How Professionals are Making the Most Out of Big Data?

Big Data  

Big data allows companies to cut costs, create new products and services and make faster, more informed decisions. Here are some of the sectors where Big Data is already having a big impact.

While nobody can specify the exact volume of available big data, up to three billion gigabytes of data are generated every day. Big data offers endless potential for businesses and organizations. Big data allows companies to cut costs, create new products and services and make faster, more informed decisions. Continue reading to learn how four professional fields are using big data to their advantage.

Law Practices

Many law firms still manually analyze achieved documentation to search for patterns and create reports.

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However, big data analytics can help law firms through providing critical case correlations. That is, law firms will be able to reduce their costs and court wait time through understanding relevant case connections. Additionally, law firms can also use big data to make predictions based on historical rulings. As a result, the law firm will be able to provide their clients with an accurate time frame and save them money. In fact, law firms will be able to increase financial transparency through comparing how their legal fees compare to competitors. Finally, the law firm will be able to statistically analyze which cases are even worth accepting based on past success and failure.

Health Care

Health care reform in America is a hot topic that is debated by political pundits and media experts. However, no substantial change can occur without hard data. One of the best ways that big data can improve the health care system is through preventing diseases. Medical and data techs can now analyze patient decisions, demographic data and health and insurance records in order to identify medical trends. For example, big data can analyze radiology information systems to profile high risk patients and prevent disease. Big data and mobile technology will soon allow health care technology companies to analyze mobile phone users through fitness and health apps. For example, wearable apps, such as the Apple Watch, will soon provide health care providers with unique insight into the private lives of users. This will result in expanded databases of health information that will improve public health and education.

Finance

The financial sector depends on accurate data in order to make better decisions. As markets become more complex and customers more demanding, financial firms need big data to increase efficiency and competitiveness. For example, one of the fundamental aspects of big data is the velocity that data is stored and evaluated. Million dollar investment decisions depend on millisecond data updates. As investment firms better analyze and understand structured data, their ability to manage volatile markets will improve. Furthermore, algorithmic trading now allows investment firms to entirely rely on advanced software programs to make extremely fast and accurate trades. Software programs that have access to enormous volumes of historical data and proven strategies will automatically make better real-time decisions.

Telecommunications

According to IBM, communications service providers (CSPs) have access to a gold mine of data that will help them win customers and increase revenue. CSPs, such as nationally recognized mobile phone and Internet providers, are continually engaged in continual competition to gain and win back customers. Luckily, telecommunication data is already digitally available for analysis on almost all of the BPM software. For example, big data can help CSPs understand local and regional customer behaviors and preferences. As a result of big data analytics, CSPs can strategically plan for the future, improve the customer experience and adjust their business objectives accordingly.

In the end, every industry can benefit from big data analytics, which saves money for companies and customers alike, however certain industries are leading the way. Law practice, health care, finance and telecommunications are four sectors that are using big data to increase efficiency and competitiveness.

By Dennis Hung

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