Data mining, sorting and analysis has always been a herculean task irrespective of the qualifications and experience of a DBA. Earlier it was the niche of government institutions and giant corporations only who could invest millions in data processing. However, big data is slowly evolving to give up its exclusive nature and entering our daily lives.
Big data in daily life
The foremost example of big data collection and sorting as a part of our daily lives is seen in FitBits. This was possibly, first introduced by Jawbone in their fitness product named Up. This is like a regular FitBit that we see every day. It has the power to collect almost 60 years of sleep data from a single night’s sleep and a log of steps taken to identify sleeping patterns. Any kind of sleep abnormality including sleep apnea can be addressed by analyzing the collected data.
Post 2010, big data renounced its complicated and cumbersome processes, and became a part of our daily life. Healthcare companies have been greatly benefited by the integration of big data into our daily lives. Insurance companies, especially health insurance has been utilizing big data every day to take profitable business decisions.
Big data is taking care of health sciences
Did you know that neonatal intensive care units at hospitals use personalized big data for their baby monitors? These usually record every breath and every move. This enables most doctors to predict an oncoming infection or threat long before the related symptoms start showing. Collection of personalized big data from these monitors and cross-comparison with stored, processed data from previous cases gives the doctors an idea about impending threats.
Big data is a wonderful thing and personalizing it makes it nothing short of miraculous. The final step of every drug trial is testing on human subjects. Earlier human trials were difficult and rarely at all hopeful. Right now, personalization of big data allow drug and pharma manufacturing agencies to take into account almost all reachable human subject for “testing” of the new drug. Geneticists are right now thinking about including DNA information about each individual in big data. If that happens, coding an entire strand of DNA or discovering the function of a gene by comparing different individuals will become the work of a few hours rather than years. These kinds of data can be combined with data from FitBits and smart watches to deliver treatments and diagnosis with accuracy.
Big data in driving
There are other integrations of big data that we have overlooked in the near past. Both Prius and Google’s self-driving car use GPS technology that are collecting big data to help the central control make decisions.Self-driving cars usually make use of big data to help the cars navigate without any intervention from the driver. The smart meters use big data can collect water and electricity meters. They can directly send power and water reports to the supply companies and of course tell the homeowners when it’s time for a LOTR marathon.
Is it good news for finance and loan companies?
Imagine a world where nothing is left up to chance. Every danger and risk can be predicted way ahead of time. this is a world where every person can control their future and their money. Every investment is well calculated and no one makes bad money-related decisions.
This is a glorious opportunity for all debt consolidation companies to secure their business and their future. By employing big data analytics, they can easily understand the spending and saving trend of their clients. Moreover, they can predict easily if a prospective client will be a regular payer or a defaulter. A debt consolidation company can simply rely on big data to determine how much money can be loaned to a person and for what interest rates.
Till date, sanctioning consolidation loans was quite a cumbersome task that included client investigation, credit score evaluation and payment histories. Many companies have made wrong investment decisions and have lost millions simply because they chose the wrong client base. Human employees are likely to make errors, especially since the complete picture is not presented before them. Employing big data ensures that you get a complete overview of client behavior even before you sign him on board.
You might already be using big data
If your company used Google analytics, then you are already using big data. As you already know by now, using this kind of smart big data does not require expensive hardware. You will only need a Gmail account to get started. Google analytics makes it possible to manage and monitor your business account online. If you have a website, having the Google analytics plugin is a must. It is one of the best analysis and reporting software of recent times, and it offers the basic features for all businesses free. From checking out online debt reviews to listening in on social conversations that mention your brand name, you can see how your company is functioning in real-time.
The personalization of big data and integration of it into our daily lives has made it possible to accurately predict the immediate future, create a sustainable economic plan for companies and judge a prospective client who has applied for a consolidation loan. Big data is still quite an exclusive feature that is now available to the common people. Big data is not only for the rich and famous. A Donald Trump can personalize it for winning the country elections, but we also get out share of it every day when we get out of bed and put on our FitBit to start out day.
Author Bio: Isabella Rossellini is an author, blogger and speaker. She takes a keen interest in big data and machine learning. Her recent articles focus on the effect big data has on the future of a debt consolidation company.