How Big Data is Changing These 3 Industries

How Big Data is Changing These 3 Industries

November 28, 2019 0 By Hoofer

Big data might be a popular buzzword in today’s digital landscape, but that’s because it’s a big deal. The rise in technology hasn’t simply been about our adoption of smarter devices, or our lives spent on social media. It has also meant a huge shift in how data is gathered, analyzed, and utilized. From Artificial Intelligence (AI), to the cognizant Internet of Things (IoT), aspects of our world are being shaped by what can be achieved by intelligent application of data sciences.

This is especially prevalent in our industrial sectors. Entrepreneurs across various markets have begun to recognize the potential of utilizing data optimized applications. Whether to create more successful marketing campaigns, or monitor behaviors to improve road safety. There are even entirely new industries emerging to deal with the analysis and utilization of data streams. 

Information processing has emerged as one of the most useful tools of our digital age. We’re taking a look at three sectors that have been finding interesting ways to make the most of big data.

Insurance

Insurance is all about balancing risks. Companies in the industry can succeed or fail based on their approach to covering unexpected events. The problem is, it can be difficult to accurately predict the likelihood of certain events arising, and whether the income gained from premiums outweigh the potential outlay if disaster strikes. Insurance companies benefit from receiving as much information as possible, alongside the expertise to analyze it appropriately. Which is why big data is making such a huge impact.  

An excellent illustration of this is in the realm of motor insurance. Companies have begun making it simpler and beneficial for customers to provide them with accurate, real-time data with which to reliably assess risk. Using plug-ins such as Smart Ride devices, and mobile phone applications, insurance companies can collect data on driving habits, distances travelled, even instances of distracted driving. Customers usually receive discounts for riding with these devices on board, but in exchange insurers benefit from using the data gathered to make decisions that make or break their business.

Similar approaches are being taken by life and health insurance providers. The prevalence and relative inexpense of fitness trackers has provided an opportunity for insurers to gather huge amounts of useful data on their customers lifestyles, activity levels, and habits that could present risks that require premiums to be adjusted accordingly. 

Healthcare

There are few industries that deal with the volume of sensitive information that can be found in the healthcare sector. It is a data-rich field by necessity — patient records, vital signs, family histories, pharmaceutical statistics — it is very difficult to make responsible medical decisions without at least this much information. Then there’s the administrative side, surrounding billing, appointments, and insurance.

Which is why healthcare providers have been early adopters of big data. Professionals ranging from doctors to hospital administrators have recognized the potential for utilizing advanced technology to process, analyze, and utilize the vast amounts of information the industry is subject to. One of the more interesting areas has been the utilization of artificial intelligence (AI) systems in the field of diagnostic medicine. By providing deep learning programs such data as symptoms, images, and historical cases, they have been able to provide doctors with fast, accurate diagnoses. A report from September 2019 revealed that these systems may even equal the diagnostic ability of medical professionals.

Cloud systems are also being utilized to share important medical data between providers. By creating systems that allow patient records to be distributed between departments instantly, the quality of healthcare provided can be greatly improved. Professionals in different fields gain a more holistic understanding of their patient’s medical situation, and are able to make more beneficial recommendations about care.

Freight and Shipping

There have been a great many changes to the freight and shipping industry in recent years. Overhauls in regulation, and limitations on working practices have resulted in fleets having to adopt methods in order to maintain compliance. The continued prevalence of online sales has also ensured that delivery services are continually transporting huge volumes of goods worldwide. The advent of big data has helped many companies both act in accordance with regulations, and improve their business practices.

In terms of regulation, shipping companies have been forced to keep accurate, verifiable records on drivers’ operating hours through Electronic Logging Devices (ELD), which insert into the diagnostic port of the vehicle and collect data. However, fleet owners have also found ways to kill several birds with one stone, utilizing such devices to collect even more useful data. Telemetrics collected by ELDs can include routes the driver has taken, distances driven, and even fuel consumption. Companies then combine data from across their workforce, and apply analytics information in order to make adjustments to shipping which improve efficiency and, ultimately, save money.

Freight drivers must undergo a great deal of training, particularly if they are required to take a HAZMAT test before transporting dangerous items. Data collection is also being used to monitor driver behavior in order to make sure good habits are maintained. Once harvested by ELDs, information can be provided regarding tendencies to change lanes improperly, make sharp turns, or even illegal manoeuvers that could land them in driving school. This can help fleets better train their drivers and improve the image of the company as a whole.