Top 10 Business Applications of Big Data in China
Big data will be an important topic for decades to come. Big data affects everyone and will continue to do so for the foreseeable future. Impacting many major industries, including retail, finance, and healthcare, big data is also revolutionizing our lives. Now let's take a look at the ten business application scenarios that big data has brought to China, and the future big data industry will be a trillion-dollar market.
1, smart city
Today, more than half of the world's population lives in cities, and this number will grow to 75% by 2050. The government needs to utilize some technological means to manage the city well so that the resources in the city are well allocated. It is important to avoid inefficiencies and riots due to unbalanced allocation of resources, as well as excessive financial expenditure due to unnecessary waste of resources. Big data as one of the technology can effectively help the government to realize the scientific allocation of resources, refined operation of the city, to create a smart city.
The city's road traffic can fully utilize GPS data and camera data for planning, including road traffic light intervals and correlation control, including the planning of straight and left and right turn lanes, and the setting of one-way streets. Intelligent planning of urban transportation implemented using big data technology can at least increase the road transportation capacity by about 30% and can reduce the rate of traffic accidents. In the U.S., the government has reduced the rate of traffic accidents by more than 50% by adding signals based on information about traffic accidents on a certain road section. Relying on big data for flights at airports will improve the efficiency of flight management, and airlines can use big data to increase the occupancy rate and reduce operating costs. Railroads can use big data to efficiently arrange passenger and freight trains to improve efficiency and reduce costs.
City public **** transportation planning, education resource allocation, medical resource allocation, commercial center construction, real estate planning, industrial planning, urban construction, etc. can be good planning and dynamic adjustment with the help of big data technology.
Big data technology can understand the economic development, the development of various industries, consumer spending and product sales, based on the results of the analysis, scientifically formulate macro policies, balance the development of various industries, avoid overcapacity, effectively utilize natural resources and social resources, and improve social productivity. Big data technology can also help the government to carry out expenditure management, transparent and reasonable financial expenditure will be conducive to improve the credibility and supervision of financial expenditure. Big data and big data technology to bring the government is not only efficiency, scientific decision-making, fine management, but more importantly, data governance, scientific management of the awareness of change, the future of big data will help the government from all aspects of the implementation of efficient and refined management, with great imagination.
2, the financial industry
Big data in the financial industry has a wide range of applications, typical cases are Citibank using IBM Watson computers to recommend products for wealth management customers, the Bank of America to use the customer clicks on the dataset for the customer to provide special services. China's financial industry big data applications carried out earlier, but are to solve the problem of big data efficiency, many financial industries have established a big data platform, the financial industry's transaction data collection and processing.
The financial industry's big data applications in the past were mainly to analyze its own financial data, to provide dynamic financial statements, and to manage risks. In terms of realizing the value of big data, the development is not deep enough, which is not matched with the financial industry's annual net profit of trillions of dollars. Now there are some banks and securities began to cooperate with mobile Internet companies, together with big data value realization, including China Merchants Bank, Ping An Group, Industrial Bank, Guosen Securities, Haitong Securities and TalkingData in the mobile big data precision marketing, customer acquisition, user experience and other aspects of the attempt to big data value realization effect is not bad, big data is helping the financial industry to realize value. Big data is helping the financial industry to realize value. The application of big data in the financial industry can be summarized in the following five aspects:
(1) Precision marketing: based on customer consumption habits, geographic location, consumption time for recommendation
(2) Risk management and control: based on the customer's consumption and cash flow to provide credit ratings or financing support, the use of customer social behavior records to implement the credit card anti-fraud
(3) Decision support: Using decision tree technology for mortgage management, using data analysis reports to implement industrial credit risk control
(4) Efficiency Improvement: Using financial industry-wide data to understand business operation weaknesses, using big data technology to speed up internal data processing
(5) Product Design: Using big data computing technology to recommend products for wealthy customers, using customer behavior data to design financial products to meet customer needs
(6) Product Design: Using big data computing technology to recommend products for wealthy customers, using customer behavioral data to design financial products that meet customer needs
3. Medical industry
The medical industry has a large number of cases, pathology reports, medical programs, drug reports and so on. If these data are organized and analyzed, it will greatly help doctors and patients. In the future, with the help of the big data platform we can collect the basic characteristics of diseases, cases and treatment programs, and build a database for diseases to help doctors diagnose diseases.
If the development of genetic technology is mature in the future, patients can be categorized according to their genetic sequence characteristics, and a patient classification database for the medical industry can be established. When doctors diagnose a patient, they can refer to the patient's disease characteristics, lab reports and test reports, and refer to the disease database to quickly help confirm the patient's diagnosis. When formulating a treatment plan, doctors can refer to the patient's genetic characteristics and retrieve effective treatment plans with similar genes, age, ethnicity, and physical condition, so as to formulate a suitable treatment plan for the patient, and help more people to undergo treatment in a timely manner. At the same time, these data also facilitate the pharmaceutical industry to develop more effective drugs and medical devices.
