Industries are using Big Data for making things easier and more productive. Why are you standing behind?

Business expansion and exploration of growth opportunities have been the prime emphasis of every business enterprise. Big data is the popular and immensely effective tool that has been adopted greatly to enjoy the unanticipated heights of success through the analysis of the data collected. The job of analysis of vast information collected through big data is done by the data analyst.

Check out underneath the few top data use cases. Every use case throws light on the manner companies are enjoying the benefits of big data to improve the operation of a business, decision making, and offer a great customer experience. Have a look at big data use cases of some of the industries below –

Prevention from scam by credit card issuing companies

Big data is effectively used for the prevention of fraud by credit card issuing companies. Before it, the rule-based method was used to trace out fraudulent deals by customers or third parties who could have stolen credit cards. Big data analytics through the past and current records can quickly recognize the changing trends in frauds. The companies issuing credit cards can identify the zip codes and be more vigilant about the nature and geographical zones of criminal acts.

Credit card companies normally are a little reluctant in sharing the techniques put in use by them in exposing and preventing fraud. Whereas there are many credit card agencies or firms that act as consultants and assist with the tools, guidance, and services to restrain criminal transactions.

Data security in IT companies

Cyber attackers and hackers can be put at hold too with the help of big data. In IT companies, vast internal and external data is available which too needs to be protected. To overcome the panicking situation that arises on getting any pertinent information hacked, many companies have incorporated big data technology which has to help them gather and analyze information to avoid, protect and counterattack the hacking or other kinds of cyber attack.

Big data security solutions are being sold under different names like vendors sell log analytic tools, security information and event management tool (SIEM), user and entity behavior analytic (UBEA) with a single motive to safeguard companies from cyber attacks and hacking.

Optimization of rates by B2B & B2C enterprises

The objective of every company is to charge that price from their customers at which they neither lose a customer due to high prices nor the low prices hamper their target returns. To strike balance, B2B companies and B2C companies have been taking the aid of big data to decide the safe price point where yield is maximum. Big data is utilized to have an access to the paying capacity of customers in different situations and how can change in policies during that time would be lucrative from the perspective of the company.

Keeping the users engaged

E-commerce shopping portals or web entertainment portals like Netflix, prime video, etc are using big data to analyze the preference and interests of users while shopping or watching. They eventually keep them engrossed with new suggestions of similar nature. Organizations that are still lagging and have not attuned to big data technology may soon lose their customers to those who are updated with the new data too.

Likes & Dislikes on Social Media

In the age of social media, companies can't afford to ignore the socializing digital platform. Giving regular updates about the company is a must and more important is the analysis of likes, dislikes, comments given by the users. Numerous companies have been taking the advantage of big data to take timely action before losing followers on social media platforms like Instagram, Facebook, Twitter, etc.

Equipment Maintenance and prevention from loss thereof

Businesses involving construction, manufacturing, agriculture, etc. are also not behind in enjoying benefits from big data. As businesses from a similar sector of the economy like above involve equipment whose maintenance cannot be ignored. They have been using big data to improve the maintenance of equipment, thereby increasing the life of the equipment and eventually curbing the possibilities of more investment in purchasing equipment.

Big data is used by these companies to estimate the real life of equipment or period when any flaws may be observed in the equipment. Precautions may be taken which either may prevent the equipment from getting defective or backup may be arranged to avoid disruption in the manufacturing activities.

Conclusion:

Here we have, the different ways companies use big data for making things easier and more productive. Big data is surprising us every new day with additions like machine learning and IoT. Hence, with the rapidly growing data, it is the right time to start adopting big data tools in your business operations.