7 February 2017
Big data analytics truly matters these days. It helps businesses harness the data they gathered and use it to determine what customers need and to make better products in the future.
Big data analytics checks huge amounts of data to find hidden patterns, correlations as well as other insights. With technology nowadays, it is possible to analyze data and get answers almost right away, an effort that is less efficient and slower with more traditional intelligence solutions.
THE BIG DATA ANALYTICS EVOLUTION
The big data concept has been around for years. Now, most organizations understand that if they capture all data which streams into their operations, they could apply analytics and acquire considerable value form it. However, even during the 50’s, decades before the term ‘big data’ was uttered, businesses were utilizing basic analytics to uncover trends and insights.
IMPORTANCE OF BIG DATA
Big data analytics help businesses harness data and use it for identifying new opportunities. In turn, that leads to smarter business moves, higher profits, more efficient operations and happier customers. Big data technologies such as cloud-based analytics and Hadoop bring significant cost benefit in terms of storing big data amounts, plus they could identify more efficient means of doing business. With big data usage becoming more and more important to organizations, it’s even more important to find a way for them to analyze the ever growing data that course through their environment and give it meaning.
FOUR HUGE WAYS BIG DATA WOULD CHANGE BUSINESS
DATA COULD BE AN ASSET TO EVERY BUSINESS
Even the smallest organizations acquire data nowadays. If a business has a website, accepts credit cards, has a social media presence, even a one-person-shop had data it could collect on its customers, web traffic, user experience and more. This means that businesses of all sizes require a strategy for big data as well as a plan of collecting, using and protecting it. This means as well that savvy businesses would begin offering data services even to very small organizations. Furthermore, it also means that industries and businesses that never considered big data would be for them could be scrambling to catch up.
IT WOULD BOOST OPERATIONS AND INTERNAL EFFICIENCY
From sensors usage to tracking the performance of a machine, optimizing delivery products, recruiting top talent and better tracking of employee performance, big data has the capacity to boost operations and financial efficiency for almost any kind of business and in a lot of various departments. Organizations could make use of sensors for tracking machine performance and shipments and employee performance as well. Organizations have begun using sensors for tracking employee stress, movements, health and even who they talk with and the tone of voice used. Additionally, if big data could be used successfully to quantity what it takes to make a good CEO, it could be used to enhance HR and the hiring process. Data is moving away from the IT department and becoming a vital part of each department.
BIG DATA ENABLES COLLECTING BETTER MARKET AND CUSTOMER INTELLIGENCE
Big data would enable companies to collect better market as well as customer intelligence. For a customer, the companies that one does business with know a lot about the person and the diversity and quantity of what they know is growing every year. Each organization would get many better insights into what customers want, what they would use, and the channels they use to purchase and so on. The other half of the equation is that businesses would have to be proactive on maintaining and creating their privacy policies as well as security and systems required to protect user data.
BIG DATA WOULD ENABLE COMPANIES TO IMPROVE CUSTOMER EXPERIENCE AND BUILD DATA INTO THEIR PRODUCT OFFERING
In the best of all possible worlds, organizations would use the data collected to boost the customer experience and products. Focusing on the right information by asking what is relevant to the business is a major point to obtain better data context. Plenty of data is gathered by IT, which shares the information that is important to the customer and they use the data to gain an advantage and be successful in the field.
BIG DATA IS A NEW COMPETITIVE ADVANTAGE
Big data usage has become a crucial way for leading businesses to outperform their peers. In most organizations, established competitors as well as new entrants would leverage data-driven strategies for innovating, competing and capturing value. Truly, there are early examples of such data use in each sector. In the health industry, data pioneers are analyzing health results of pharmaceuticals when they were prescribed widely and determining the risks and benefits that were not evident during more limited clinical trials. Other early Big data adopters use data from embedded sensors in products such as kids’ toys to industrial goods to find out how the products are actually utilized in the real world. The knowledge informs the making of new services and designing future products.
With the continuous technology evolvement and the changing requirements in businesses all over the world, it is without doubt that big data matters a great deal. It helps businesses boost their services and remain competitive.