The application of data in the healthcare industry has been ongoing, but the data has not been connected, and it is all siloed data, with no way to apply it on a large scale. In the future, these data need to be collected and integrated into a unified big data platform for the benefit of human health. The government is an important driving force behind this trend, and the future market will exceed hundreds of billions of dollars.
4, agriculture and animal husbandry
Agricultural products are not easy to preserve, reasonable planting and breeding of agricultural products is very important to farmers. With the help of the consumption capacity and trend report provided by big data, the government will provide reasonable guidance for agricultural and animal husbandry production and produce according to the demand to avoid overcapacity, which will cause unnecessary waste of resources and social wealth. Big data technology can help the government to realize the refined management of agriculture and achieve scientific decision-making. Driven by data and combined with drone technology, farmers can collect information on the growth of agricultural products and information on pests and diseases.
Agricultural production faces many hazards, but these hazards can largely be eliminated by technological products such as herbicides, fungicides, and insecticides. Weather has become a very large determining factor affecting agriculture. In the past, weather forecasts only provided local rainfall, but farmers were more concerned about how much moisture would stay on their land, which was determined by rainfall and soil quality.Climate used data from open government weather stations and land data to build models that allowed them to tell farmers what land they could farm on, what land needed to be sprayed and finished today, what land that was in the growing season, which land needs to be fertilized, and which land needs five days before it can be tilled - big data technology can help create huge business value for agriculture.
5, the retail industry
Retail industry more famous big data case is Walmart's beer and diapers story, and Target by sending diaper ads to young girls and inform their fathers that the girl is pregnant story.
The retail industry can use customer purchase records to understand customers' related product purchase preferences, and put related products together to increase product sales, for example, putting laundry-related chemical products such as laundry detergent, disinfectant, and collar cleaner together for sale. Re-arranging goods according to customers' related product purchasing records will increase product sales by more than 30% for retailers.
The retail industry can also record customers' purchasing habits, and remind them to buy some essential daily necessities through accurate advertising before they run out. Or regular deliveries are made through the online mall, which helps customers solve problems and improves the customer experience.
The e-commerce giants, Tmall and Jingdong, have already prepared their customers' purchasing habits in advance for the goods they need every day, such as diapers, toilet paper, and clothes, based on the customers' purchasing habits. When the customer has just placed an order, the goods will be delivered to the customer's door within 24 hours or within 30 minutes, improving the customer experience, so that customers do not even regret waiting time.
Using the technology of big data, the retail industry will increase sales by at least about 30% and improve the customer buying experience.
6, big data technology industry
Entering the mobile Internet, unstructured data and structured data are growing exponentially. Now the data generated by human society every two years will exceed the sum of all data in the past of human history. By 2015, the sum of all data in human society is expected to exceed 5 zebra billion (5ZB), and how this data is stored and processed will become a big problem.
These big data provide huge business opportunities for the big data technology industry. It is estimated that the business opportunities generated by big data collection, storage, processing, clarity, and analysis around the world will be more than $200 billion, including investments by governments and enterprises in big data computing and storage, data mining and processing, and so on. China's big data industry output value in 2014 has exceeded 100 billion yuan, this year's Guiyang Big Data Expo has attracted more than 400 vendors to participate in the exhibition, fully demonstrating the future of the big data industry's huge business value.
China's big data industry will grow geometrically in the future, and within five years, it will form a trillion-dollar market. Not only is it a market for big data technology products, but it will also be a market for realizing the commercial value of big data. Big data will play a significant role in enterprise precision marketing, decision analysis, risk management, product design, operation optimization and other fields.
The big data technology industry will solve the problem of big data storage and processing, and big data service companies will use their own data to solve the problem of realizing the value of big data, which will bring a market size of more than 100 billion yuan. China currently has big data, and provide big data value realization services, in addition to our well-known BAT and mobile operators, 360, millet, Jingdong, TalkingData, nine times, etc. will become a strong participant in the big data value realization market, the market is big enough, expect them to make the market bigger, to help all the enterprises to realize the value of big data realization.
7, logistics industry
China's logistics industry is about 5 trillion, of which the kilometer logistics market is about 3 trillion. The overall net profit of the logistics industry has been reduced from more than 30% in the past to about 20%, and the downward trend is obvious. Much of the capacity in the logistics industry is wasted on empty return trips, duplicate transportation, and small-scale transportation. Logistics companies such as the largest in the Chinese market account for less than 1% of the market share. Therefore, resources need to be integrated and transportation efficiency needs to be improved.
The logistics industry, with the help of big data, can establish a national logistics network, understand the demand for goods and capacity of each node, rationally allocate resources, reduce the rate of return empty trucks, reduce the rate of overloading, reduce the duplication of routes for transportation, and reduce the proportion of small-scale transportation. Through big data technology, timely understanding of the demand for cargo delivery on each route, as well as the establishment of logistics ports based on geographic location and industry chain, realizing the real-time proportioning of cargo and capacity, and improving the transportation efficiency of the logistics industry. Optimized resource allocation in the logistics industry with the help of big data technology can at least increase the income of the logistics industry by about 10%, and its market value will be around 500 billion.
