How Does Modern Business Use Big Data?

Big data is a source of innovation. This is not news at all, but it does not make BD any less important. They help companies move towards digital transformation. Business and technical leaders use big data to gain many benefits, from improving the user experience to new revenue sources through evaluating the performance of the entire organization. In this article, we will look at some real cases of BD use in the telecommunications, financial, medical, and other industries.

Media and Entertainment

Today, more than half of the world's population uses social networks. To compete, media companies must provide their users with first-class content and a seamless experience through various communication channels. This is when big data comes in handy. Thanks to the collected information, media and entertainment companies including the fastest payout online casino nz receive info on the popularity of the content, user interaction, activity on social networks, subscriptions, reactions to marketing campaigns, and more. After analyzing the data, companies can:

• Predict user behavior;
• Create personalized content;
• Improve the experience of using platforms;
• Implement more effective advertising campaigns.

There is hardly a better example of big data analytics in the media than the history of Netflix. The streaming giant is using BD to meet the needs of more than 195 million subscribers. Through machine learning, the company analyzes the preferences of its viewers and offers them relevant content – 75% of views on Netflix provide personalized recommendations from the platform.

Medicine

Clinical trials, digital medical records, telemedicine, and other MedTech solutions are markers of a real technological revolution in healthcare. Thanks to big data, medical analysts achieve not just outstanding but innovative results. Based on medical info, doctors can more accurately diagnose and predict the course of the disease, which improves the quality of life of patients and saves their costs.

Apixio, one of the leading providers of medical analytics services, uses machine learning to take medical decision-making to the next level with operational efficiency. By analyzing patients' medical records, the company helps physicians obtain details of the patient's medical history and general health. In 2018, Apixio analyzed more than 4.5 million medical records, reducing the time and effort of health professionals by 80%.

Finances

The scope of analytics in finance and banking is huge. From internal structured info (trading systems, markets, and stock exchanges) to unstructured data (social media, user feedback), financial institutions know how to use the information for their success:

• In-depth user segmentation. With info such as demographics, patterns of behavior, etc., financial companies create more accurate portraits of their consumers;
• Real-time stock market analysis. Machine learning algorithms analyze stock prices as well as social and political trends that could potentially affect the stock market;
• Security and fraud prevention. Real-time BD analysis allows financial companies to track any suspicious activity and prevent unreliable transactions;
• Accurate risk analysis. Taking into account traditional and non-traditional data sources, machine learning algorithms better identify potential credit risks.

Credit risk assessment is one of the most important activities of financial institutions in the context of big data. In addition to standard customer information, lending companies use info from their posts on social networks, geolocation information, online purchases, and more. The artificial intelligence program then processes this data and determines if there are potential risks to providing a loan to a customer in a few minutes.

Big data gives companies from any industry the opportunity to get practical information and learn hidden patterns. Analyzing the received information, companies can strengthen their position in the market, and offer their users a customer-oriented and pleasant service.