Big Data has been around in the technical world for a while; a lot of business players are leveraging it and benefiting greatly from it. While others are still unsure of what big data is and how it may prove beneficial for their company.
Entrepreneurs with vision and flexibility frequently experiment with their business offerings to improve consumer-friendliness. Using data analytics to drive your growth is the only effective strategy. It is imperative to harness the potential of big data successfully with high volume, velocity, and variety in order to boost productivity.
What is Big Data Analytics?
Big data analytics involves analyzing vast amounts of data to find hidden patterns, market trends, customer preferences, competitor insights, and other important market information. This data becomes relatively simple to analyze by optimizing technology, and you can extract the relevant information at the right time.
According to Research and Market reports, it is projected that the global Big Data market will reach USD 268.4 billion by 2026. With analytical capabilities, businesses can gain an advantage over their peers through more efficient operations, greater market comprehension, new revenue potential, and customer service.
Understanding the 3Vs of Big Data (Volume, Velocity & Variety)
Let’s understand the concept of Big Data through volume, velocity & variety, it's data volume, variety & velocity.
Volume: The amount of data generated by businesses is expanding more quickly. This information comprises of personal, corporate, and business data as well as individual information. When it comes to personal data, which often consists of a few gigabytes of films, photographs, etc. At first, businesses collected data from their own workforce. Today, however, data is produced by a variety of sources, including machines, business partners, suppliers, and customers.
Variety: Whether the data is personal or business-centric generated from images, excel sheets, videos, PPTs, etc. - all this data takes the shape of texts, GPS, sensor data, PDF, SMS, etc., when analyzed and summarized. There is no fixed or pre-defined structure to perform data analysis, however, data analytics play a critical role in analyzing the data efficiently and turning it into valuable information.
Velocity: Earlier, organizations performed data analysis using traditional ways (batch process). The tedious process was a roadblock to obtaining real-time information and empowering informed decision-making. With the advent of advanced applications and promising potential of big data analytics, the velocity of data can be easily accessed in real time.
Why is Big Data Analytics Important for Business?
Big data analytics enables businesses to leverage their data to identify growth opportunities, which in turn enables them to bring smart data-powered business plans.
People and devices walk together in the modern world. Data can be a highly powerful weapon for businesses to use to empower any decision. But as the amount of data increases, different concerns arise. Insights derived from data analytics pave a path to help you find the answers.
Utilizing analytical models, systems integration, data analytics, and strategic consulting, advanced analytics solutions prove helpful for organizations to extract information from data. As a result, you can enhance your business offerings and customer experiences using cloud technologies.
Big data analytics help organizations stay ahead of their peers by enabling cost reductions, improved efficiency, quick decision-making, higher security, and enterprise-ready solutions.
Big Data Harnessed by Different Industries
Let's delve into the top industries to see how they leverage data analytics to fuel a competitive advantage.
Retail banks use data extensively to understand customers’ account needs and factors like securities fraud early warning, tick analytics, archival of audit trails, enterprise credit risk reporting, card fraud detection, trade visibility, etc. Also, they optimize big data to determine effective ways to manage branch locations and set location-based performance goals.
Subsequently, banks may use data as a foundation to assist customers in making more robust financial decisions. It's no secret that investment banks are also increasingly heavily focused on using big data to better understand the markets and make informed trading decisions.
Manufacturers are adapting big data technology to improve supply chain management and promote productivity. Data analytical capabilities ensure that production resources are allocated optimally for maximum advantage.
Consumer insights are being gathered, analyzed, and deployed with the help of big data. Businesses use this information to expand their customer focus and reach while also improving their services. Big data is used by businesses to take advantage of social media and mobile content. They can target customers and measure performance metrics to derive success.
Doctors have long relied on statistics to help them determine what blood pressure range is normal or how much sugar you should take daily by analyzing a vast number of data points gathered from numerous patients. Data analytics are now being used by the healthcare sector to address bigger, trickier challenges.
Big data can be used, for instance, to determine whether a patient is more likely than average to develop a substance use issue or to identify effective treatment options for those who already have one. In the future, data collected from gadgets like smartphones and wearables will be able to assist doctors to comprehend their patients even better, which will result in cost savings and better care.
Concluding Note:
Whether your business operates in one of these industries or a different one, there’s a good chance that embracing data-powered operations will help you innovate and stay relevant in the age of big data. Polestar Solutions helps organizations fuel faster decision-making and enable organizations scale to potentially scale and win a competitive edge in your industry niche.
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