What is Big Data?
Big Data refer to technologies involving data that is too massive, diverse, or fast-changing for conventional technologies, infra- structure and skills to address efficiently because the velocity, volume, or diversity of data is too great. Big data is a highly valued concept for businesses given that its economic value is constantly increasing.
Big data technology in health care
Healthcare industry is an industry that can greatly benefit from data-driven innovation. Big data innovations can offer the possibilities to improve disease surveillance, trial safety, patient outcomes, prescribed treatments, and even potentially lead to the cure for cancer.
Healthcare research organizations are using big data technology to capture all the information about a patient with the aim of gaining a complete insight into population health management, outcomes-based reimbursement models and care coordination, patient outreach and engagement etc. Successful harnessing of big data can help health industry achieve the critical objectives on healthcare transformation:
-Build sustainable healthcare systems
Healthcare organizations are putting in place a foundation for enterprise health analytics enhanced with big data to gain a more insightful knowledge of a patient with respect to who they are and encouraging effective resource usage across the healthcare environment.
-Collaborate to increase care and outcomes
Researchers need to improve the efficiency and quality of care while enhancing patient focus through healthcare personalization and engagement. Marketplace changes and regulations require an in-depth management and understanding of the risks involved within patient populations in order to produce better results and lessen readmission rates.
-Increased access to healthcare
Understanding a patient with respect to their personalities is crucial in developing effective programs that can drive change. This can be realized with advanced and clinical analytics enhanced with big data.
Big data technology and the legal industry
There are many ways that Big Data technologies can assist the legal industry. These ranges from the use of data to enhance client acquisition and retention to the use of predictive analytics with an aim of becoming better lawyers and predicting case rulings.
Big data technologies can greatly speed-up court processes and reduce costs. Huge amounts of files can be analyzed instantly and correlations found in the data. To do this it is crucial for law firms to correctly collect, catalogue, store and organize all of their data in order to take advantage of Big Data. Recently, the computing power is become powerful as well as cheap enough to enable the storage and analysis of Big Data.
Big data technology and travel industry
For years online travel agencies have been using analytics tools to track conversion rates, user demographics and bounce rates with the aim of gaining customer insights. Now, collecting data such as users’ mouse movements is possible in real time. This can help businesses know what their customers are doing when they browse a web page.
For many years, CRM soft wares have be used by companies to create appropriate targeted marketing campaigns. However, Big Data uses customer data to create a truly personalized service. Big Data technology can allow a travel website to recommend an exact hotel to a specific user based on their previous requirements, holidays and preferences.
Big Data technologies if combined with Location-based services and geo-fencing technologies can open up a whole world of possibilities.
Big Data technology promises a different method of working that will redefine company-client relationships. Ultimately, Big Data opens up a new strategic perspective that will enhance an organization’s competitive edge.