Contemporary applications of big data in business

 Contemporary applications of big data in business  

In public services, Big Data has an extensive range of applications, including energy exploration, financial market analysis, fraud detection, health-related research, and environmental protection. 

Big data analytics helps businesses make improved decisions faster allowing companies to develop effective strategies to maximize profit.The influence and benefits of these decisions are felt across different sections of the business, from higher management to operations management and the supply chain.

Some examples in businesses : 

Netflix is unarguably the biggest online platform for streaming movies and TV shows, and it owes its success to Big Data. Because they know their users, their retention rate is 93% which, compared to their main competitors, is a huge number.

Spotify, on-demand music-providing platform, uses Big Data Analytics, collects data from all its users around the globe, and then uses the analyzed data to give informed music recommendations and suggestions to every individual user. 

Uber generates and uses a huge amount of data regarding drivers, their vehicles, locations, every trip from every vehicle, etc. All this data is analyzed and then used to predict supply, demand, location of drivers, and fares that will be set for every trip.