We generate huge amounts of data each day. These data come from internet traffic, social media posts, computer notes, transaction records, photos, and more. An enormous amount of data can be gathered from around the world and analyzed. Social media has made it simple and possible for people’s data to become available. The operators of social media platforms have easy access to and use of personal data on the platforms.
This information makes you a target of your interests, as advertisements are tailored to your preferences. Sports car enthusiasts who frequently use online search engines will be presented with sports car-related content and advertisements. The same applies to any other product or service available over the internet. Your interests and online footprint are used to target you as a user. This is a direct application of big data in marketing and advertising using algorithms and other programmable techniques.
The term “Big Data” (BD) has been around since the early 2000s, and the use of BD has enabled many innovations and applications. You may be wondering what big data is and why it is getting so much attention in analytics. BD is a large volume of structured or unstructured data that businesses and organizations use to make smart decisions based on observable patterns. With billions of social media users globally, billions of data points are available for various purposes.
BD is important in product brand analytics. Customer interaction, such as likes, post reactions, and post replies, can be used by businesses on their platforms. This is done to determine the nature of the message that best resonates with the target audience. Afterwards, these data can be used to improve marketing content as well as online sales.
Hedge funds, retail traders, and large banks all use big data to analyze trades. These organizations employ BD to identify and optimise transaction opportunities. Data has evolved into a one-of-a-kind resource for enterprises, organizations, and governments seeking a competitive advantage. This means that companies that properly analyze large amounts of data can spot patterns and make accurate predictions for the future.
Most people believe that BD is a corporate business data tool, but it has several applications in healthcare as well. A tremendous amount of data is available from electronic health record systems and clinical decision support systems. BD can be used by healthcare data analysts to plan health preventive, intervention, and management methods.
Individual and communal trends of patients within a specific context can be studied using BD. This data can subsequently be used to create successful treatment programs. Furthermore, it can also be applied to potentially identify people at risk of developing certain diseases.
The applications of BD are so diverse that they can be used in any field of human endeavor. The future belongs to those who have data and use it innovatively. This innovative application can include revenue generation or implementing social projects. The former is achievable via target advertisements, while the latter adopts consumption patterns for amenities such as potable water and electricity.