The Big Impact of “BIG DATA” across the Industries

We all know that “Big Data” have become the center of technologies which every industry wanted to imply to store large volume and quantity of data and predict the future. Big Data has burst upon the industry and become the buzz word in the first decade of the 21st century. However, it has been ruling the industry since late 1940's, due to which the internet has evolved and the well know technologies like cloud, IoT, Social Media & Machine Learning have come to existence.

Big Data has an unique concept which can help industries with cost reductions, high efficiency, bring improvements and innovations to a new product and service offerings. Big Data generates value from the storage and processing of huge quantities of digital information that cannot be analyzed with traditional computing techniques.

Revolution in the different Industries:

Banking Industry-

“Big Data” has tremendous impact in industries from Customer Relations to Supply Chain Operations. One of the perfect examples is “Capital One”. It used a traditional method of Credit Card operations with uniform – pricing model charging the customers with the same price across the levels. The company started using Statistical Model based on public Credit and democratic data to provide customers with “ customer- tailored” products in late 1994. This innovation has changed their business model and they have seen drastic revenue generation over the year continuously.

Many banks have shifted their focus to “Big Data & Analytics” consecutively. Their annual revenue has increased to 17-19% compared to top banks in US such as Citigroup & Bank of America at 11%, JP Morgan at 6% from 2009-14.

Healthcare Industry-

“Big Data” in Healthcare Industry contributes 7% of market share in terms of revenue in Global Big Data market. By 2020, it is expected to be third largest industry in terms of market share.

Major companies like PHILIPS, Siemens Healthcare, CancerIQ, Amplify Health, Intel Healthcare etc where their major contribution is towars bringing innovation and Research & Development in Healthcare Products and Platform. With the use of “Big Data” they are developing Digital Healthcare Platforms, Value-Based Patient – Centric Care, HealthCare IoT, Real-Time monitoring of Patients etc which revolutionize the Healthcare industry and developing more innovative business.

Retail Industry-

One of the biggest retailers in the world “Walmart” is a greatest user of “Big Data and analytics” today. In 1990's, Walmart reformed the retail industry by storing every product as Data through a system called “Retail Link”. The system provided a way to the suppliers to check on each and every data like sales, inventory volume,inventory turnover, in-stock generation, gross margin, etc, by which they could cut down on inventory risks and cost. This transformation of system has generated a consecutive revenue over the years since 1995.

Manufacturing Industry-

One of the biggest companies in Engine Manufacturing “Rolls Royce” has seen a great success using “Big Data & Analytics” and has influenced in aircraft engine manufacturing sector. The company consecutively monitors around 4,000 engines, each of which has hundreds of censors installed to predict when and where the breakdown may occur. Rolls Royce have transformed from selling only engines to selling both engines and monitoring services.The service currently accounts for more than 75% of their annual revenue only from aircraft engine manufacturing division itself.

IT Industry-

One of the largest IT firms IBM , which has transformed their business to a new level and created a new division which only works on “Big Data & analytics”. In 1990's , IBM was started generating more than 2.5 billion GB of new data everyday with 1 trillion connected devices. It started accounted large amount of revenue since then and they started a new division “IBM Watson” on early 2014 which works on AI platform. IBM is the one such company which focuses on innovation, Research & development, Cloud Computing, Analytics and AI Platform with which it has build the strongest IT firms competing all other companies.

The partnership of IBM with Twitter has a big impact in the industry for the purpose of selling analytical information to the corporate clients. IBM analyzes Twitter data, helping businesses tap into billions of real-time conversions to make smart decisions.

Tech Industry-

Tech giants like Amazon, Google, Microsoft etc will always generate big revenue out of “Big Data & Analytics” as they generate very large volumes of data every day. Amazon has 280 million users currently in 185 countries and 16 million listed units. Google has 12 trillion monthly searches which dominates the internet search engine market to the tune of approximately a 90% market share, including over one billion YouTube users and 500 million Google Plus users.

Recruitment Industry-

Companies like 33Talent, PeerBreif, Mettl etc have already started using “Big Data & analytics” for the recruitment process. Unlike usage of just some job portals they have went beyond the traditional way to recruitment to using Big Data and analytics platform and software. With Big Data, it has become more easy to get the right candidates with minimum time from huge database and also make our work easier in proactive hiring, social way of screening engaging the candidates, etc. Big Data is yet to impact the industry in a much bigger way and the transformation is yet to happen but it is going to happen very shortly so continuing with the traditional system is going to replaced by Big Data soon.

Social Media Industry-

The major players in Social Media are Facebook, LinkedIn, Twitter, Instagram, Pinterest etc. As we all use social media platforms in everyday basis and all of us generate huge amount of data. Facebook is the #1 social platform altogether. Every day, we feed Facebook’s data beast with mounds of information. 10 billion Facebook messages, 4.5 billion hits on the ‘like’ button, 350 million new picture uploads, on a daily basis. LinkedIn is majorly using “Big Data & analytics” for profile visibility, Job Listing etc.With more than 400 million profiles (122 million in US and 33 million in India) across 200+ countries, more than 100 million unique monthly visitors, 3 million company pages, 2 new members joining the network every second, 5.7 billion professional searches in 2012,7600 full-time employees, $780 million revenue as of Oct, 2015 and earnings of 78 cents per share - LinkedIn is the largest social network for professionals.Twitter has generated over $100 million business using Big Data. Twitter's data revenue as a standalone business,in 2013, Twitter got $70 million in data licensing payments, up 48% from the year before. By the end of 2014, Twitter could easily see $100 million in data revenue if the segment continues growing at that rate.

All together, it comes up-to a fact that “Big Data & analytics” and transformed every industry to a new level and every industry have proved with their revenue generation as how much is “Big data” impacting the growth and productivity of the companies with generating and storing large quantity of data and making predictions for future businesses and innovating new products. “Big Data” is one of the growing technologies in the industry and it is already worth more than $100 billion and growing 10% each year which is roughly twice as fast as the software business as a whole.