Big Data goes Big. How is Big Data changing business?

Over the last few years, Big Data has fundamentally changed the way, how businesses compete and operate. Effective use of data is becoming the basis of competition. To make better, smarter, real-time and, fact-based decisions, Business needs to derive insights from information available all-around. This demand has fueled, spearing growth of big data tools, platforms and various eco-systems.

Big data promises to bring in further disruption, and while its revolution works its way through large and small organizations. Organizations derive actionable insights from their data and capitalize, on transformational potential of Big Data and integrate these insights into their overall IT roadmap, architect and implement futuristic solutions and empower themselves.

By optimizing marketing campaigns with predictive analytics, organizations can also generate new customer responses or purchases, as well as promote cross-sell opportunities. Prediction and forecasting can help businesses to attract, retain, and nurture their most valued Customers. Those who had been leading changes are now including big data from within as well as outside their enterprises.

They include structured, unstructured machine data, online mobile data to enrich their understanding from their very own untapped organizational data repositories. This provides a basis for decision making for the future using better and more accurate statistical and predictive views.

The technical capacity to aggregate and analyze these disparate volumes of information has just started to catch up. While the ability to capture and store vast amounts of data has grown at an unprecedented rate, companies who have invested in is successfully deriving value from their data, and have distinct advantages over their competitors. The technologies that enable faster, easier data analysis continue to evolve, as emerging technologies and digital channels offer better acquisition and delivery mechanisms if more relevant data is generated. 

What is Big Data?

Big Data refers to the dynamic, large and disparate volumes of data being created by people, tools and machines. It is typically characterized by the four “V’s”:

1. Volume: Vastness of data being created compared to traditional data sources

2. Variety: Variety of source from where data is being gathered 

3. Velocity: the unstoppable fast process of data creation /generation

4. Veracity: Veracity/quality of the data being created/generated

In business environments that constantly and rapidly changing, predicting the future becomes more important than simple visualizations of historical or current perspectives.

Prediction and Forecasting service helps to respond quickly, and enable to market changes at higher speed accuracy and reap higher profits. The identification and processing of relevant data is key to a view into the future that is as unbiased as possible. Big data is bringing together predictive modelling, advanced analytical capabilities, text analytics, optimization, spanning ad-hoc statistical analysis, data mining, real-time scoring and machine learning.

Changing the Paradigm from Making Assumption to Defining Conclusion

As big data platforms become more advanced, it has reshaped the business world and will continue to do for the foreseeable future. Let’s see what those ways how big data is reshaping the business today. 

1. Better Business Intelligence

BI solutions expand the availability of decision-support solutions to a broad user base of internal and external operational decision-makers. Depending on the specific decision-making needs of an organization, you can combine relevant features of traditional and operational BI. This can be achieved by adding business intelligence functions to existing operational and business processes within a collaborative infrastructure.

2. More Targeted Marketing

The prime process is to convert huge datasets into business intelligence by correlating, synthesizing and aggregating useful insights. Data needs to be organized, managed and analyzed in a way that provides insights for business decisions and help to harness the power of collected.

Generation of such huge volume, variety of data and unprecedented proliferation of technology is primarily responsible due to various data warehouses, social media, audio-video streams, blogs and tweets.

3. Proactive Customer Service

Today is the era of turning customer services upside down. Before the customer even needs to voice their concern, businesses can exactly know what their customers need with the help of Big Data analytics. This kind of proactive customer service will revolutionize businesses. 

4. Customer Responsive Products

Customers share their preferences via surveys, buying habits, and sharing reviews about products, and businesses can use such data to analyze, predict what customers are looking for in a product. Instead of waiting for customers to tell businesses on what they are looking for in a product, they can be a step ahead in accurately projecting on the customers need.

5. Reduce Costs

With respective industries and companies finding trends and predict future events accurately, improves forecasts and planning substantially. An invincible plan leads to exact production time, requirements and storage. Proper planning can reduce burden of extra investment, and keep a keen balance of Investment and ROI.

 Big data has big potential

Availability of relevant information at the right time is the key to success of organizations. Big Data analysis will help business to forecast and predict to enable them to make better, smarter, real-time data-driven decisions.

The field of big data is evolving rapidly and helps businesses to make decisions and select perfect timings of execution and prediction of impact of decisions on operational performance and ROI. Now the challenge is to develop and execute a sound Big Data strategy which is flexible enough to address the organization’s data requirements of tomorrow. 

To help your business achieve more, Big Data is something you cannot forget to embrace. If done properly, Worldwide data is predicted to bring in huge rafts of opportunities and challenges for businesses across a multitude of sectors. As a result, firms will need to review their current statuses and adapt to these developments or they will lag in competition and innovation.