By Herman Morgan
Being a rare combination of all processes and tools related to utilizing and managing large data sets, the concept of big data was developed in order to understand trends, preferences, and patterns generated in huge databases especially when people used to interact with different systems as well as each other.
Big data technology has been around for years; most organizations now have started to understand its importance as they can capture all the data that streams into their businesses. In addition to this, they cannot just apply analytics and get significant value from it but also help businesses in creating new experiences, services, and products. Over the years, many industries, new entrants and established competitors make use of data-driven strategies to compete, capture and innovate. In fact, you will find numerous examples of Big Data usage in almost each and every sector starting from IT to healthcare.
Several experts including us firmly believe that big data can create a lot of new growth opportunities. It can give rise to a new category of businesses who analyze and aggregate industry data each day. Now, do you think that other than the broad scale of big data, the high frequency and real-time nature of data is important? Of course, yes! For example, the ability to estimate metrics, including consumer loyalty, was previously handled retrospectively. It may also interest you to know that with Big Data, such practices can be used more extensively. Which means businesses gain ultimate power to predict. Similarly, high frequency allows businesses to test theories in real time.
Further below I would like to mention a few ways stating how big data can impact on every business in several important ways:
#1 Data as an asset– Every business tends to generate data these days. If the business has a website, a social media pressure, accepts credit cards etc. Even running one person shop has done it can collect on its customers, user experiences, web traffic and more. This also means companies of all sizes need a strategy for big data and a plan of how to collect, use and protect it. As a result, even very small companies can be offered big data services from savvy businesses.
However, there was a time when businesses and industries never thought how big data would be “for them” might be scrambling to catch up. So let me just make it as plain as possible. Imagine yourself owning or operating a business, but the question is how to improve it. The answer is pretty predictable, you have data, and your data is an asset which can be used to improve your business.
#2 Understand the market appetite– As a market continues to mature, people are no more willing to make guinea pigs based on the wrong demographics. With the newly established tech, businesses can access web data especially the one stating whether people are looking for that product, why they need it and what they are willing to pay or go through to access and use it. In fact, scaling up such data can give a far more accurate picture of market need and a crucial chance of success for a new product or service.
#3 Improved decisions– The process of data generation has been increasing to a great extent. Which means it becomes very important to approach them intelligently and do things that weren’t available to you in prior. Big data technologies have enabled us to observe with new eyes, analyze customer behavior or even evaluate your products to make sound decisions which automatically reduces the potential risks involved in letting yourself guided by intuition.
Because we have access to more information which allows us to have a global vision and see things in a big way, challenges can be addressed in a quick and instant manner. Moreover, combining different types of data can also be used to perform customer segmentation and marketing and advertising campaigns. Those who aren’t taking advantage of such privilege have a lot to lose.
These are just a few initial impacts big data services will have on businesses, irrespective of types. So what are you waiting for? Don’t you wish to capitalize on these opportunities?
Herman Morgan works as a Business Analyst at Tatvasoft.com.au, a Custom Software and web development company in Melbourne. He is having 3 years of experience as a Business Analyst in a Technological domain. Coming from a technological background He develops a passion to write on different aspects of UI, web design etc. He is carrying out activities like the prospect of the project, Analyzing. Feasibility and many more. Follow Me on Twitter.