8, real estate industry
China's real estate industry development peak has passed, the challenges it faces gradually increased, the real estate industry is from the past rough development mode to fine operation mode, real estate companies in the auction of land, live real estate development planning, commercial real estate planning will also be carried out carefully.
With the help of big data, especially mobile big data technology. The real estate industry can understand the number of resident population in the area where the development land is located, the number of mobile population, consumption capacity, consumption characteristics, age stage, demographic characteristics and other important information. This information will help real estate developers to make scientific planning in commercial real estate development, tenant attraction, housing type, and neighborhood size. Using big data technology, the real estate industry will reduce the risk of planning before real estate development, rationalize the development of housing prices, rationalize the development scale, and rationalize commercial planning. Big data technology can reduce the risk of high land prices and low demand for real estate. There are already real estate companies applying big data technology to user profiling, land planning, commercial real estate development and other fields, and have achieved good results.
9, manufacturing
Manufacturing industry has faced the pressure of overproduction in the past, and many products, including home appliances, textile products, steel, cement, electrolytic aluminum and so on, have not been produced in accordance with the market's actual needs, resulting in a great waste of resources. Utilizing e-commerce data, mobile internet data, and retail data, we can understand the future demand of all product markets, reasonably plan product production, and avoid overproduction.
For example, based on the data of users searching for products in e-commerce and logistics data, we can speculate on the actual future demand for home appliances and textile products, and manufacturers will rely on these data to carry out production to avoid overproduction. Location information from the mobile Internet can help understand trends in the movement of people in and out of a local area, avoiding the production of too much steel and cement.
Big data technology can also be used to understand customer needs based on social and purchasing data, helping manufacturers with product development to design and produce products that meet customer needs.
10, Internet advertising industry
In 2014, China's Internet advertising market ushered in the peak of development, with the market size expected to reach about 150 billion yuan, an increase of 56.5% from 2013. Digital advertising is getting more and more attention from advertisers, and its future market size is getting bigger and bigger. 2014 Internet advertising market size in the U.S. is close to 50 billion U.S. dollars, and with reference to China's population spending power, its market size will soon reach about 200 billion RMB.
In the past, advertisement placement is based on good advertisement channels + broadcast placement, where advertisers give advertisements to advertisement companies, and advertisement companies arrange placement, among which SEM advertisement market is the largest, and other advertisement placement methods are also based on page display, mostly broadcast advertisement placement. The disadvantages of broadcast placement are the investment of large sums of money, no target customers, face all customers to display, the conversion rate of the advertisement is low, and there are digital advertising and marketing traps and other problems.
Big data technology can record the behavior of customers on the Internet, analyze the behavior of customers, tagging and user profiling. Especially after entering the era of mobile Internet, the main access methods of customers have shifted to smartphones and platform computers, and the data of mobile Internet contains personal location information, and its 360-degree user profile is closer to the real people. 360-degree user profile can help advertisers to carry out precise marketing, and advertising companies can place advertisements directly on users' mobile devices based on the information of the user profiles, and through the APP that users often use to place advertisements. Advertising companies can place advertisements directly to users' mobile devices based on the information in user profiles, and the conversion of advertisements can be greatly improved through the APPs that users often use. Precision marketing using mobile Internet big data technology will increase the customer conversion rate by more than ten times, and programmed buying in the advertising industry is gradually replacing broadcast advertising. Big data technology will help advertisers and advertising companies to place ads directly to target users, which will reduce advertising investment and increase the conversion rate of ads.
There are two major issues affecting the development of the big data industry, one is the big data application scenario and the other is the big data privacy protection issue.
The application scenarios of the commercial value of big data are being looked for by big data companies and enterprises, and progress has been made in the areas of precision marketing and customer acquisition in the mobile Internet, 360-degree user image, real estate development and planning, risk management in Internet finance, supply chain finance in the financial industry, and personal credit, etc., with a lot of classic cases.
But there is still stagnation in the protection of big data privacy and the protection of personal information in the process of big data application, and everyone is crossing the river by touching the stones, not knowing what can be done and what can't be done. The state is in the process of legislating on big data privacy protection, and it is expected that in the near future, big data service companies and enterprises will be aware of the specific requirements on big data privacy protection. Before there is no clear legislation on big data privacy protection, we can refer to foreign privacy laws and strictly abide by the internationally accepted personal privacy protection laws to fully protect the personal interests of all relevant parties in the process of implementing big data value realization.
Finally, looking at human history, in any field, if we can get data to analyze, we will make progress. If we can't get data to analyze, we are doomed to fall behind. The mistakes we have made in the past due to insufficient data are far better than those that don't use data at all, so we need to get hold of the weapon of big data and utilize it to help accelerate the evolution of human society and help companies realize the value of realizing big data.
The above is what I shared with you about the top ten business applications of big data in China, for more information you can follow the Global Ivy to share more dry goods