Big Data is a large amount of raw data. The organizations collect, store and analyze data by using numerous ways in order to increase their productivity, adeptness and take better decisions. It can be classified into two major forms- structured and unstructured. Structured Data is easy to manage- analysis and organization is quite simple. On the other hand, unstructured data is a bit tough to handle- analysis takes time as it uses a variety of formats and cannot be easily interpreted using traditional data models and processes.
Unstructured Data is much harder to analyze and uses a variety of formats. Itâs not just the big brands that can use big data to make data-driven decisions for their organization. Even the small businesses can reap the benefits too.
âBig data is defined as very large datasets that can be analyzed computationally to reveal patterns, trends, and associations â especially in connection with human behavior and interactions. A big data revolution has arrived with the growth of the Internet, wireless networks, smartphones, social media and other technology.â
Big Data Business Benefits
When the data volume continues to grow, its potential for business grows too. The reason behind is when Big Data management solutions evolve, it allows the businesses to convert raw data into relevant trends, predictions and projections with unprecedented accuracy. The businesses that use Big Data analytic solutions greatly benefit. It helps businesses gain more insights which help in driving smart decision-making.
Here are a few benefits of using Big Data-Â
- Boosts business efficiency– Using Big Data analytics will give a boost to your business efficiency. It will help enhance the productivity and help you make right decisions which will improve your business efficiency. By using tools such as Google Earth, Google Maps, and social media, you can complete a number of tasks right at your desk without spending on travel. Moreover, these tools are relatively easy to use and do not need much of technical knowledge.
- Cost-saving– In a recent article published by Tech Cocktail- âit was illustrated how Twiddy& Company Realtors cut their operating costs by 15 percent. The company compared maintenance charges for contractors against the average of its other vendors. Through this process, the company identified and eliminated invoice-processing errors and automated service schedules.â
- Improves pricing– With the help of business intelligence tools that have been tried and tested, a business can evaluate its finances and get a clear picture of where it stands in the market. This will help a business strategize new policies and techniques to expand its operations and improve pricing.
- Reduces time– High speed tools such as Hadoop and in-memory analytics will help identify the new sources of data. Once you are able to analyze the data in a quick time, it will save your time and lets you make quick decisions, the decisions that are right for your business.
- Understand market value– Big data helps you get a clearer picture of the market conditions. For instance- By analyzing purchasing behavior of the customersâ like which product sells the most and is liked by customers. This will give you an idea on which products meet customersâ satisfying needsâ and the products that need an area of improvement. Using this information will help in improving the product and lets you stay ahead of the competitors.
- Hire right employees– Using Big Data, the recruitment companies will scan candidateâs resumes and LinkedIn profiles that will help businesses find the right employees. The hiring process is no longer based on what candidate looks like on paper. So, using Big Data will help you find the right employees.
Here are a few facts that will help you understand why you need Big Data-
- 94% of marketing professionals saidÂ personalization of customer experienceis verycrucial.
- $30 million in annual savings by influencingÂ social media data in claims andfraud
- By 2020, 66% of banks will haveÂ blockchainin commercial production and at scale.
- Organizations will rely onÂ smart datamore than big data.
- Machine-to-Human (M2H)enterprise interactions will be humanized by up to 85% by 2020.
- Businesses are investing 300% more inÂ Artificial Intelligence (AI)in 2017 than they did in 2016.
- 25% growth rate in the emergence ofÂ speech as a relevant source of unstructured data. Â
- Right to be Forgotten (R2BF)will be in-focus globally regardless of data source.
- The 43% of customer service teams that donât haveÂ real-time analyticswill continue to shrink.Â Â
- By 2020, theÂ Augmented Reality (AR)market will reach $90 billion compared to Virtual Realityâs $30 billion.
The use of Big Data in business operations is vital- it will not only help in business growth but allows the companies to stand above their competitors. Big Data provides an enormous amount of information about different products, services, consumers, suppliers and more which help a business understand the process and optimize its operations to accomplish business objectives.
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