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Big Data-“changing way of business competency and operations”…Do you favor this statement or you just ignore as you are unaware of Big Data in your organization?
Let’s have a detailed analysis about big data and it is upto you to decide whether to deploy it in your organization.
Just think of the data that creates new opportunities and big challenges to create a business value. In fact, it is not a big deal but the effective use of data can leads to the competition basis. In order to make real time, smarter and better decisions, every business has to derive insights from information or data. And thus led the growth of big data tools and platforms due to an urge for the depth of knowledge.
Also Read:How Can a Small Business Having Modest Budgets Use Big Data
Those leading the change for the business challenges are now incorporating data from both within and outside the organization, machine data, unstructured and structured data, mobile and online data to provide statistical and predictive views for their organizational data.
Organizations that invest in big data and derive values from it can reap more benefits over their competitors with the ability to capture and store more data with emerging technologies.
For all the newbies to know what is big data, let me open up the world of big data for you and reasons for its deployment in every organization.
Table of Contents
The large and dynamic volumes of data created by machines, tools and people are simply big data. But in order to derive real-time business insights to better performance, reduce risks and enhanced shareholder value, the data must be collected and hosted using innovative and scalable technology. Big data which is typically characterized by 4 V’s (Volume, Variety, Velocity, Veracity) allows information from internet enabled gadgets, social media, video recordings etc and to its wonder IT executives still don’t know how to leverage on these V’s.
For an effective prediction of business future using data, the statistical and predictive modeling techniques can be enabled to support enterprise’s operational strategies. Business analytic capacity can be developed by collecting and aggregating information from outside the organization and this is now been taken into consideration by many enterprises to point out that big data market will be $61 B IN 2020. Even simpler to say, business strategies can be improved by concentrating more on it by CEOs while analytics provides better insights for taking better decisions based on data instead.
Are you really focused to bring revenue to your organization through big data? Then, you must know these advantages the big data will shower upon you within no time.
Are you in a dilemma to define how the required data is collected, and stored? With a cost-effective manner and unwinding opportunities to store and process data from sources like market data, external social media, interaction with customers, big data overcomes conventional restraints through proper management. More than 80% of unstructured data in organizations can be used for customer requirements, improve sales, support marketing strategies, increasing risk management function and to monitor fraudulence with big data deployment. Big data in your organization integrates multiple data sources with less effort in lower cost and short time to build a single infrastructure and reporting on it after consolidating analytics.
A best example is usage of big data analytics by EY to harvest, index and link all unstructured data for pre-trade communication data in response to Dodd-Frank regulations to report within short time. Another example is the big data analysts in real-time video processing in 2012 Summer Olympic games in London using applications to flag individuals who behaved suspiciously with proper management.
A well governed and implemented Big Data analytics strategy creates smarter and efficient organizations which brings enhanced revenue. Enterprises must ensure standard and exhaustive capturing of data with data sharing with in-built securities with accurate levels and functions of organization. The same method or common sense deployed in the criminal justice to healthcare and real estate with big data must be deployed within your organization to make it a smarter one.
With increased big data analytics tools more organizations have now become the big data driven enterprises. To make it more clear: “The New York City Police Department uses Big Data technology “to locate and analyze ‘historical arrest patterns’ while cross-tabbing them with sporting events, paydays, traffic flows, rainfall and federal holidays.”, reports HBR
Also Read: 5 Top Ways Small Businesses can Benefit from Big Data for their Organization
There are plenty of examples in every leading organization who inculcated the big data analytics. The question is what you need to do to build a smarter organization using big data?
A new paradigm to data architecture. As the data storage platforms are not constrained to particular data model, data systems can handle both structured and unstructured data which helps business:
The classic big data challenge goes to real-time fraud monitoring that demands integrating structured and unstructured, high velocity data to be monitored to analyze the benefits. An improvement of 130% in identifying fraud for debit transactions and 175% improvement in credit card transactions has been witnessed by a global payments technology company using big data analytics.
By big data the traditional method of collecting data in various formats which is scattered was able to integrate and analyze in a flexible and efficient manner. To speed up the decisions you make, big data analytics is the only way to make it easier.
