Hello, today, on TechFriday, we are talking about Big Data analytics. 

In itself, Big Data is just a massive chunk of meaningless data. Until it is processed and crunched into structured sets.

Recent stats show that companies using Big Data have grown from 17% to 50% since 2015. With the boom of big data, more and more industries adopt Big Data technologies. How?

Let's begin with Healthcare. How does this sector stand to benefit from the implementation of big data analytics?

The fundamental concept lies within the development of electronic health records. EHR is a system that collects and stores data related to an individual's health. It contains the patient's disease and ailments' history, all the hospitalization records and doctor visits, laboratory tests, vaccinations, examinations, allergies, or any other related facts. Many experts claim Blockchain to be a good technology choice for EHR: it fulfills completeness of data, its protection, and verification.

Combining Blockchain with Big Data and AI makes it possible to use millions of EHR's for detecting hidden dependencies between a disease along with other side-factors as social, territorial, age-related, demographic, etc. The synergy of these three rising technologies allows creating a diagnostic system of a brand new quality level. 

Now let's switch to Retail.

Big Data contributes to retail business automatization. On average, managers spend half of their work time on goods reevaluation, which still isn't accurate enough due to human factors. In addition, who can guarantee that the process operates seasonality, stock available, supply and demand structure, competitors' activities, etc.? That is why large retail chains switch to automatized price reevaluation using Big Data technologies. 

Using this method, Amazon is adjusting its prices every two minutes. Big Data also plays a big role in making strategic decisions when developing a new entity. By analyzing competitors' locations nearby, transport access, potential customers' income rate, their habits, and preferences, it gives a comprehensive idea of the territory's commercial potential for future business. 

What about Law Enforcement? Big Data algorithms are applied in cybersecurity. They detect suspicious activities before they occur and alert companies about potential fraud. Nowadays it’s a must for many businesses to take care of enterprise data security. 

Big Data analytics also helps the Police to combat criminal activities. Predictive policing presupposes software with statistical data. It can predict in what geographic areas there is an increased chance of criminal activity and guides the Police in their decision-making.

How can your company take advantage of Big Data? Reach out to Zfort Group to get expert consultation.

That’s all from us for now. For a detailed version, you are welcome to check the dedicated article.

Until next time! Bye!