Businesses are a lot more innovative and creative nowadays. Because of this, it takes a considerable amount of effort for your product and service to stand out from the other competitors. That’s where Big Data comes in. Given how the business world is very competitive now, we should learn how not to underestimate the benefits of Big Data.
What Is Big Data?
Big Data Analytics examines huge volumes of data to determine hidden correlations and discover insights. With today’s technology, it is easier to collect, store, and analyze data. Many organizations utilize data as a tool for better decision making and increase their company efficiency.
Big Data has been present for more than 50 years now. This process was called basic analytics back then. This kind of approach refers to the manual examination of data and numbers in a spreadsheet to uncover trends and insights. The advantage in our era, however, is the faster speed of collecting the needed data for immediate business decisions.
The 3 V’s Of Big Data
Big Data is known to have the combination of three factors: volume, velocity, and variety. It is essential to achieve high levels of these three for an effective analysis of big data.
- Collecting large volumes of data is crucial. You can do this by observing and tracking trends from various sources – social media, business transactions, observation, interviews, and sensor data.
- It is also essential that data streams in high velocity. Meaning, the analysis should be timely, and there should be no lag time. By having a high speed of incoming data, the analysis will most likely produce real time results.
- The data collected should also be in various formats. Formats can include unstructured ones such as video, email, audio, or text documents or the structured numeric data in a traditional database.
The Benefits Of Big Data
The importance of big data is not centralized on the large volume of information obtained by a particular company. Instead, it revolves around how the businesses utilize the collected data. The more efficient and effective a company uses data, the more growth potential it displays. If you are still not convinced, listed below are some of the reasons why Big Data matters to your business.
- A successful business is required to know their customers well. They can do this by answering questions such as “What are our customers’ wants and needs?” or “Why do people prefer a different brand?”. Big Data answers these questions in a short amount of time.
- It will also be easier to come up with new product developments. Big Data shows the latest trends which will answer the wants and needs of your consumers. This information can help you customize your customer’s experience based on your data analysis.
- By analyzing the data, you will grasp a better understanding of the current market conditions and help you get ahead of your competitors. For example, a company can analyze their consumers’ purchasing behaviors and discover which products are sold the most. Businesses can then increase the production of this product for more revenues.
- Big Data can also boost your company’s online reputation. By knowing your target audience, it will be easier to create content which suits their personalities. This move can lead to a better relationship between your business and your customers.
The use of Big Data nowadays is crucial in creating new growth opportunities. Big Data can also help your business in outperforming your competitors. Big Data poses a massive range of benefits for companies. What about you? What do you think will Big Data do for you?