4 Traditional Industries Reshaped by Big Data and Analytics


Digital Directorship – Big Data

4 Traditional Industries Reshaped by Big Data and Analytics

Big Data and Analytics

Datafloq by Jyot Agrawal

Big data has become more popular in 2018. Whether structured or unstructured, big data is made up of large datasets that can be mined for more information. Given that traditional industries are also being disrupted, there is no escaping the impact of big data across the board. But first, let us have a glimpse of these so-called traditional industries and see some of the effects for yourself:

Healthcare

Hospitals and healthcare institutions, as well as their practitioners, should be made more aware of the gaps in the system. In particular, individuals have had no instant access to their medical history. Such data may only be obtained when patients visit their doctors, each session probably burning a hole in their pocket.

Now that the use of mobile devices has normalized, people are getting acquainted with their own data. Apps can monitor heart rate, gadgets can track the frequency of activities, and both tools can keep a record of such information. Users can then easily retrieve their data, which they can rely on to assist medical professionals in checking them up.

Legal

Law firms are recognizing how crucial big data revolution is in assessing case prospects and profitability. Lawyers can better prepare their arguments and estimate costs through the insights gleaned from this huge deal of information. Coupled with artificial intelligence (AI), they can work on large and complex datasets with greater efficiency.

For instance, to keep up with the times, the Houston, Texas-based law firm Romano & Sumner has added digital estate planning to its services. The firm has built a reputation for completing cases in a timely manner. Managing and protecting its clients’ digital assets can be time-consuming. With the help of big data and AI tools, it can fulfil its promise of quick turnarounds as its legal experts identify and organize the online accounts that matter the most to their clients.Education

Education

Big data has not only improved learning. It has also paved the way for education’s stakeholders to make discoveries. This new tool has empowered the majority of institutions to better understand students and their movement. According to a report by the University of Melbourne:

“Big data is used to attempt to identify as early as possible those students who are ‘at risk’ of falling behind or dropping out so that interventions can be made to help these students stay on track.”
Further, student activities can be logged and tracked. Combined with analytics, big data can transform how educators conduct their classes, especially in understanding student sentiments and interactions.

Finance

The finance industry, perhaps, has the highest potential for transformation, which is to say that things will not be the same around here in the next decade. In banking, gone are the days when accounts could only be managed through cash/check deposits and withdrawals. These days, people have multiple options including PayPal and cryptocurrencies.

In retail investment, savvy individuals no longer have to rely on brokers. They make decisions by trusting data-driven firms and platforms. With regard to lending, new enterprises employ sentiment analysis. Applied in this area, this approach can determine the capability of applicants to pay back the loans.

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Richard Spangenberg

About the Author: Richard Spangenberg, CEO and Executive Director of Digital Directorship & board member at several companies, is a senior c-suite level executive, innovative strategic marketing leader, and digital/big data/AI specialist familiar with digital transformation, cybersecurity, startups, and social media integration to existing programs.