Big Data Analytics: Overview and its impact on the future of business

In this digital era, organizations get a huge amount of data flowing in from all directions be it new data from social media, internet, downloads, raw data from various sources and much more. There are top companies out there, who are scrambling to make sense of such huge data sets streaming in and find the four dimensions of big data to be a challenge in the journey of success.

Four dimensions of Big Data:

  • Volume: It refers to the scale of data. It is a large amount of data captured by organizations in comparison to the traditional sources. According to a recent research, with more people getting online, around 10 zettabytes of data will be pushed and shared on an everyday basis.
  • Variety: It refers to the different types of structured and unstructured data collected from various sources.
  • Velocity: It refers to the speed at which this data is being generated and streamlined. It is phenomenal and needs to be analysed quickly.
  • Veracity: It refers to the quality of the data. It is the uncertain data of which the respondents are unsure of the accuracy.

So, basically, capturing the data is not beneficial, but to harness the data and use it to identify important insights is paramount in decision making. In order to get accurate future predictions out of the historical data available, Big Data Analytics technology is colossally essential.

With Big Data Analytics it is easy to bring life to data by visualisation and use analytics tools to pave smart ways for businesses, enhance operations and get higher profits and happy customers.

So what exactly is Big Data Analytics?

Big Data Analytics is a buzzword that echoes across all the corners of the business. We live in a digital era where the basis of commercial information has drastically evolved. Now, enterprises capture a large amount of data to streamline their business, apply analytics and get significant value from it.

In this data-driven age, where data are woven into every function and sector of the global economy, enterprises will have to invest in big data technology to utilize their wealth of data to its full potential. This will help businesses gain valuable insights on customers and refine their marketing efforts to increase conversions and improve customer engagement.

Big Data analytics is the next big thing on the market! It is a new competitive advantage leading organizations outperform their peers by examining large amounts of data to unearth hidden patterns, important insights and other correlations.

It brings numerous benefits to the table along with speed, efficiency, and a key to the future plans and strategies of the company. Businesses can now identify insights for immediate decisions, faster ability to work and stay agile in the competitive market.

Big Data = Big Opportunity for businesses

Spot trends, manage and extract relevant data, perform analytics to gain insights and use algorithms on the data to make precise business decisions.

The result of taming the wild mission-critical data:

  • Reduce operational and IT costs
  • Improved decision making
  • Reduce risk and improve governance
  • Achieve greater operational efficiency
  • Develop new business models based on accurate information
  • Gain market presence and increased revenue
  • Accelerate innovation
  • Gain better insights on customer behaviours
  • Increase employee performance
  • Introduce new products and services on precisely gained information
  • Control online reputation
  • Get relevant data in an accurate and structured format, in real-time

The value of Big Data insights is priceless! It is a transformative development that will have far-reaching impacts on businesses across the world, providing decision-makers with better business insights, facilitating strategies in many domains.

Big Data Analytics is beneficial for organizations like Travel and hospitality, Healthcare, Government, Retail and more, that relies on agile and quick decisions to stay competitive. The high-performance analytics retrieved from Big Data analytics resources helps organization do things they have never thought before! They can get quick results in few seconds rather than days which can in turn accelerate quick reactions to key business challenges and questions. Big Data and Analytics are becoming closely intertwined and work together on the unstructured data to get precise answers for hard-to-solve problems and uncover new growth opportunities.