Big data is an incredible tool that has the power to gather, analyze, and manage data sets that are too overwhelmingly massive and complex to be dealt with using traditional data-processing tools or software. Big data is known for its three key features or concepts: variety, volume, and velocity.
It’s a tech tool that is reshaping so much of the world that we live in. Here are five industries being transformed by this technology.
Because the insurance marketplace can become volatile at times, the market share benefits significantly from being protected, and big data and analytics play a big part in that. Big data contributes to the competitive advantages and growth of insurance companies all over the world by:
- Collecting pertinent information from customers
- Generating relevant customer insights
- More accurate fraud detection
- Minimizing risks where they may be found
- Informing and influencing policy formation
Insurers and agents need to maximize their internal data in conjunction with the hundreds if not thousands of open data sources available. When we combine all these sources of information, the generated insights can be leveraged for proper analysis, development of relevant products, and determining customers who are more likely to purchase them.
This tech tool can also help the agents themselves. When used with errors and omissions insurance, which insurance agents know the cost of, big data can help insurance companies minimize the risks for their customers.
Big data is also transforming the healthcare industry in various ways. The healthcare sector produces big and complex data sets with relevant insights spread across different systems that hold consumer data, clinical information, patient data, community health, and hospital capacities, etc. Because of this, the healthcare sector needs as much help as it can get, especially in the time of COVID-19.
When healthcare systems fail to make proper use of data, they run the risk of having increasingly crowded facilities, rising costs, and not being able to control the traffic in hospital lobbies and waiting rooms. The problem is that data isn’t always readily available, especially since the sector also deals with outdated systems and privacy laws like Health Insurance Portability and Accountability Act (HIPAA). Hence, multiple data sources are not always readily available.
Thankfully, things are slowly turning around. Healthcare systems are now turning to data analytics to enhance patient outcomes and give them better experiences as they recover and heal.
One example is a web-based app that makes use of big data to help cancer patients receive the treatment they need, especially during the time of COVID-19. Another example is how predictive analytics is being leveraged to improve palliative care through the assistance of an artificial intelligence-enabled chest X-ray. This can help people reduce their risks for end-stage renal disease.
Another sector that saw major changes and thus growing pains during the pandemic is education. Because the majority of schools across the globe transitioned to remote education, so many students found themselves struggling with the new setup.
Here’s one devastating statistic: A third of the world’s schoolchildren had no proper access to remote learning since they didn’t have a reliable internet connection as well as adequately working gadgets. Big data technology can help students in developing countries by predicting potential disease outbreaks and the regions that might be the most vulnerable.
In developed countries, big data can help educators, researchers, and teachers come up with more effective teaching strategies that can help students succeed in their academic endeavors. Since big data technology can be used to measure the performance of teachers through a wide array of variables like student engagement, subject matter, classroom demographics, and student performance, educators and researchers have plenty of information and insights to work with through the tool.
Marketing and social media
Analytics has been widely used to help marketers understand their demographics and if any of the business strategies they employ are helping them reach their goals in terms of customer engagement and lead generation. Big data can make this process a step further as they help brands understand the sentiment of consumers and the types of content that are most effective in reaching their target audience. With it, they can also retain the attention of customers and keep the platforms or channels their demographic prefers.
When used correctly, big data technology can make the world a much simpler place to live, helping institutions and decision-makers come up with strategies and solutions to our societal problems. As long as we deal with various security issues and ethical issues, this can be a powerful tool for making the world a better place for everybody.