How big data is used in businesses across industries
Financial services, retail, manufacturing, and telecommunication are some of the leading industries using big data solutions. Business owners are increasingly investing in big data solutions to optimize their operations and manage data traffic. Vendors are adapting big data solutions for better supply chain management.
Banking, Financial and Insurance (BFSI)
Financial institutions use big data analytics to eliminate overlapping, redundant systems as wells as providing tools for easier access to data.
Banks and retail traders use big data for sentiment measurement and high-frequency trading, among others. The sector also relies on big data for risk analytics and monitoring financial market activity.
The retail industry gathers a large amount of data through RFID, POS scanners, customer loyalty programs, and so on. The use of big data assists in reducing frauds and enables the timely analysis of inventory.
The manufacturing industry faces several challenges, such as labor constraints, complex supply chains, and equipment breakdown. The use of big data enables companies to discover new ways to save costs and improve product quality.
Logistics, Media and Entertainment
In the logistics sector, big data helps online retailers manage inventory in line with challenges specific for one or another location. Companies within this sector use big data to analyze customer personal and behavioral data to create a detailed customer profile.
Oil and Gas
In the oil and gas sector, big data facilities decision-making. Companies can make better decisions regarding the location of wells through an in-depth analysis of geometry. Agencies also leverage big data to ensure that their safety measures are up to the mark.
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