Text Transcript
These are the few industries that have been proven to use big data analytics in their businesses :
Different industries utilizing analytics
1. Manufacturing
This industry uses analytics for Supply Chain Management, Call Centers and CRM (Customer Relationship Management). This is so that when people call, you will understand what are the areas that need to be improved on.
2. Retail
The main utilization is for the sake of price optimization in which they adjust the price based on the situations. It is also used for localized arrangement and CRM. For example, how Uber changes its price accordingly.
3. Banking
We usually see them utilizing analytics for fraud detection, compliance and regulatory, and trade surveillance. This is why some banks will call only a certain group of people for certain things.4. Media
4. Media
Media uses big data analytics for dynamic profile segmentation, social analysis, and campaign management. This includes aspects like digital marketing, Facebook ads, data science and data analysis. Often you find it difficult to do Big Data processing is because of the data models, those that are not in numbers such as text data, images, audios, and videos. All these needs to be translated into numbers before you are able to process it.
Media uses big data analytics for dynamic profile segmentation, social analysis, and campaign management. This includes aspects like digital marketing, Facebook ads, data science and data analysis. Often you find it difficult to do Big Data processing is because of the data models, those that are not in numbers such as text data, images, audios, and videos. All these needs to be translated into numbers before you are able to process it.5. Healthcare
5. Healthcare
In healthcare, it can be used to run clinical trial data analysis, early detection, and prevention as well as R&D (Research & Development).
6. Insurance
These businesses use data analytics for catastrophe modeling, claims fraud, and reputation management. For example, many insurance companies hire actuarial scientists to calculate the lifespan of a person.
So all these data to help them ensure their models are much more accurate, and they are also able to use big data analysis to make their dynamic modelling more effective, so they are able to do real time processing.
