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Big Data and its ‘Bigger’ impacts in modern businesses

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Prismetric Technologies
Big Data and its ‘Bigger’ impacts in modern businesses

Big Data Analytics is changing the way businesses work by using predictive analysis which helps to gather insights related to improving ROI and provide seamless solutions.

According to research, it is found that about 1.7 megabytes of data will be generated every second, and there will be 3.5 billion search queries on Google every day by 2020. The humongous data is a clear indicator of the importance of better opportunities that businesses will get with Big Data. Also, companies are expected to spend over 57 billion dollars this year for Big Data to become more competent in their craft and stay ahead of the competition.

A brief history of Big Data

While the term ‘Big Data’ seems to be relatively accurate in the business scenario, the concept of collecting data in large numbers started years ago. In the early 2000s, industry analyst Doug Laney coined Big Data as the collection of three different things.

Variety: For businesses working in different domains, data can come in various forms from various sources. The variety here concerns all the heterogeneous sources of data, both structured and unstructured. Previously there were only databases and spreadsheets that were considered as data sources, whereas emails, videos, and monitoring devices form the new age data sources.

Volume: As business organizations have data coming from a variety of sources, the storage of data in a synchronized manner can be a problem. The new-age data analytics in business uses technologies such as Hadoop so that data can be saved in proper order and can be used by the organization as and when required. Volume is a clear indicator if a particular data can be considered as Big Data or not, as all will depend on the size of the data.

Velocity: The velocity in Big Data depends on the speed at which the data is generated in Big Data. Velocity ensures that the flow of information is continuous and in a substantial amount.

How will Big Data prove to be a vital cog in any of the Modern-Day Business Organization?

Reducing the Cost

The predictive analysis tools in Big Data Analytics like Hadoop are very cost-effective and bring many advantages to the businesses when there is a large amount of data. The tools will identify effective manners in which the data can be stored, and businesses can have better opportunities. With Big Data Analytics, companies can take better business decisions to expand their base.

Marketing and Advertising

With better data analysis, the businesses would have a better understanding of the market and the likes and dislikes of their targeted audience. Using the power of Big Data Services, businesses can make more effective advertisements by analyzing the likes and dislikes. The data analytics in business will enable the companies to find the products that they have sold the most and thus produce more products accordingly. Better opportunities with Big Data will keep the businesses a step ahead of their competitors.

Online Reputation Management

In today’s connected world, your company’s reputation online has the power to make or break your company. The most significant advantage of conducting Big Data predictive analysis is that the tools can prove handy in performing sentiment analysis. You can get feedback about products and also know who is saying what about your organization and its work ethics. Big Data tools can also help in monitoring and improving the online presence of the business. By monitoring analyzing social media pulse, you can know in advance what your customers are thinking about your business. As your online presence will increase, it will improve your chances to be in the limelight and enhance your user base.

Reducing the Time

The high-speed tools will make the big data predictive analysis take the execution process to a whole new level and complete it in a brief period. Tools such as in-memory analytics can easily find new sources of data. It will help the business organization to complete the analysis process in less time and make quick, accurate decisions based on the learnings from the data.



Read more at: https://www.prismetric.com/big-data-and-its-bigger-impacts-in-modern-businesses/

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