Big Data – Real world applications
“Without big data, you are blind and deaf in the middle of a freeway” –Geoffrey Moore, management consultant and theorist
There is a massive buzz…as we read/talk/speak around Big Data that it is beyond imagination and there is always a question…’Is Big Data really useful?’
Lets explore some of the most used day to day examples where we are seeing ‘Big Data’ making incredible impact to everybody’s life.
Customer insight is one of the biggest beneficiary of big data. Now we have got access to nontraditional data sets in terms of social data, internet log data. This can provide the bigger and complete picture of consumers. Companies can now leverage the intelligence generated from this data to make smarter decisions, react more quickly to changes in the market i.e. better customer services and tapping new markets.
Similarly, Big data plays a big role in getting operational and business insight for organizations. Organizations can improve their logistics with route optimization and real time tracking with geo-positioning and RFID sensor data sets. Manufacturing and consumer product companies can leverage the vast amount research data to become more demand driven and deliver more effective promotions, detect and respond to out-of-stock situations, and deliver new innovative products to the market. Human capital management function can optimize their talent acquisition process with social & behavioral data-set availability.
Big data is playing a big role for enabling us to know us individually better. We get so many data generated from wearable i.e. smart watches, smart armbands. We can get insight into our calorie consumption, activity levels, heart beat and sleep patterns data to identify key trend to respond to. The insight can result into setting up appropriate
diet plan, physical activity regimes and get personal benefits. Most online dating sites apply big data tools and algorithms to find us the most appropriate matches.
80% of medical data is unstructured and is clinically relevant. Data resides in multiple places like individual EMRs, lab and imaging systems, physician notes, medical correspondence, claims etc. Leveraging Big Data help us build sustainable healthcare systems. These systems allow us to monitor and predict the developments of epidemics and disease outbreaks. By recording and analyzing every heart beat and breathing pattern of every baby, we have systems that are able to develop algorithms that can predict infections in advance (up to 24 hours) before any physical symptoms appear. Healthcare providers connect those caring for loved ones with fellow caregivers so they can develop individualized care strategies.
Big data helps us analyse real time traffic information along with social media, weather and location data to optimize the traffic movements, traffic force utilization. Traffic signals get traffic feed to optimize their timing for smoothing the traffic. Public Transport and private operators are utilizing flight arrival, train arrival, event information to optimize operations and passenger service.
Most of sport professionals and coaches are now using big data analytics for continuous refinement in sport. We can capture and analyse series of videos (sport performance) to identify poor movements or refined/smooth/effective body gestures or movement that will bring inevitable improvement in sports performance of an individual or team. Evan the personal data set on sleep, diet, activity, social media behaviors can be used for identifying focus areas and strength areas.
Science and Research
One of the most significant application scenarios of Big Data is, without doubt, scientific research and computing. Here, scientists and researchers produce huge amounts of data per-day via experiments (e.g., disciplines like high-energy physics, astronomy, biology, bio-medicine, earth science and so forth). And Big Data is enabling extraction of useful knowledge for decision making purposes from these massive, large-scale data repositories. There are so many use cases in health, astronomy, physics, chemistry,
With effective customer and market insight, retailers can retain high-value customers with location-specific offers…retailers make decision to open next new store…retailers build a 360-degree view of their customers allowing them to build more personalized connections with them.
IT cell at Homeland Security department use Big data to track fundamental thoughts/sentiments and predict/prevent terrorist plots. Forces have tools and technologies to profile crime sites/areas and optimize their force usage to improve citizen safety. There are usage in preventing cyber attacks, money laundering.
Machine and Device performance
Human and machine interaction is increasing day by day. With industrialization, research, automation, robotics we find machines as our best friends / helpers everywhere around. Big data analytics help machines and devices become smarter and more autonomous. We have smart sensors to predict machine (vehicle, generator, commercial air condition systems and so on) failures or problem area in advance to do preventive maintenance. We have research in progress on self-driving car that is going to use the data generated by various sensors to drive without human intervention. Big data tools are being used to optimize energy consumption at home (smart homes) or industries.
Big data helps in making informed finance decision to individuals or business houses. Big algorithms are used to trend trading activities and make trading decisions. Even the data insight from social media channels is being used to get information faster and make sell/buy/retain decisions. Businesses use data in building and executing Cross-selling and up-selling strategies to improve finances. Credit card authorities use big data for Credit worthiness evaluation.
Proactive Risk management
In the competitive era, enterprises need to sense external signals trends that require instant response in a tight and predictable time frame. Leveraging the real-time and predictive power Big Data, companies can answer dynamic forward-looking questions to develop proactive risk management capabilities and protect their assets while driving growth.
We are seeing a ‘Digital India’ initiative to bring over 1.25 billion users to the wired/internet world. This is going to feed into Big Data analytic even further and get real world benefits to 1/6th of the world population.
Big Data is impacting every aspect of human life…there are so many opportunities unexplored and there is a long way to go…
For Big Data overview refer ‘Big Data – A snapshot‘.