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Why Big Data is Important to Business?

Are you a software developer? Have you ever heard about “Big Data”? Of course many times right!!!

Big data analytics is a key tool used by every business. It is used to examine business data.

Data plays an important role in today’s world. Businesses are taking extra care of their customer’s, clients, employee and other sensitive information. The main reason why businesses are stressing more on protecting their data is due to unauthorized access. No business wanted their personal data to get accessed by unauthorized parties. Companies are adopting new technologies to keep business information secure and gaining the customer’s insights. These insights can help a business to make better decisions.

The million-dollar question is, how can you gain insights?

Here is the answer for you!!! By adopting “Big Data” to your business. The Big Data is spreading their wings by analyzing company data for obtaining insights. By using proper insights, entrepreneurs can take their business decision strategically.

The concept “Big Data” has been introduced in 2005 by O’Reilly Media. Big data can be referred to as a wide collection of data sets that can be structured or unstructured data. The business manages a large amount of data created by employees, customers and clients. Big Data analytics comes into a picture!!! It examines each and every data set and collects valuable insights.

It’s no secret data analytics field is vast. The field of Big Data is growing every day.

Importance of Big Data

The Big Data is considered as a revolution in the IT field. It’s no secret, the use of data analytics software by every business is enhancing. The main objective of every company is to attract customers and generate better ROI.

Hence Big Data analytics is flourishing in B2B and B2C industries. Big Data analytics are divided into three categories such as

  • Prescriptive analytics
  • Predictive analytics
  • Descriptive analytics

Big Data analytics provides immense potential.

Big data analytics helping the organization to identify new opportunities. The analytics is used to make your business smarter, work efficiently and generate maximum profits. As per the analysis, 75% of business are using business data for various reasons such as

Cost reduction: Hadoop and cloud computing are leading technologies in Big Data. Storing, accessing and handling data from the cloud is cost-effective when compared to other technologies. Big data analytics is the best way to manage a large amount of information in budget. Also, analytics can identify effective ways to run a business.

Faster, better decision making: With the high-speed connectivity of Hadoop and in-build memory analytics together work effectively to analyze the new source of information. By using Big Data, organization are accessing their information in no time and making the business decision fastly.

New products and services: The ultimate goal for every entrepreneur is to provide quality products or services to satisfy customers.

But, how can you satisfy customers with your product?

Using Big Data analytics, you can gather information about customer’s interests, dislike, wish list, browsing history and more. Analyse and understand the customer’s requirement and introduce new products or services according to their interest. These days customers are creating quality products or services to meet customer’s requirement.

Understand market trends: Did you know, you can enable forecast market trends using Big Data analytics. Predicting customer preferences and also gain forecast. These insights are used in understanding the buying patterns. The important information about the customers can help while planning and managing the product or service.

Make data available every time and everywhere: Modern analytics and tools are available in Big Data. These technologies help users to access the data anytime and anywhere. Also, Big Data will make sure the information is in a structured format and in a readable format.

Who is using Big Data analytics?

Whether you’re running small scale business or large enterprise, Big Data analytics can tick your business to the next level.

Businesses always want to stay competitive in the market. They are using Big Data Analytics to make quick and agile decisions.

Industries such as life sciences, banking, health care, e-commerce, government, manufacturing, etc are using Big Data technology.

Life Sciences

Clinical research is a never-ending and expensive process. It’s like a trial and error methods, therefore, the process takes too long. The advancement in technology and artificial intelligence, the medical coding and other things are done within few simple clicks. Big Data analytics are used to improve speed and effectiveness at every level of clinical research. As a result, it is delivering automated solutions.

Banking

Banking holds a large amount of unstructured information of users. Every day many financial decisions are taken place in the banking sector. Thanks to Big Data analytics, it allows bank employee to access the user information effectively by eliminating the use of a redundant system.

Manufacturing

Providing a solution is not a new concept in the manufacturing industry. The team encounters small and complex problems every day – supply chain, labour constraints, motion application, product breakage, equipment damage and more. Therefore, Big Data analytics allows businesses to discover saving cost and revenue opportunities.

Health care

Big Data is widely used in the health care industry as well. Because health care organizations handle massive information about patients information. Also, it can be a daunting task for them to organize every patient data effectively. Big Data analytics can manage patient records, health care benefits, insurance information, etc. Big Data helps to analyze the massive amount of data – structured and unstructured.

Government

Government agencies are facing challenges every day. The major problem is: tightening their budget without reducing the quality. It can be a daunting process for a productive team. Consider law enforcement agencies, these teams are struggling hard to keep the crime rates low with fewer resources. Therefore, many government agencies are using data analytics to streamline their operations.

Retail

There are thousands of e-commerce websites are been introduced. The core of the objective of the retail business is to provide great customer service. But how? Business entrepreneurs need to analyse and understand – what customers need and when customer’s are expecting their product to receive. Big Data analytics helps businesses with customer’s information. Also, provide loyalty programs, purchasing behaviour and more. Apart from knowing customer’s information, they have a chance to predict trends and introduce new product or services. As a result, Big Data analytics can boost profitability.

How does Big Data Analytics work?

Big Data analytics doesn’t rely on a single technology. There are many key technologies that incorporate big data analytics. There are much-advanced analytics are applied to big data. Several technologies are compressed to help you to gather important information.

The popular technologies used in Big Data Analytics are 

  • Machine learning
  • Data management
  • Hadoop
  • Data mining
  • Predictive analytics
  • Text mining
  • In-memory analytics

There are four “V” parameters are used to analyse and understand Big Data

  • Variety: It defines the data source type. It means whether the data is generated by a user or a virtual machine.
  • Volume: The volume parameters have moved from GB (gigabyte) to TB (terra bytes). The sources have been increased along with the speed generation.
  • Velocity: It defines the generation speed of information.
  • Veracity: It defines the quality of the data.

The three stages of data

Information is stored in two formats such as structured and unstructured. The information can be collected from different resources.

Have you ever heard about labelled data? Of course many times!!!

Labelled information is the structured data that is completely different from unlabeled information. Data is passed into three stages such as manage, analyse and measure. The process is repeated many times in a second.

Manage: Massive amount of information is collected from various sources. Then, extracts only relevant data from it.

Analyze: It’s time to apply ML algorithms on extracted data. In this stage, it analyzes and gains in-depth analytics, foresight and predictions.

Make the perfect decision with accurate data: The relevant data is been extracted from various sources and now it’s time to execute the perfect outcome. When you feel the outcome is not up to the mark then start repeating the process several times to get the desired result.

In a nutshell

Many technologies are used to identify structured and unstructured information. Companies are using various technologies such as Oracle and SAP to structure the information. However, organization are sharing and storing the information in several formats such as emails, text messages, website, blogs, social media, video and more. Organization are growing everyday and hence there is no doubt business are storing, accessing and handling a large amount of data. Businesses are concentrating more on adopting Big Data Analytics. Big Data analytics has several advantages such as cost-effective, better decision making, understanding the market trends and making the information available all the time. Storing and managing a massive amount of information has become affordable for organizations. If you’re not adopting Big Data analytics in your business, then you’re missing out something big. Get started and make the most with Big Data analytics.

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