How Applications Of Big Data Drive Industries

July 20, 2017 0

According to “Gartner Survey for 2015 shows that more than 75% of companies are investing or are planning to invest in big data in the next two years.”These findings represent a significant increase from a similar survey done in 2012 which indicated that 58% of companies invested or were planning to invest in big data within the next 2 years.

The Big data is growing at very fast speed in each of the industries.Industry influencers, academicians, and other prominent stakeholders certainly agree that big data has become a big game changer in most, if not all, types of modern industries over the last few years. As big data continues to permeate our day-to-day lives, there has been a significant shift of focus from the hype surrounding it to finding real value in its use.

While most of the industries are still figuring out that how they can implement the technology in their work. So with this post, we are going to tell you how it affects each one of us lives.

So the sectors that have already included Big data technology and here we have listed all 10 applications of big data in various sectors.

  • Big data application in Energy and Utilities

Smart meter readers allow the data to be collected almost every 15 minutes as which was not possible with the old meter readers. In utility companies using big data allows for better asset and workforce management which is very useful for recognizing the errors and then correcting them before the full failure occurs.

Challenges: The major challenge in this sector is that it requires 60% of electric grid assets replacement.

  • Retail and wholesale industry

The data that are gathered in the retail and wholesale stores is customer loyalty data, store inventory, POS, local demographics data. The retail industries can utilize big data for the other uses like:

  1. For reducing fraud
  2. For timely analysis of the inventory
  3. Optimizing staffing through data from the shopping patterns, local events and much more.

  • Big data application in Energy and Utilities

Smart meter readers allow the data to be collected almost every 15 minutes as which was not possible with the old meter readers. In utility companies using big data allows for better asset and workforce management which is very useful for recognizing the errors and then correcting them before the full failure occurs.

Challenges: The major challenge in this sector is that it requires 60% of electric grid assets replacement.

Categories: articles,Big Data

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