The business world is transforming. Big data is influencing business decisions, marketing optimizations, business predictions, and day-to-day operations. Big data is expected to reach $300 billion by 2023. Though the term ‘Digital Transformation’ is loosely used as a euphemism for the modernization of data infrastructure, the true meaning of the word is becoming vital for the business world.
It is true that the organizations are increasingly becoming data-centric, that they allot nearly 40 percent of their technology budget for digital transformation.
Data analysis courses facilitate faster, better, and smarter business decisions helping to achieve better operational efficiency, building a loyal client base, and leading to higher profit. Let us have a look at some use cases that explain this transformation.
Banks need to deal with a massive amount of financial information. Big data is used in banking to structure the collected data, organize them based on the business needs and analyze the data to derive insights on spending patterns, storing historical data like the transactions, payment records, etc. It also helps in identifying fraudulent actions and ensuring preventive measures are in place to block such frauds.
Another area of big data application is to prevent identity thefts. The banks use big data to keep a tab on customer actions. For example, if a customer follows regular spending patterns using the credit card such as groceries and general shopping, and all of a sudden there is a change in the behavior, such as spending money in gas stations and convenience stores from multiple locations across the city, the bank suspects something unusual. In this case, the bank may try to call the customer and find out if the card is stolen.
Imagine you visited an online store and added some products to your cart. On second thought, you abandoned the cart and signed out without making any purchase. After some time, upon casual browsing, you see an advertisement for the same product you had planned to purchase.
The next day, you receive a mail with a discount offer for the same item. Targeted advertising is another application of big data. Online stores watch every movement of their customer from the moment they enter the store. They keep track of the pages you visited, the product you intended to buy by adding to the cart, etc. They use all this data to show targeted ads with irresistible offers that finally nudge you to purchase them.
Travel and Logistics
Big data facilitates the smooth running of logistics and transportation. It helps in scheduling flights, to show the booking status and seat availability, seasonal fluctuation in booking, etc. It also collects data regarding weather across the globe to predict flight delays. Big data is also used to analyze user trends and to predict the number of airplanes needed to cater to the increasing number of passengers. It could also be used to perform competitor analysis.
Given above are some use cases that explain the application of big data in various industries. Apart from this, education, healthcare, digital advertising, environmental studies, human rights, etc. are some prominent areas that use big data to streamline their actions.