Big data is playing a crucial role in determining how efficiently companies are run. Whether it is self-driving cars, autonomous robots, or automated medical devices, big data can help in making informed decisions that can pave the way for a huge digital transformation in any organization.
- Ecommerce personalization- A lot of e-commerce around the globe are sitting on top of a lot of customer data. In 2021, most of these companies will look to use their customer data to analyze and personalize the way they interact with their customers in order to offer a better customer experience and increase their top lines. We already know of machine learning algorithms that help predict much better products to recommend to customers based on their previous purchase history.
- Healthcare- The medical industry has tonnes of data. Big data analytics tools will help doctors make more accurate diagnoses and treatments for their patients. Also, the average response time for dealing with pandemic situations like Covid 19 will reduce much further by reducing the time to come up with a vaccine. We already know how big data is helping in the better detection of cancerous cells in radiographs that escape the naked eyes of doctors.
- The auto industry- Self-driving cars are around the block. With Tesla proving the effectiveness of self-driving cars in the US, more manufacturers will fall into this race. So the demand for AI and big data for cars and automobiles will increase in order to constantly upgrade algorithms that run these machines. With the help of big data, the ability of these cars to adapt to different terrains and landscapes will improve exponentially as compared to traditional methods.
- Banking- Banks are constantly looking for help in mitigating fraudulent attempts at bypassing their systems. Big data analytics will help banking institutions uncover much better patterns that can identify and stop such fraud from happening at an early stage.
- Wearables- Heart rate and step monitors are available in almost every smartwatch today. With the amount of data that these devices generate, it is possible for wearable device manufacturers such a Xiaomi, Samsung to offer their customers much better lifestyle changes to help them lead a better life. This could also be lifesaving in certain cases. For example, using heart rate patterns, it would be possible to predict a heart attack and warn a customer.
- Better Advertising and targeting- Big data analytics tools could help in crafting your next email marketing campaign or in-store promotion. Decisions such as which geography to target, which age group, device, or operating system to target could be made much simpler with the help of big data analytics tools. This could have a huge impact on the ROI of marketing campaigns and save multi-million dollars for companies having huge marketing spend.
- Hiring- Organizations that hire in bulk need some solid big data tools to help them sieve through thousands of resumes. These tools can help recruiters save thousands of hours in screening candidates and reduce the need for a huge human resources team or budget.