In the current world, ignoring data is a short cut to losses in business. Data has become the backbone that can both support and boost the business of an organization. Today, a lot of information is available on the internet, which is called Big Data. This data is usually unstructured but contains a lot of information and insights that can prove beneficial for your business. Big Data Analytics makes it possible to give a structure to the Big Data and find patterns that help to analyse trends and make business-related decisions.
What are Big Data and Big Data Analytics?
Big Data is large, voluminous amount of data that is available today. Businesses can get Big Data from their CRP and ERP systems, which would be largely structured. On the other hand, Big Data is also the data collected from the internet through social media, economic online transactions, search engines, etc. All this data helps to show the behaviour, expectations, interests and actions of your consumers. Big Data Analytics takes all the above data and analyses it to find information that would benefit your business.
Why is Big Data Analytics Important?
Companies have been using Big Data analytics since the 20th century. However, this was a more traditional approach, where the manual analysis was required. The traditional data analytics was used to find patterns and trends for the future. However, today the big data analytics scene has completely changed. The technology and algorithms are constantly updated, so that data can be used to its maximum potential. Here are some of the reasons why big data analytics have become extremely important.
Speedy Decision Making
The biggest advantage of Big Data Analytics is speed. The analysis done is quick, accurate and efficient, giving you the chance to not only make decisions for the future but also for the present.
Customer Satisfaction
The information received from big data analytics would help you to improve your sales and services with quick effects like introducing new products and services, as per the needs and demands of the customers. This would directly lead to the satisfaction of your customer.
Reduced Costs
Big data needs a lot of space, which in turn requires a lot of money. On the other hand, cloud-based big data technologies make storing data a cost-effective practice.
Stay Ahead of Competition
Big Data analytics lets you know the pulse of your consumers. If immediate action is taken, you would be able to provide exactly what your consumer needs or demands, giving you a competitive edge from your competitors.
Big Data analytics is been efficiently and successfully used by different industry verticals like the banking and finance, healthcare, consumer, technology, manufacturing and energy sectors. The results that these industries have gained prove that Big Data is essential for the success, digital transformation and innovation of an organization.
