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How Big Data is Shaping Business Success?
The modern times are run on data as the businesses around the world are constantly being infused by new information from multiple sources. The speed of creation and usage of data by both the consumers and the businesses has surpassed all the previous predictions about the same.
A recent study stated that the volume of data which is created in the world gets doubled after every 18 months, i.e., less than two years. The huge rate calls for an urgent need to be able to sort data and pick the parts which are relevant to your business. It is this part of the data which will help your business to make more informed decisions, thereby enhancing its overall performance.
What is Big Data?
Big Data can thus be defined as “high volume and high variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision-making, and process automation.”
Basic
Analytics and Big Data
The concept
of big data is not new to the world. Businesses have been relying on basic
analytics to discover patterns and trends in their performance. However, there
has been a huge increase in the amount of data which is created, and this
information overload has become impossible to be managed by basic analytics. This
gave birth to the concept of big data for storing and sorting the structured
and unstructured data. The insights were further used to gauge the performance
of the company. Thus, Big Data overtook basic analytics on three fundamental
parameters:
- Volume: Big Data can observe, analyze and even track the source of a huge pool of data generated from either the customer touch points, everyday transactions, social media, etc. from multiple sources. Big Data can work with this in a single data-set.
- Velocity: This refers to the speed at which data is created and processed for the production of relevant and real-time results.
- Variety: There are many forms in which data is generated, ranging from numeric, alphabetic, structured documents, unstructured, texts, videos, email, etc. Big data can extract information from all these sources.
Advantages
of Big Data
Big Data
provides an opportunity for businesses to
analyze and understand the world in a
more detailed manner. New data is being generated from every new interaction of
the business with technology, whether active or passive. Data is being
continuously captured from sources like cameras, mobile phone, credit cards,
etc. The analysis of all these gives
highly useful information about your customers and their preferences. Such
insights are generally leveraged for making suitable improvements in products,
redefining business strategy, and even tailoring the marketing campaigns. Few
most important uses of big data are:
- Cost Reductions: Various tools like Cloud-based Analytics, Hadoop, etc. have the advantage to bring down the costs of businesses, especially when a large amount of data involved, and it needs to be stored efficiently. These tools help in the identification of effective ways of doing business.
- Time-Management: Tools like Hadoop are endowed with high-speed and in-memory analytics, which help them identify new data sources and help businesses to analyze data immediately and make quick decisions.
- Product Development: Big Data will give useful insights into the changing trends in customer needs and preferences through analytics. This will help you to create products which are more customer oriented.
- Market-Insights: Proper analysis of Big Data helps the companies get a bigger picture and a better understanding of the current market trends. E.g., a careful study of the purchasing behavior of customers helps the companies find out about the most selling products. Such market intelligence will help the companies to make desirable changes to their products. This helps them to tide over the competition comfortably.
- Online Reputation: The tools of Big Data are also able to perform sentiment analysis, which lets you get valuable feedback about your business.
- Automation: Robotic Process Automation, which can be used for improving various internal efficiencies, is also based on Big Data. This helps in the analysis of huge amounts of real-time data which can be quickly analyzed and built into various business processes. Automation of data collection and storage has now become affordable due to a decrease in the costs of cloud computing.
Harnessing
the Potential of Big Data
Over the years, the market for Big Data has grown hugely as more than 40 percent of the companies are investing in strategies of Big Data. However, after successful Salesforce implementation, businesses should consider the following for smoother functioning.
- Experienced Hands: This is one of the most important criteria if you want to drive maximum benefits from your investment. Your team should comprise of experts in data collection, analytics, and strategic decision-making. This combination will be able to build and give shape to the much-needed approach for the business. Moreover, the members of your team should also be able to have a deep understanding of modern tools of analysis, have a clear understanding of the manipulation of the data sets, etc. There should also be some Salesforce consultants who have experience in the same line who can give further meaning to the business goals.
- Goal Identification: A successful implementation of Big Data Solution is only possible if one has the right objectives in mind. Thus, identification of clear goals for your business which are aligned to your overall vision is necessary for the success of any strategy. The analytics and data should thus be in tune with the end goals of your organization like enhanced profit, brand recognition, and even market share.
- Right Data: You should have a complete understanding of data before you dive into its application part. Thus, the backbone of your business will be defined by the kind of data you identify, collect, and track. Any wrong or irrelevant data will lead to sheer wastage of resources and result in catastrophic decisions for your business.
- Analytics Methods: You should take the services of professional analysts as they have the right expertise to translate big data into valuable insights in the form of visual summaries. Such summaries help the supporting teams to access data quickly. This further leads to quick and workable decisions. You should also know and use the best tools which are available like Cruz Informatics, Ople, etc. have emerged as efficient start-ups who have experience working with big corporations.
Conclusion
Big Data
has come to rule the IT world and is here to stay. It has changed fortunes for
businesses which have effectively harnessed its potential keeping in mind the
right data, teams, and tools. The amount
of data will grow by the day, and thus, the prospects of Big Data in driving
business growth will remain bright for many years to come.
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