Question

What are the different industries that could gain a competitive advantage from big data analytics? Discussion NO LESS THAN 300 WORDS

Answer 1

A huge collection of data set “Big Data” is synchronized together in order to derive highly actionable insights that help companies to plan better for the future and stay competitive in the industry.

Different industries today are flooded with data that are unstructured and would surely be worthless unless such are analyzed computationally to reveal patterns, trends, and associations, and adapt to different demands per industry. The following are industries that make use of big data.

Medicine

The first and foremost industry that highly relies on and implements big data analytics in the healthcare industry, this industry implements this technology into its specialized equipment that helps to track and diagnosis the patient’s health status.

Retail

Retail is an entirely different sector that gets benefited from big data analytics, comparatively being highly distinct from healthcare this industry will have its primary focus on driving more sales and customer retention.

Big data analytics plays a primary role in providing ideas to retail owners about product placement and other marketing activities that drive more and repetitive customers.

Construction

No wonder the construction industry is a huge ocean even when it deals with the building of a single house; it involves various parameters and stakeholders in accomplishing the project.

Ranging from estimating the price of raw materials to tracking the working of individual labor, big data analytics renders a great helping hand in supporting the construction industry to complete any level of the project with minimal to zero wastage.

Banking

In terms of security, risk management, and fraudulent detection, big data analytics plays the most important role in rejuvenating the way financial institutions work. Involving big data into the process initially brings in transparency into the account and let the holder helps to keep an eye on the transaction details.

Transportation

Traveling is a highly integral and unavoidable part of every human, big data analytics will provide millions of insightful data for the travel service provider as well as to the user in making the travel safe, short, cheap and useful as well.

It provides the driver with the shortest and risk-free route to attain the destination and also the user at the same time to find the best commuting vehicle that suits them in all the categories.