Because of Big Data, 10 industries are changing
Entering the Big Data era is a race to keep up or get out. Whether you're an independently owned brick-and-mortar store or the next Silicon Valley "unicorn," it's imperative that you adopt a big data strategy for your business decisions. It's not so much that data is valuable as it is that data is changing the way business is done.
This urgency was pointed out in a groundbreaking research report released last October by Accenture and General Electric, in which 89 percent of survey respondents said that a company without a big data strategy would suffer a loss of market share and momentum as early as next year. While the report focuses on the industrial Internet and healthcare, its findings still have a lot to say about other industries.
In about a year's time, 10 industries will be rapidly transformed by big data strategies. In fact, 84 percent of organizations believe big data will reshape the competitive landscape in the coming year. So even if your industry isn't one of them, it doesn't hurt to keep an eye out for companies around you that are going through this sea change.
10. Energy industryTechnology and the Internet of Things have disrupted the energy industry. At the micro level, there are smart air conditioning devices like Quirky's Aros, which not only uses data to learn user habits and temperature preferences to keep the house cool and comfortable, but also wastes little energy. On a macro level, there are smart networks that cover the country. This pilot program collects a huge amount of data on energy use to help us form better energy habits, reduce carbon emissions and unnecessary energy use.
9, real estate industryReal estate is the backbone of the driving market. In 2008, we saw the negative side of this force, but fortunately only on an individual scale. As you can see real estate has the potential for great individual gains and also the potential to devastate individual assets - it's just a matter of gauging how big the risk is. So if there's a way to hedge that risk ......
Big data is the answer, and it will improve the quality of real estate transactions and reduce investment risk in three ways. First, the way assets are analyzed will change. Using data, you can analyze the quality of a property, its longevity, structural integrity, and so on. "Is it credible on the books?" "Is it necessary to apply for a loan?" All will be answered from big data analytics. Second, big data will lead to smarter deals. Evaluating a large number of customer investments will provide smarter options to finalize deals faster. Third, big data will improve property management. The data can help identify and fix faults faster, and together with the application of smart home technology, it can reduce the negative impact of a number of accidents.
8. Insurance industryThe insurance industry has never been in the spotlight as much as it has been over the past five years, in large part because of presidential legislation in this area, but it's a good way to start focusing on the flaws and complexities inherent in the system.
Insurers will have to consider protocols from every angle: what's optimal for the insurance provider, what's the smartest choice for the customer, how to attract as many users as possible, and how to reduce overall risk ...... In this way, it seems that the insurance industry will be a fertile ground for the kind of changes that will result from big data.
In fact, big data is transforming the industry: using it to improve the efficiency of claims analysis, to provide more targeted programs for individuals, anti-fraud, and even ways to provide health care for the sickly insured.
Self-service insurance startup MetroMile, which offers customers a "drive as many miles as you can" car insurance business that charges premiums by the mile, says it can help customers who don't drive much save an average of $500 a year on their premiums.
Overall, big data analytics in the insurance industry can lead to rapid iteration and continuous improvement.
7. Music industryYou've probably read a lot in recent weeks about the gains and losses of companies like Spotify and Tidal. Despite a music market that has shrunk dramatically over the past decade, artist labels are still struggling to figure out ways to make money from everyone with their music - including from artists - not just by raising concert ticket prices or forcing artists to spend 364 days of the year on the global on the road touring.
The problem is that they haven't found a great way to make money. It wasn't until Spotify solved the problem of how to pay artists a substantial wage for streaming music that Taylor Swift agreed to become part of the fold. No one wants to spend $20 a month on Jay Z's "hi-fi" songs when they can hear them on Spotify for nothing.
One possible solution is to work with advertisers. Big data collected on social media, particularly on Instagram, suggests that brand partnerships between brands and artists, where the artist acts as a photographer for the brand, can be lucrative for both parties without damaging the artist's image.
