Effect of Big Data in various Industries
In the age of big data, the amount of data being generated per day is in the tune of several hundreds of petabytes. The data is being collected from all sectors like IT and Telecom to health, retail, manufacturing, finance. The question arising are, Where, Why, When and How, is this data being stored.
Big Data is not just a phenomenon but an asset which assures revenues for all data warehouses. It not only helps in improvises day to day operation of an industry but also gives a steady stream of income via data monetization. The data provides the insights to an industry to improve its operations and also helps them marketing and formulating a solid pre-sales strategy before going to the market.
A sector can generate lot of money from data if they know how to deal with the big volume, variety and velocity of the data. Big data analytics is a challenge for every industry as far as handling and capitalizing of data is concerned.
Telecom industry started using data obtained from their own users to increase the efficiency of their own networks. The focus of telecom industry mostly has been a top down approach where the emphasis is given on the problems and data is processed with a view to overcome those problems. But mostly the data available to overcome the problem is too inadequate and at times the data to be processed is too large where processing can be too complex and costly.
To overcome these issues telecom companies need bottom up approach. This approach means analysis and process of available data and then identifying the business issues the data can help to provide a solution.
The OTT service providers have infringed on the turf of Telecom operators and some of them are rolling out fast internet connectivity options, providing further threat to the telecom operator revenues.
The new data can help the companies to capitalize big data by solving existing customer related issues. For e.g. Telecom companies do have the tools to improve the value of customer churn analysis by adding existing customer data to new data on social networks.
Telecom companies are not pipelines of data but capable of latching on to relevant data by normalizing and correlating all data sources to acquire some value out of it.
Telecom Operators can have the log of GPS coordinates of their users. This valuable data can be commercialized by helping retailers set their shops at such crowded locations. Businesses will want to know ideal locations for their showrooms and would appreciate some help from Telecom players. Telecom players can also use the data for real time traffic mapping of a city .
Banks issue credit cards to their clients and they have the track of all the transactions made via card. These transactions can be analyzed and partnerships can be formed with retailers to offer discounts to heavy shoppers. It will definitely entice the customers to shop more and thus earn money on it. The Bank can also approach their customers to offer loans based on their credit history which the bank already has.
Banks have started to increase their social media presence to connect to customers. With the transaction data and social media trends they can really complete the puzzle for their own profits.
Looking at the possibilities of the amount of data banking industry generates, traditionally tech companies like Google, PayPal and Apple have entered into payment space and have been reasonably doing well. Traditional banks might lose a good share of their business to such entities if they do not capitalize aggressively on the data they have
Banks can design their payment gateways supporting multiple devices,thus improving over all experience for the customer.
Airports have enormous data of passengers checking in and out every single day. They also have the baggage data of passengers. This data can be analyzed for yearlong and a pattern can be generated which can benefit the airport in terms of their own operations. The airports can channelize their resources more properly and save a lot of money from wastage of resources .
Truckers and logistic companies have several millions of tons of shipments loaded and unloaded daily. Trucks can be fitted with sensors which can transmit and receive data using cloud services, about other trucks and thus resulting into better coordination and management of logistics.
Tracking shipments will be easier and instant due to real time process. The percentage in loss of shipments can be reduced tremendously by connecting drivers with actual deliverymen. Using telematics sensors on the vehicles and using multisensory tags on the packages, it would be easy to know if a package has been opened.
There are apps already in the markets which monitor truck speeds and about their stops to the trucking company. They report the trucks which are riding over the permitted speed limits, helping the truck company keep a vigil eye on their drivers.