With the help of sophisticated algorithms, firms are finding ways of using this data to better target existing and future clients, to make money and to save it. Here are 10 ways that Big Data is revolutionising everything from business to healthcare. By Brad Howarth
1. Supply chains
One of the primary uses of Big Data is to derive insight from patterns of data. Thorsten Engel, Deloitte New Zealand’s lead consulting partner for enterprise information management, says that retrospective data for supply chains – with seasonal trends analysed and variables taken into account – can be used to calculate items that can be withheld or eliminated, and determine which products are made to stock and which are made to order.