6 Incredible Benefits of Big Data [Case Studies Included]
Big Data provides some astonishing benefits to all kinds of businesses across the globe. From the education sector to the healthcare industry, almost every industry is now bound to Big Data Analytics in some or the other way. That’s why DataFlair has come with the 6 amazing benefits of big data that you must know.
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Through Big Data analytics, companies now have access to some unbelievable insights which seemed impossible to generate before its advent. Some of the Big Data benefits include better decision making, helping in greater innovations, product price optimization and many more.
“With Data collection, ‘The Sooner The Better’ is always the best answer.” – by Marissa Mayer, Former President and CEO of Yahoo
Before we start exploring the benefits, let’s know why Big Data is so important –
Why Big Data?
Big Data is an integral part of every industry these days.
The true measure of the worth of anything is all about the benefits everyone has gained from it. And Big Data’s worth is unimaginable. Big Data is changing the world and is all the hype these days. But what makes it so important? And more importantly, how can we capitalize on it? Below, we have listed out a few ways in which you can use it to improve and grow your business or service. You can learn more about Big Data by our FREE Big Data Tutorial Library of 170+ articles
“Information is the Oil of the 21st century, and Analytics is the Combustion Engine.” – (Peter Sondergaard, Senior Vice President, Gartner)
What are the Benefits of using Big Data?
Below are the top advantages of using big data in business –
- Better decision making
- Greater innovations
- Improvement in education sector
- Product price optimization
- Recommendation engines
- Life-Saving application in the healthcare industry
In this competitive business world, the benefits of Big Data shouldn’t be underestimated. There are endless services offered by Big Data to the current market. If exploited properly, Big Data can lead to substantial results. Almost every company is now moving towards Big Data Analytics due to numerous reasons. It is helping them in enhancing the overall growth of the organization.
Let’s discuss these advantages of big data in detail and know how they are helping big businesses to make a profit.
1. Better Decision Making
The main benefit of using Big Data Analytics is that it has boosted the decision-making process to a great extent. Rather than anonymously making decisions, companies are considering Big Data Analytics before concluding to any decision. A variety of customer-centric factors like what the customers want, the solution to their problems, analyzing their needs according to the market trends, etc. are taken into account for a better decision making process.
Big Data Case Studies
To understand how big data helps in better decision-making process, DataFlair is providing you the amazing big data case studies –
a. Big Data Taking a Gamble
Heard about Big Data gaining foothold almost everywhere like the healthcare industry, financial sectors, government sectors, etc. But now Big Data has entered the Casinos as well. Surprised? And why not everybody likes gambling though.
Casinos are eventually moving towards Big Data Analytics. The MGM Grand in Las Vegas has started using Big Data Analytics to provide better gaming experience to its customers. The relationship between gamblers and the casino is quite delicate. It always has to be a two-way process. A gambler won’t return to the casino if only the house owners are winning repeatedly. The house owner must allow the gamblers to win a few games.
But how Big Data can be advantageous for Casinos? It provides them with valuable insights about their machines enabling them taking better decisions. These insights include the revenue collected through each machine, sorting the machines which aren’t being played and then replacing it accordingly, the most popular machines and at what time, areas in the casino generating great profits and the ones that need to be rearranged.
Don’t forget to check – How the Travel Industry is using Big Data
b. Big Data Making Customers the King
The success of any organization can be measured in terms of how satisfied and loyal their customers are. If they provide customers with what they want, there’s nothing that can hinder their growth.
One of the best marketing policies any organization can follow is letting their customers decide how the product should be like. Mountain Dew (a soft drink brand) and Doritos (American brand of flavored tortilla chips) have both used this strategy and have observed varying levels of success. The key ideology is – let the customers pick what they want, and supply that.
One such example is that of Tropical Smoothie Cafe, which only had a fruit smoothie menu. With the help of the insights gained through Big Data Analytics tools, they observed that there is an increasing demand for veggie smoothies in some other areas and then they decided to introduce veggie smoothies in their menu as well. By keeping a track of their sales data, they found that their newly introduced veggie smoothies have become best sellers within just a few days.
This further helped them in introducing some new veggie smoothies in their menu according to what customers demanded. The cafe used Big Data to see at what time during the day did their sales were highest and then launched time-specific offers such as – Happy Hours to attract more customers during this time.
It’s your time to enjoy big data benefits. Don’t wait more, start learning Big Data now!