Based on the connectivity of social media and streaming music sites, music-listening demographics have also become readily available, and record labels can and have begun to use this data to strategically partner with brands who can pay for artist-branded music and videos.
6. Airline industryBig data will break down the rift between information and the airline industry, especially in the area of commercial air travel. The vast amount of data collected annually, and even daily, from commercial travel still has plenty of room to be exploited in planning routes, creating incentive programs, and boosting sales.
First of all, it can be used for quality control, as an IBM study showed that the large amount of data collected on flights can quickly reduce the cost of equipment and maintenance on a route, which undoubtedly makes airlines more competitive in the marketplace, reduces the cost of fares, and ultimately drives sales. At the same time, flight data can also help save time, reduce delays and improve baggage management, and even provide intelligent guidance for subsequent flight recommendations and customer retention.
5. TelecommunicationsIf you've seen the documentary "Fourth Citizen" about NSA whistleblower Edward Snowden, then you should already understand the connection between telecommunications and data. Utilizing metadata would seem to give away your location in the Instagram pictures you post. But in the case below, that's not why data is changing the telecom industry.
T-Mobile merged all of its customer datasets into six categories as a way to perform a complete customer behavioral analysis, and in the end, the analysis led to a 50% reduction in churn. In short, big data analytics helped T-Mobile identify the factors that influence customers' decisions about whether or not to renew their telecom service, which then became the basis for making adjustments.
4. Consumer goods industryNot much needs to be said about how big data has transformed the consumer goods industry; in fact, just two words will suffice: supply and demand.
You've probably noticed that most coffee shops have replaced their old, clunky POS machines with lighter, iPad-style POS systems, like the Square solution, a small-scale credit card processing system that helps brick-and-mortar merchants collect a lot of data about their customers, which also means that independently owned and operated merchants themselves can collect data very easily. data themselves.
The first and most important thing this data can do is provide intelligent guidance on goods and supplies that move up and down, and it can also help merchants prepare for high-volume purchases, better understand consumer statistics, and help them operate more efficiently. Big data can provide better analytics for everyone's top priorities (merchants' accounts and consumers' needs).
3. Hospitality industryThe hospitality industry is not dead -- in any shape or form. We will always travel, we will always need vacations, we just need to solve the problem of how, where and when. Some companies rely too much on this model and ignore the changes brought about by the ****enjoyment economy, like those brought about by companies like Airbnd. But there are also companies like Duetto that bring new competitiveness to this market. Duetto, a hotel pricing management SaaS provider
Duetto provides hotels with data on customer behavioral habits to help them manage room bookings, adjust room pricing, and even predict demand. People are always traveling, which generates a lot of data that hotels can use, and Duetto makes it extremely accessible and easy to analyze.
2. GamingGaming has exploded in the last decade. With the release of Halo 5: Guardians this fall, the game has generated $3.5 billion in global revenue for Microsoft. This series alone has not only bolstered Xbox One sales, but has become a strong competitor to Sony's PS4. Halo, one of the first-person shooters published by Microsoft
However, the gaming world isn't the only one dominated by these two companies. World of Warcraft Steam gaming platform and so on have contributed to a vibrant and thriving market, with more than a billion loyal fans involved. And today's gaming industry has begun to utilize big data to further improve the experience. We've come a long way since the creation of the NES gaming platform 30 years ago.
Social connectivity and large-scale online multiplayer games generate considerable data that can be utilized to improve the player experience overall. As games continue to be iterated and content updates are downloaded, it becomes quite easy to get feedback and respond immediately to improve the user experience.
1. Data storage industryLastly, there is the data storage industry. Due to the sheer volume of data and its varying nature across industries, there is a great need to find a way to store incoming data that doesn't require a large number of servers or a bulky CRM system.
Box's solution was born. They wanted to disrupt the way business stores and utilizes data, making it easy for companies of all sizes to analyze and process data and benefit from it.
No matter what industry you're in, the market landscape has changed. It's time to break down the barriers of your industry and data, or your company will be left behind in the marketplace.
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