Big data is becoming a key analytical tool for businesses across the globe. Strategic decision making is aided by the use of big data analytics. Big data professionals are in high demand these days. Many aspirants are enrolling themselves in big data analytics certification courses to get hired at good salaries by these companies. With the rising cost of investments, the companies who are investing in big data analytics are also evaluating the value it provides to their company.
Many industries are in fact utilising big data to aid their processes and maximize their profits while reducing the risks.
Impact of Big Data on Business
Some of the best examples of the business impact of big data on various industries are given below –
1. Banking and Financial Institutions
Big data helps the financial industry in predicting consumer trends and thereby enhance the customer experience. It can also help them analyse a customer’s historical data to understand the risk associated with offering them any financial instrument.
2. Manufacturing
Manufacturing industry has to rely on complex processes. It is very important to follow those processes to function smoothly. It involves many levels of planning from raw material procurement to shipment. Big data is allowing to remove the loopholes in the process and decrease the time of delivery of finished products.
3. Retail
The retail industry has several uses of big data. It enables retailers to find consumer trends ahead of time and service the customer accordingly. It also helps in new product development and allows to manage inventory more effectively.
4. Human Resources
The field of human resources relies on employee data to make decisions about workforce-related topics. It enables them to analyse the employee performance, their satisfaction levels and helps them in hiring the right candidates as well. Big data allows them to match the company’s requirements with the skill sets of the future employees thereby enabling HR in better recruitment and management of the workforce.
5. Oil and Gas
Oil and Gas is a high-cost industry. Big data analytics allows evaluating oil fields to find out the best option to sell to the buyers. It also helps the company in transporting their good properly and ensures the right distribution channels.
With the above examples, we can safely conclude that big data has a considerable impact on the functioning and output delivered by many industries. It is however up to them to how best use it.
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