If you want to utilize big data sets, third party cloud service providers will be more accurate for storage and computing power for specific period. Cloud storage allows the organization to analyze massive sets of data without financial investment in hardware. Organizations deploy big data as they find requirements of skills and training in big data hosting platforms in order to lessen complexity. Thus deployment of big data benefits you from capacity, speed and scalability of cloud storage. The main difference with traditional architectures and big data lies in functionality and with low cost cloud based environments various big data weather forecasting initiatives also have been updated to improve business activities from supply chain planning to product advertising.
“Virtually every large company I interviewed, however, is employing big data technologies not to replace existing architectures, but to augment them. Rather than processing and storing vast quantities of new data in a data warehouse, for example, companies are using Hadoop clusters for that purpose, and moving data to enterprise warehouses as needed for production analytical applications,” says, Tom Davenport, IIA Director of Research and faculty leader.
The main and quite interesting reason to deploy Bid Data in your organization is its capability to provide with new business opportunities and new products and service. This has been by many online firms but it is now been used by many offline firms too by making major investment in new service models using big data analytics. Other location-based applications are offering advertisements which are GPS based within applications to enable retail firms to target product offers, discounts within the store radius.
Also Read:How to Translate Big Data into Big Wins for your Business
Social media sites have also found opportunities to improve financially from collected data by advertisements online based on customer interests to target specific individuals to fit ideal client.
6. Finding real time website data related to analytics
There must be some rationale on the basis of which you can take decisions relating to your website and how you must move ahead in the race building a positive line of interaction with your users.
Unless you know what your customers need you cannot take care of their requirements. There are quite a number of things that actually matter when it comes to offering a great website experience which many of us fail to provide.
One of the reasons is that we lack super solid information on what our customers need and fail to fulfill it.
So, what are we going to do?
Big data! It will help you with finding out what your customer preferences are and then, you can suitably customize your website to meet the needs of your people.
Unless you know what their needs are there is no way that you are going to get them what they want.
But, when you really know what they need, you are on your way to fulfilling their interests and gaining a place in their good books.
Often, we have lot of data that might be useless and doesn’t synch with our needs. But, as we move ahead it is important that we get our hands on data that is necessary for our business so that we are not left behind in the competition when our competitors have reached the finishing point.
Also Read:The emergence of big data analytics companies in India: The story, Scope and beyond!
So, when you have data that has been obtained via big data source you are having the most authoritative data in the world with you which you can understand more about what is happening around and prepare accordingly to offer the best to your people.
This is one of the major concerns that we all have been facing till date. Enormous volumes of data are being produced and we cannot ensure that these are safe when there are smart hackers who are born for the trade.
And, how do we ensure that all this data is safe from the predators?
Big data ensures the security. You never have to worry again about the security of your data.
The big data analytics tool provide you with a landscape tool that can be used in analyzing how secure your data is taking into account the best interests of your business.
Quality improvement is another thing that we usually struggle with when dealing with our business and customers.
How can we offer our people with the high quality services that they are looking for?
The competition is too tough and it is not easy to get things done when there are a lot of other people who look forward to offer the best of services.
Once you have proper information and the appropriate customer details, you know exactly what they are looking for and you are ready to provide the best.
Also, you will get an idea about what has to be done to provide your people the best of things in the world.
This is one of the most important things in a business. It is necessary that you provide a personalized experience to each of your customers depending upon their needs that varies across each person.
Once you have sufficient data that provides insights on what is important you know very well how to treat your customers and ensure that they are happy forever.
Most of the businesses are utilizing this efficiency of big data to tailor make solutions for their people who deserve the best.
Ready to exploit?
This makes a clear idea that big data drives you with more values. There are evidence that big data analytics can achieve cost reductions, faster decisions and even new business opportunities which are considered to be most important factors for a business.
Undoubtedly we can say Big Data in your organization will determine the success as it is one of the keys for dramatic business opportunities.
Not used Big data still? It is time to exploit the potential….
Acodez IT Solutions is a big data analytics company based in India. Also, we offer all kinds of web design, development and mobile app development services. At Acodez, we know how difficult it is store all these massive amounts of data that your organization is dealing with daily and here comes big data to help you. We are also a SEO based agency in India offering inbound marketing solutions to our clients in India and abroad.
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