2. Big Data in Greater Innovations
Now, the second benefit of Big Data is Innovations.
Innovations are crucial for the success of any organization. And to innovate, you need data, more and more data. Big Data gives you the freedom to achieve the unthinkable.
Big Data Analytics is used by various firms to create new products and services for their customers. Companies through Big Data, analyze different customers’ opinions about their products and how their product is perceived.
It gives them information about what they are lacking and what are the significant things to be kept in mind while developing any new product. This helps them in developing new products according to customer’s requirement.
Big Data Analytics gives the capabilities of thinking beyond the ordinary.
Big Data Case Study related to Innovation
a. Big Data, Innovation and You
Big Data is the driving force behind every recent IoT (Internet of Things) innovation. Big Data serves as a backbone to IoT.
One of the most breathtaking IoT applications is the invention of Driverless Cars. With driverless cars under development, the day it becomes a reality is not far away. As the name itself says, these cars won’t have drivers and would be sensible enough to drive you to your destination on its own. These cars are equipped with tons of devices like sensors, cameras, cloud architecture, gyroscopes, altimeters, mapping devices, etc.
Through all these devices, driverless cars sense a huge amount of data of traffic, pedestrians, conditions of the road such as sharp turns, potholes, speed breakers, etc. and then immediately process this data and take appropriate driving decisions. Big Data along with Machine learning and Artificial Intelligence is crucial for the safe and secure ride of a driverless car.
3. Big Data in Education Sector
Big data benefits the education sector in managing the data related to students of an educational institute which is unmanageable. It is not used as it should be. Due to its huge size, it is hard for teachers to exploit it properly. Big Data Analytics has emerged as a boon to the education sector. It has started bringing the much-needed transformation in the education system and will surely take it to greater heights. Analysis of the capabilities of students based on the data can help teachers in nurturing their future in a better. Teachers are now aware of the student’s strengths and weaknesses and can guide them accordingly.
4. Big Data in Product Price Optimization
The advantage of Big Data for companies is that they are using Big Data to optimize the price they charge their customers. Their goal is to set the prices in such a way that profit is maximized. Through Big Data they analyze the prices that have yielded the maximum profits to them under various historic market conditions. Through Big Data solutions they set their product’s price according to the customer’s willingness to pay under different circumstances.
Their aim is that the customer should get value for his money. As far as customers think that way the company will always keep growing. But to make a customer satisfied always, the company needs to make appropriate advancements in the product according to the trends in the market and Big Data facilitate them to do so.
5. Big Data in Recommendation Engines
Imagine being able to have recommendations based on your previous as well as current choices made on various online platforms. Life is much easier when you have the option of choosing from the things you like. This is something that has changed the thinking of people towards various online platforms. They are now more comfortable being on these platforms.
The best example of a Big Data recommendation engine is that of various online shopping platforms. They analyze every customer’s data and then recommend them accordingly. These recommendations are majorly based on the activities the customer did when he last visited the platform and his real-time activities. Also, suggestions are made to them based on a comparison between the customers who searched or bought familiar stuff. This is how online platforms have broken the physical barriers between them and their customers. Hasn’t recommendation engines transformed the online shopping experience? It surely has.
Flipkart is also using Big Data to recommend the products of your choice. Read how Flipkart is benefiting with Big Data
6. Big Data in Life-Saving Application in Healthcare Industry
The advent of Big Data Analytics has offered numerous benefits to the Healthcare Industry. It can be regarded as a Revolution in the Making.
According to the Big Data Experts at QUANTZIG (A Global Analytics Solutions Provider), “Big Data and Advanced Analytics may just be the answer to the hardest of Healthcare challenges”.
Big Data in healthcare would help practitioners to provide advanced and quality healthcare to their patients based on the electronic health records of the patient. It enhances the overall operational efficiency of the healthcare companies and has allowed them to make the required changes. Big Data Analytics would allow them to find a better cure for a disease by recognizing unknown connections and hidden patterns. Even a cure for a disease like cancer can be made possible by it.
If these professionals can make a switch to Big Data, so can you:
In this era where huge amounts of data are being created regularly, one cannot afford to underestimate its worth. This data cannot be taken for granted. If exploited properly, Big Data Analytics can be advantageous in producing unbelievable results. It gives you the power to achieve the unachievable. So what are you waiting for? This is high time to move towards Big Data or else it will be too late.
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If you have other amazing benefits of Big Data, share with us through comments. We will be glad to read them.