With a highly connected world, there comes a real need to utilize big data in ways that benefit different industries and practices. What used to be data stored to put customers on mailing lists, record experimental findings or keep track of personnel records has transformed into an ability to make better predictions and more efficiently calculate risks, all of which are based on human behaviors and interactions. The field of big data continues to evolve to this day in several sectors.
When many people have been diagnosed with a condition or illness, there’s a chance an epidemic outbreak is in the works, and it’s usually in the best interests of all to keep such a thing from occurring. Big data can be used in epidemiology to help predict if, when and where an outbreak could occur. All That’s Interesting talks about how a glitch in World of Warcraft caused a virtual outbreak to sweep through the popular online role-playing game and helped epidemiologists a gain better understanding of actual outbreaks and aided the development of policies to help prevent them from spreading.
The financial services sector benefits from big data by utilizing Loan Analytics to help decide whether to lend to an individual or organization. For example, Visible Equity explains that many financial institutions employing large collections of cloud-based data are now able to help lenders more accurately determine the value of loan collateral when evaluating an application. This strategy helps keep financial losses from defaults to a minimum. The monetary savings to those lenders has been significant.
The early models of traffic lights worked on fixed timers, and the advent of programmable controllers helped to take in more real-time factors. Big Data Made Simple gives the example of how the collection of data about traffic patterns during different times of the day can be used to adjust the timing of traffic lights in order to optimize traffic flow. In turn, this is also good for reducing emissions from idling vehicles. There are numerous other applications for such data. It may prove useful in determining whether to widen roads or add traffic signals. It could even assist in directing self-driving vehicles.
Though science and engineering applications are of great benefit to communities around the world, big data also poses great economic benefits. Opportunity Insights discusses how big data can be used by predicting market swings, identifying potentials for arbitrage and developing more effective identification of leading indicators are just a few examples for profiting from big data. This holds the potential to help boost earnings for many businesses and investors.
The world of big data has enabled massive amounts of information to be coupled with today’s computing technology in an effort to better predict human interactions and behaviors. Many different organizations in various sectors have already realized the potential of big data to prevent widespread outbreaks of disease, reduce financial risks, improve traffic flow in metropolitan areas and maximize profits and earnings for companies and their stockholders. Using big data to the advantage of scientists, engineers, researchers, and businesspeople benefits everyone in the long run, and these examples only touch the surface of what can be accomplished by putting big data to work.
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