Big data refers to the collection and storage of vast amounts of data (structured and unstructured) coming from a myriad of sources and used for many different purposes. Its main purpose, however, is to be used in predictive analytics and evaluate human behavior to help specific industries make better decisions about their products and services.
Big data is so voluminous that traditional data storage solutions are inadequate to handle it. What constitutes big data is information collected that is high volume, has a swift velocity and is varied in format.
An open-source solution of hardware and software called Hadoop was developed for just this purpose and is currently being used to solve the problem of how, where and what to collect, store and analyze.
These data sets are getting large quickly because of all the devices that are always on, connected to the Internet and collecting data 24-hours a day. Things like mobile devices, cameras, remote sensors, IoT devices, wireless network equipment and remote readers of all kinds are collecting and storing all the time.
Big data affects a whole spectrum of industries including the obvious like government, education, healthcare, banking, and telecommunications but big data impacts a lot of smaller businesses as well.
1. Private Investigation/License Plate Lookup
The job of a private investigator just got a lot easier with all the information now available at their fingertips. So much information is public record these days and searchable via these big data warehouses online. Birth, death, marriage, and divorce certificates, bankruptcy records, lawsuits, criminal records, legal documents, arrests, parole and driving records are now easily obtainable using a record repository service.
One massive example of big data being collected is license plate lookups information. With seven billion people on the planet and license plate readers popping up in every city, the enormous amount of data being collected and stored is staggering.
2. Travel Agencies
Travel agencies are using mobile apps and data collected from their customers to help plan trips and accommodations by alerting them to consumer allergies, flight preferences, room selection, meal choices, and travel history. All of this big data information can be used to highly personalize a travel experience and seamlessly integrate superior customer service with a hassle-free interaction and purchase.
3. Retail Stores
The big data trend reaches far and wide, and even retail stores are not immune. Retail stores are collecting cognitive behavior data using sensors, WiFi networks in store and tracking customer aisle visits and product interest tied to social media and loyalty card purchases. The information they collect is for marketing services, product development, and market-driven trendsetting.
Predictive analytics is one of the prime goals of big data and can be used to pinpoint potentially successful products and services accurately. It can also predict consumer interest and reaction before even bringing products to market, saving a lot of time and money.
4. Fitness Centers
Fitness and health data is being collected at an alarming rate all over the world by all our wearable and Internet-connected devices. This type of data is being used by fitness centers to help consumers determine the best workout equipment, plan routines, duration and monitor their health statistics while they are on-site at the facility.
Big data and technology have changed the way we workout and this trend, based on new products hitting the market every week is expected to continue and expand its reach even further by eventually becoming integrated with health centers and medical facilities for seamless integration of fitness and healthcare.
5. Insurance
Insurance is big business, but there are also a lot of small agencies that take advantage of all the big data being collected and shared among insurance companies. This vast marketplace of information allows insurance adjusters to fulfill claims much quicker, perform in-depth investigations in just minutes by trolling the Internet for a complete profile of the consumer, based on public records and social media. Although this may seem invasive, it actually allows the smaller insurance carriers to provide a more customer-based service providing more personal attention to each individual or business.
Big data analytics also helps insurance companies determine the best products and services for their customers. An insurance representative can quickly and easily formulate a very detailed profile from public information and social media records for each of their clients. All of this data results in more personalized service and higher customer satisfaction ratings.
Big data is here to stay. The question is will these new technologies be able to keep up with the massive volume as more products enter the market which collect even more data and help businesses get smarter about the needs of their customers.