Infinite Applications

To appreciate the potential impact of big data, consider some real-world applications: Retail giant Wal-Mart is widely regarded as a pioneer in tapping big data to enhance the customer experience. The company uses real-time data analysis to optimize supply chain management. Wal-Mart also mines social data to identify local trends and customize inventory and assortment to anticipate and address customer preferences.

In aviation, Pratt & Whitney’s Geared Turbo Fan (GTF) engine is outfitted with 5,000 sensors that generate up to 10 GB of data per second. Artificial intelligence systems use that data to predict engine demands and performance and adjust thrust levels. The result of these adjustments: better fuel economy, less engine noise, and fewer emissions.

Healthcare is often cited as the field that could benefit the most from harnessing big data. From fraud detection to patient monitoring and disease prevention, big data has the potential to transform healthcare operations, care delivery, and patient outcomes. • The Centers for Medicare & Medicaid Services (CMS) relies on big data and predictive analytic technology to detect fraudulent payment requests from providers. Since 2011, the CMS Fraud Prevention System has saved more than $1.5 billion. • Beth Israel Deaconess Medical Center in Boston turned to data analytics to help predict which intensive care patients were at risk of developing infections, blood clots, and other complications. • Other hospitals and health systems are using data analytics to predict and prevent hospital admissions and readmiss ions.

These examples are the tip of the iceberg. “Every industry has opportunities to push the envelope in this field—to manage data, gain better insights, and extract value,” Dr. Boris Jukic says.