Recently updated on January 17th, 2022 at 11:13 pm
Defining Big Data
Gartner defines big data as “high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation.”
Analyzing such a vast amount of data can offer key insights into patterns, correlations, cause-effect relationships and much more. In fact, big data analytics can provide immediate and even real-time answers to various organizational questions that would have taken traditional business intelligence solutions days to deliver. Such insights can help businesses not just identify opportunities but create new opportunities for growth. It can help with better decisions making and smarter moves, ensuring the efficiency of operations, greater customer satisfaction, and eventually higher profits.
Most companies have major information flows at their disposal, not just from emails and social media, but also from buyers, suppliers, consumer behavior and much more. Here’s a look at some of the key benefits that big data can bring for businesses.
Big Data’s Biggest Benefits
Big data offers myriad opportunities for all types of businesses. The key to making the most of the data at your disposal is to be able to manage and analyze it efficiently. Also, it isn’t just the amount of data but its relevance and its real-time nature that can help businesses streamline their operations, offerings, and even marketing initiatives.
Identifying patterns, such as times when there is heavy footfall to the premises or even something simple as the printer ink most used, can help businesses streamline resources. This can lead to significant cost savings.
Better Decision Making
When analytics and reports are available at the right time, they can help with not just more informed but faster decision making. An agile organization automatically gains an edge over the competition in this rapidly changing business environment.
Understanding the Customer
Customer needs, preferences, desires and aspirations are what drive business. So, having the means to gain insights into your customer base can be a huge advantage for any organization. It can even help you understand how best to market your offerings, such that your target audience immediately identifies with your brand.
Identifying New Revenue Streams
When you gain insights into your customer base, you can also identify new products and services that your business can offer. Big data analytics gives you the means to analyze the market so that you can pick new revenue streams and gain a first-mover advantage.
Business success is influenced by several different factors. It is more than just being able to provide high-quality products or services. Social and economic factors influence purchasing decisions. Big data offers the means to conduct predictive analysis so that your business adapts quickly to changing trends and industry developments.
As is evident, Big data is an opportunity to be seized and not passed on by enterprises. This is where analytics come, in and saves the day. Enterprises should invest time and effort to find the right tools to help maximize the unfathomable potential this enormous quantities of data hold.