Data analysis has been around for many years now. But, with the emergence of technological advancements like the Big Data concept has added an extra star to the whole data analysis procedure. With its fast computing ability, enormous data harvesting, and data process capability, Big Data has shown the world its effectiveness to make the business organizations exist in the future. Although most of the business organizations, IT employees have gone through the hype of Big Data and Data analytics, still, there are not enough talented data analytical experts to play with the Big Data concepts and techniques. The top executives from the large scale business organizations think without putting enough effort to their organization’s Big Data needs, their company will cease to exist.
But, why so? What is Big Data and why does it matter the most for the business organizations? Let’s dig out the truth.
What Is Big Data?
The term Big Data refers to a phenomenal or large amount of data, either structured or unstructured, that a business organization produces on the basis of its day-to-day business procedure. The characterization of Big Data falls into three parts:
Business organizations collect a large volume of data from various sources, like business transactions, communication, social media, and data transfer from one machine to another. During the previous years, data storage was a big problem for organizations. But, with the emergence of Big Data technologies like Hadoop, storing data is no longer a burden.
All of the data can never be of the same category. In a database, data can be from various types and formats like structured data, unstructured documents, numeric data, financial transactions, email, audio-visual data, etc.
An enormously volumed and highly varying data get processed through the conventional data processing tools along with human supervision so that it can produce the result of actionable intelligence within an acceptable time.
The Evolution Of Big Data
During the 1950s, when none even uttered the term Big Data, business organizations knew the use of business analytics. Data analytical experts then used spreadsheets and pen to analyze and evaluate the data to get a deep insight into their business procedure, trends, and growth.
Although Big Data is here for a couple of years, it has become the hype right now. The benefits that the Big Data analytics concept and technologies have added to the conventional data analytics are, efficiency, accuracy, and speed. Nowadays, nearly all the medium to large business organizations has understood the fact that, if they become successful in capturing and harvesting all the data streaming to the business, nothing can hinder their growth.
Why Big Data Analytics Matters the Most for Companies
It is clear that data plays a crucial role in presenting customer preferences, their behavior as well as personalities to the business organizations so that they can get the idea of how to develop their products and service more customer-friendly. Is it just so or there are some other advantages hidden within the concepts and technologies of Big Data analytics? Check out the below points.
Enabled Social Listing
The days of conducting surveys, polls, are long gone. With the help of the social listing tools and Big Data technologies, business organizations become able to get a deep insight into their customer’s sentiment, behavior from their valuable feedback. The real-time feedback from their customers aids the business owners and decision-makers, to take actionable decision to stay a step ahead of their competitors.
Comprehensive And Comparative Analysis
Big Data technology evaluates data and presents the result in an easily comprehensive manner. It is the Big Data analytics that enables business organizations to set comparisons between their products or services. They can now take necessary steps for the product and service improvement, and make their brand image more refined.
Systematic Marketing Campaign
Earlier, while launching a new product/service, business owners used to remain tensed and doubtful regarding how the customers would accept the product or service. But, now, with the accessibility to a range of sophisticated Big Data marketing analytical tools, business owners can promote their products and services to their targeted audience through the most effective and innovative ways. The Big Data analytics help them to keep watchful eyes on how the customers accept the newly launched product. The organizations can learn whether their products and services are being received in the market or get rejected due to some flaws. With leveraging Big Data analytics, this way, business enterprises can conduct effective and strategic marketing campaigns and boost ROI.
With the implementation of Big Data technologies in business organizations, it has become much easier to streamline the process of leveling up a brand reputation in the market. The data collection and analysis provide the business owners with deep insights that help them in adopting strategies to enhance brand reputation.
The implementation and use of the advanced Big Data technologies like Hadoop, Spark, and cloud-based analytics has cut down the expenses when it comes to storing and analyzing a huge amount of business data. The business owners can come to a better decision or business views in less expensive ways.
Enhanced Customer Experience And Satisfaction
A business organization can enhance its customer experience and satisfaction level through Big Data analytics. The business owners can figure out the issues in their product or service that may go viral among their customers. They can concentrate on improving their product, services, enhance customer satisfaction, and preserve their brand goodwill at the same time.
In the IT industry, Big Data technologies and analytics are booming, bursting at the seams. Big companies like Coca Cola is using Big Data analytics to reinforce efficiency in their warehousing procedure and supply chain operations while Netflix is using Big Datta to enhance their customer satisfaction level. In a world, dominated by business, products, and services, Big Data analytics has become crucial to enhance the competency of business organizations across several industries.