By: Kevin Faber
Big Data has had a big impact on the competitive landscape. Businesses that have embraced this explosive technology of digital media are better positioned to market faster with products and services that satisfy customers’ needs adequately. Wise management of time is very critical in staying ahead of the competition. Utilizing Big Data solutions in processing digital data is one way of enabling managers or organizations and business owners to make quick, informed decisions that streamline efficient business operations. Here is an analysis of some of the real management applications of Big Data:
Why companies are embracing Big Data
Get more data
Data that was previously floating around and perhaps regarded useless can now be gathered and used by businesses to improve their productivity.
The vast amount of data
There is a vast amount of data being produced on online platforms such as social media. Big Data technologies can efficiently manage this data in a profitable way. Processing such data can help out in solving crises by enhancing response time.
With the structured and unstructured data, managers and executives of big and small business enterprises can gain important insights that will enable them to make timely decisions.
Great data platform processing tools like Apache Kafka have made the analysis of vital data instantaneous. A business can gain instant insights into certain customer behavioral trends to enable it to react promptly to avoid losses.
Real management applications
Technological innovations such as Big Data have greatly influenced the operations in the healthcare industry. Analysis of big data has boosted the overall efficiency of healthcare service delivery. Both physicians and patients can now interact and analyze the progress of the patient’s treatment by checking out the patient’s history.
The healthcare facilities that have adopted Big Data oriented medical devices can now monitor the behaviors of their current and previous clients so as to rationalize better delivery of services that their customers need. For instance, through a watch fitted on the patient’s hand, a physician can easily analyze the collected data about the patient’s heartbeat and temperature and prescribe a medicine without visiting the patient. The technology behind Nanobots and how they can manage to deliver oxygen to tissues or fight harmful germs in the body is outstanding.
Several departments in the public sector such as security agencies and municipalities utilize Big Data analytic tools in processing vital data. Deceit or fraud recognition, economic or power investigations, environmentally interconnected explorations and ecological fortifications are just some of the examples where the public sector has used Big Data to restructure operations for efficiency. The FDA is in the forefront of using Big Data to examine food based infections and side effects of certain drugs on the general population. Several government bodies use big data analytics to conduct investigations before issuing declarations or making vital public announcements.
Most learning materials that existed in hard copies are now available as soft copies on various online platforms. Teachers can utilize applications such as Bubble Score in conveying multiple-choice tests in a more transparent process that allows the use of mobile device cameras. Such equipment along with Big Data has made it possible for teachers to rank books and trail development by sending outputs. A data-driven classroom is an easier way of determining what students are learning and what are the most suitable levels of studying certain subjects? The e-learning digital materials are produced through the use of prognostic analytics that enables the producers to merge a lecture plan to particular students’ learning needs.
About the author
Kevin Faber is the CEO of Silver Summit Capital. He graduated from UC Davis with a B.A. in Business/Managerial Economics. In his free time, Kevin is usually watching basketball or kicking back and reading a good book.
Follow him on Twitter: @faber28kevin