Big Data and its ‘Bigger’ impacts in modern businesses
According to research, it is found that about 1.7 megabytes of data will be generated every second, and there will be 3.5 billion search queries on Google every day by 2020. The humongous data is a clear indicator of the importance of better opportunities that businesses will get with Big Data. Also, companies are expected to spend over 57 billion dollars this year for Big Data to become more competent in their craft and stay ahead of the competition.
Modern-day businesses should understand the fact that if they use Big Data Analytics prediction to its optimal level, it can boost their brands and provide valuable insights related to consumer behavior. As the world continues to lean towards digital technology, data metrics are generated at an even faster rate. It means that you can enhance your business by using data analytics and find out the buying patterns and likes and dislikes of your customers on both individual and mass-scale basis.
Big Data analytics predictions will guide the business organizations to create opportunities so that they can grow dynamically with the help of astutely analyzed data. The companies would have better chances with Big Data, as there will be ample information about consumer preferences, buyers, and supplies that can be analyzed for future benefits.
A brief history of Big Data
While the term ‘Big Data’ seems to be relatively accurate in the business scenario, the concept of collecting data in large numbers started years ago. In the early 2000s, industry analyst Doug Laney coined Big Data as the collection of three different things.
Variety: For businesses working in different domains, data can come in various forms from various sources. The variety here concerns all the heterogeneous sources of data, both structured and unstructured. Previously there were only databases and spreadsheets that were considered as data sources, whereas emails, videos, and monitoring devices form the new age data sources.
Volume: As business organizations have data coming from a variety of sources, the storage of data in a synchronized manner can be a problem. The new-age data analytics in business uses technologies such as Hadoop so that data can be saved in proper order and can be used by the organization as and when required. Volume is a clear indicator if a particular data can be considered as Big Data or not, as all will depend on the size of the data.
Velocity: The velocity in Big Data depends on the speed at which the data is generated in Big Data. Velocity ensures that the flow of information is continuous and in a substantial amount.
How will Big Data prove to be a vital cog in any of the Modern-Day Business Organization?
Reducing the Cost
The predictive analysis tools in Big Data Analytics like Hadoop are very cost-effective and bring many advantages to the businesses when there is a large amount of data. The tools will identify effective manners in which the data can be stored, and businesses can have better opportunities. With Big Data Analytics, companies can take better business decisions to expand their base.
Marketing and Advertising
With better data analysis, the businesses would have a better understanding of the market and the likes and dislikes of their targeted audience. Using the power of Big Data Services, businesses can make more effective advertisements by analyzing the likes and dislikes. The data analytics in business will enable the companies to find the products that they have sold the most and thus produce more products accordingly. Better opportunities with Big Data will keep the businesses a step ahead of their competitors.
Online Reputation Management
In today’s connected world, your company’s reputation online has the power to make or break your company. The most significant advantage of conducting Big Data predictive analysis is that the tools can prove handy in performing sentiment analysis. You can get feedback about products and also know who is saying what about your organization and its work ethics. Big Data tools can also help in monitoring and improving the online presence of the business. By monitoring analyzing social media pulse, you can know in advance what your customers are thinking about your business. As your online presence will increase, it will improve your chances to be in the limelight and enhance your user base.
Reducing the Time
The high-speed tools will make the big data predictive analysis take the execution process to a whole new level and complete it in a brief period. Tools such as in-memory analytics can easily find new sources of data. It will help the business organization to complete the analysis process in less time and make quick, accurate decisions based on the learnings from the data.
Innovative Product Development
With correctly analyzed data at your side, the organizations can go full throttle in innovating things and products according to the likes and dislikes of the targeted audience. Big Data is transforming businesses as it is helping the firms to redevelop their products in a better manner based on the data of their past performance. It will provide a substantial upper hand to the companies using big data predictive analysis and expand their business by leaps and bounces.
Managing Business Risks
Data analytics in businesses promotes action plans that are driven by data and have very less element of risk. The data analysis will make targeting audiences easier for companies of all shapes and sizes by using Big Data. The actions taken based on data are more quantifiable, compact, and result-driven. This kind of strategy saves businesses from high-risk situations and refrains them from making unnecessary risky decisions.
You will find information from all possible sources in a synchronized manner, and thus it will help in getting to the core of the market and make your business plan accordingly. Data from social media platforms and other sources will help the organization to devise the best possible business strategy, which is foolproof and can be moulded according to the changing trends of Big Data.
There is no doubt in the fact that the world is moving towards a more connected future, and thus data is becoming more important for any business organization. Data analytics in business will drive a more prudent decision-making process, and technologies such as machine learning will add fuel to the process. The modern age technologies are more interpretable and synchronous. Thus, Big Data technology will become the core that connects them. Big Data analytics predictions will prove to be a boon for all industry verticals, which is a good sign for businesses around the world.
The world is now very much compact, we call it Global Village as a result of digitization and this impresses him! He likes to explore the nooks and corners of the incessantly modernizing world and marvel technologies. His passion for digital trends taught him the knack of reaching the huge digital mass to find business opportunities instantly. He writes articles about digital, technical and marketing tactics for business enhancements.