What is big data analytics & Why is it changing the marketplace?
A complex process of examing the colossal volumes of data viz big data to uncover the hidden information like patterns, correlations, trends and preferences of the consumers that can help any business make informed decisions is what largely constitutes Big Data Analytics.
The concept of big data has been around for a long time now. The businesses now understand well that the data that is streaming into their businesses is very resourceful and must be analyzed well to increase the efficiency of businesses. It is not something that is very new, most business used to practice manual analysis using spreadsheets to uncover the patterns and trends in their data sets.
But big data analytics has brought the speed and efficiency that was missing! In the older times, businesses used basic data analytics for making efficient future decisions; with big data analytics, it is very much possible to identify the insights through the data for immediate actions. Thus, giving the businesses agility and competitiveness to have an edge over their competitors that they didn’t have before.
Importance of Big Data Analytics
Driven by an advanced level of computing and specialized analytics system software, Big data analytics offers various benefits to businesses like:
- New revenue opportunities: The trends and patterns that are generated through advanced analytics helps businesses in identifying new opportunities for revenue generation.
- More effective marketing: Knowledge of customer preferences obtained through the big data helps in devising more effective and efficient marketing strategies that work in the favor of businesses. It also helps businesses in making them efficient enough to provide better customer services.
- Improved operational efficiency: Further, unleashing the patterns and trends in the datasets also helps the businesses in identifying ways to enhance their operational efficiency.
- Competitive advantages over rivals: A thorough knowledge of customer preferences and a robust marketing strategy that businesses unleash through the use of their information helps them in having competitive advantages over their rivals.
How Big Data Analytics Work?
The simplest way to answer this question is that there’s no single technology that encompasses the big data analytics. We do have advanced analytics that may be applied to big data, but that is not the entire picture. There are different types of technology that work together in helping businesses get the most value from their information. Some of the biggest players in this regard are:
- Data Management: The data that is to be worked upon must be of high quality and should be reliable in order to generate results that are efficient and actionable. With large volumes of data flowing in and out of the organization, it is important that the data is managed well to make it resourceful.
- Data Mining: Data Mining helps in uncovering the hidden information that is present in the data. It includes patterns, trends, and correlations that can be used to make better business decisions. With efficient data mining software, you can clean the data much more efficiently to generate resourceful insights.
- Machine Learning: Machine Learning is a specific subset of Artificial Intelligence that helps in making the machine learn to generate actionable insights without being programmed explicitly
- In-memory Analytics: Analyzing data that is present in the system memory instead of a hard disk drive is quicker and more efficient. Doing so will help you in deriving the results much more efficiently.
- Predictive Analytics: Predictive Analytics makes the use of statistical algorithms, data and machine learning techniques in order to predict the desirability based on the historical data. It involves providing the best assessment of what could happen in the future.
Why Is Big Data Analytics Important?
There are more reasons than one on why is big data analytics so important! To start with, it helps organizations and businesses in harnessing their data to use it for identifying newer opportunities for business growth. This is turn helps the businesses in accelerating their performance by inculcating smart business decisions and efficient operations. Not only does it help in making the businesses get higher profits but it also helps in making their customers happy.
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