How big data will impact different sectors

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The momentum with which the IT market in India is expanding is unbelievable. The global IT services are witnessing a transition phase from traditional to digital. Various technologies like cloud computing, analytics, artificial intelligence, data analysis, big data, and IoT have transformed our lives like never before. India has emerged as a leader with more than 55 per cent of the market share in 200$ billion global services sourcing companies. What’s more! The Indian IT sector is synchronising itself with the growing demand and is trying to usher in a revolution by recruiting more staff to take advantage of the situation.

The Indian government is also supporting the sector by introducing several initiatives. The government has labelled the Indian IT sector as one of the best performing service sector for which it is constantly evolving plans for further expansion. With that said, there is one robust technology that has the potential to make a great impact in the changing scenario - Big Data Analytics.

What is big data?

We are living in a world full of apps where we willingly shovel all the data related to us without any hesitation. But do you know that the private business organisations collect this data, store it, and use it for their personal benefit? The experts who collect the data, analyse your preferences and dictate your conduct based on it.

Which sectors are getting impacted by big data analytics?

The concept has gained significant prominence among various sectors. Following are the primary sectors impacted:

1.      Banking and Financial

The banks have direct access to entire repository of customer financial data. For instance, they know how much salary has been credited in your account, how much went into your savings account, how much money was expended to the utility service providers, etc. This data acts as a cornerstone for further decision making like screening of loans, offers that they can provide to the customers, risk assessment, cross selling of different products like insurance, etc.

2.      Media and Entertainment

Traditionally, media was limited to newspaper and magazine. With the growth of technology, the internet has given immense power to the layman. The technological and digital revolution in the form of big data has offered several benefits to media owners, gaming companies, TV channel owners and video publishers. The broadcasters collect a large amount of data which helps them to gain deeper insights on customer behaviour and their preferences.  Through this data, the media also gains information about the programs which customers subscribe and unsubscribe; based on this information, the channels can decide a slot for telecasting a specific show.  Also, by analysing the data, TV channels will be able to target and engage the audience in a persuasive way.

3.      Healthcare

The big data technology has the power to change the landscape of the healthcare industry. There was a time when the medical records of the patients, including the diseases and medicines were kept at a single place as a historical record. Nevertheless, with the advent of technology the healthcare industry will be able to offer holistic care to the patients, improve care personalization, enhance the levels of patient care, analyse the healthcare trends across various hospitals and do many more things which will improve the standard of healthcare. All this helps in identifying the health outcomes of a patient, predict the preventive care strategies that needs to be taken, and optimize the overall efficacy of the hospital.

4.      Education

Technology has penetrated in almost all areas of our live. With the digitization of classrooms, big data will have a huge impact on the education industry too. We are now moving from traditional classroom education to video-based lectures which make learning more interactive. This technology will help educational institutions to discern the learning styles of students and enhance the teaching methods to make education more effective. 

This data collection will further help institutes in devising strategies for meeting career goals. In short, with big data the educational institutes will be able to better address the challenges faced by students, will get hands-on information of student’s interests and based on that they can develop the career strategy and can guide them accordingly. Big data contributes to the evolution of progressive learning methodology.

5.      Agriculture

The role of Big Data in the field of agriculture cannot be ignored. It helps the farmers in yield prediction which in turns helps them to know what to plant and where to plant. One important area of its application is risk management; by helping farmers evaluate the chances of crop failure and even improve the overall feed efficiency, this technology can save crop damage caused by alternating weather conditions.

6.      Online Retail

Top online retailers like Flipkart, Amazon, Urban Clap have rose to heights of popularity in the last few years. They have created a whole new class of individuals who have got accustomed to shopping at the comfort of their home instead of visiting the physical stores. While shopping at home definitely beats our hassle of commuting, we cannot ignore the fact that how online retail companies are using the information provided by us to create opportunities for them.  With the help of big data, the online retailers can predict our consumption habits and persuade us to buy goods. Apart from that, this data will also help them in the process of supply chain.

Challenges

Though the big data has created a revolution in the field of IT, a key question, about localization, remains unanswered; should the data of Indian consumers be stored in India only? Well, it only makes sense because local storage would ensure the availability of information for legal reasons. Major companies like Amazon, Google, Microsoft, and IBM should expand their operations and be mindful of data rights. It is a key challenge for this industry. Understanding the grievance of the situation, the government should formulate a legal framework for data security and sharing. For this, we may have to perhaps wait till the next elections results are out and a new government is appointed. But one thing is inevitable, big data technology will put digital India at par with the developed nations.

Conclusion

The year 2019 will see insurgence of various technologies and along with paving the way for start-ups, they will also envelop established businesses. These new age technologies like big data will soon become mainstream and will further help conceive novel business models.

Ankit Patel, Project/Marketing Manager, XongoLab Technologies
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