Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
Big Data helps organizations to create new growth opportunities and entirely new categories of companies that can combine and analyze industry data. These companies have ample information about the products and services, buyers and suppliers, consumer preferences that can be captured and analyzed.
Why is Big Data Important?
The importance of big data does not revolve around how much data a company has but how a company utilizes the collected data. Every company uses data in its own way; the more efficiently a company uses its data, the more potential it has to grow. The company can take data from any source and analyze it to find answers which will enable:
Cost Savings: Some tools of Big Data like Hadoop and Cloud-Based Analytics can bring cost advantages to business when large amounts of data are to be stored and these tools also help in identifying more efficient ways of doing business.
Reductions: The high speed of tools like Hadoop and in-memory analytics can easily identify new sources of data which helps businesses analyzing data immediately and make quick decisions based on the learnings.
Understand the market conditions: By analyzing big data you can get a better understanding of current market conditions. For example, by analyzing customers’ purchasing behaviors, a company can find out the products that are sold the most and produce products according to this trend. By this, it can get ahead of its competitors.
Control online reputation: Big data tools can do sentiment analysis. Therefore, you can get feedback about who is saying what about your company. If you want to monitor and improve the online presence of your business, then, big data tools can help in all this.
Using Big Data Analytics to Boost Customer Acquisition and Retention:
The customer is the most important asset any business depends on. There is no single business that can claim success without first having to establish a solid customer base. However, even with a customer base, a business cannot afford to disregard the high competition it faces. If a business is slow to learn what customers are looking for, then it is very easy to begin offering poor quality products. In the end, loss of clientele will result, and this creates an adverse overall effect on business success. The use of big data allows businesses to observe various customer-related patterns and trends. Observing customer behavior is important to trigger loyalty.
Using Big Data Analytics to Solve Advertisers Problem and Offer Marketing Insights:
Big data analytics can help change all business operations. This includes the ability to match customer expectations, changing the company’s product line and of course ensuring that the marketing campaigns are powerful.
Big Data Analytics As a Driver of Innovations and Product Development:
Another huge advantage of big data is the ability to help companies innovate and redevelop their products.
Best Examples Of Big Data:
Big Data in Education industry-
Customized and dynamic learning programs
Reframing course material
Big Data in Insurance industry-
Gaining customer insight
Big Data in Banking Sector-
The amount of data in banking sectors is skyrocketing every second. According to GDC prognosis, this data is estimated to grow 700% by 2020.
study and analysis of big data can help detect -
The misuse of credit cards
Misuse of debit cards
Venture credit hazard treatment
Customer statistics alteration
Real-Time Big Data Analytics Tools: