The Value of Big Data


Big data has established itself as the game changer across most modern industries in the 2020s, continuing to fill our everyday lives as a shift in focus to its value in use has overtaken the hype surrounding it.

Understanding Big Data’s value continues to be challenging for many. The practical elements around funding, ROI and skills are still front and centre for several industries adopting it. However, the Big Data global market will reach $268.4 billion by 2026.

While cost reduction, more-targeted marketing, and streamlining processes have been primary goals in Big Data analytics for most companies, data breaches have made enhanced security a priority that Big Data projects look to hone in on.

Banking and Security 

The challenges facing retail banks are early alerts for securities fraud, tick analytics, card fraud detection and many other aspects that require more immediate solutions.

The Securities Exchange Commission (SEC) uses Big Data to examine financial market activity through network analytics and natural language processors, catching any illegal trading activity around the market. Retail traders, big banks and other financial market experts use Big data for trade analytics across high-frequency trading, support analytics, and predictive analytics, among other benefits.

Risk analytics is a big boost for the industry, supporting anti-money laundering, Know Your Customer, and fraud mitigation, among other specific benefits.

Communications and Media

Due to consumers demanding rich media on-demand in multiple formats across many devices, Big Data poses challenges around consumer insights, leveraging content, and understanding patterns around real-time content use.

Big Data analytics allows organisations to simultaneously analyse customer and behavioural data to create detailed profiles that can generate content for different target audiences, push forward certain content on demand, and measure its performance. Organisations like Spotify and Amazon Prime use this technology to give informed recommendations to individual users.

Healthcare

The healthcare sector is built upon huge amounts of data – but equal amounts of failure in utilising it to aid against the rising healthcare costs and benefits across the board. The issue is that electronic data must be more convenient, efficient, and useful. Databases too often make it difficult to link data and present patterns that prove useful.

Other issues concerning Big Data in healthcare are the exclusion of decision-making for patients and data used from different readily available sensors. Some hospitals use data collected from a mobile app to allow doctors to provide evidence-based medicines as opposed to medical lab tests on all patients. In the US, free public health data and Google Maps have been used to create visual data for identification and analysis of healthcare information to track chronic disease spread.

There is substantial spending on Big Data in the 2020s, and big data analytics will play a major role in the growth of businesses leading the 2030s and beyond. For more information on big data analytics and any future data analytics conference, check out the upcoming events from Whitehall Media.