Big Data, No Data, All Data to Right Data.
The concept of big data has been around for a number of years. Businesses in various sectors of the economy use big data technologies to uncover trends and gain insights for immediate actions.
Big Data is the complex processes involved in examining large and varied data set to uncover information such as unknown correlations, market trends, hidden patterns, and customer’s preferences in order to make informed business decisions. It is also a form of advanced analytics that involves applications with elements such as statistical algorithms and powered by high-performance analytics systems.
Some big data technologies used by various organizations include Hadoop Ecosystem, Spark, R, Data Lakes, NoSQLDatabases, Predictive Analytics, In-Memory Databases, Big Data Security Solutions, Big Data Governance Solutions, Self-Service Capabilities, Artificial Intelligence, Streaming Analytics, Edge Computing, Blockchain, and Prescriptive Analytics.
Why Companies Use Big Data
From new revenue opportunities, effective marketing, better customer services, improved operational experience, and competitive advantages over rivals, big data offers so many benefits to various organizations.
Analyze Structured Transaction data: Big data allow data scientist, statisticians, and other analytics professionals to analyze the growing volume of structured transaction data such as social media contents, text form customers email, survey responses, web server logs, mobile phone records and machine data captured by sensors connected to the internet of things. Examining these data will help uncover hidden patterns and give the insight to make proper business decisions.
Boost Customer Acquisition and Retention: In every organization, the customers are the most important assets; no business can be successful without establishing a solid customer base. The use of big data analytics helps businesses to discover customers related patterns and trends; this is important because customer’s behaviours trigger loyalty.
Marketing Insights: In addition, big data helps to change how businesses operate by matching customer’s expectation, ensuring that marketing campaigns are powerful and changing the company’s product line. It also provides insight to help organizations create a more targeted and personalized campaign, which implies that businesses can save money and ensure efficiency.
Efficient Risk Management: Any business that wants to survive in the present business environment and remain profitable must be able to foresee potential risk and mitigate them before they become critical. Big data analytics helps organizations develop risk management solutions that allow businesses to quantify and model risks they face daily.
Get a better understanding of competitors: For every business, knowing your competitors is vital to succeeding and growing significantly. Big data algorithms help organizations get a better understanding of their competitors, know recent price changes, make new product changes, and discover the right time to adjust their product prices.
The importance of big data to all organizations cannot be over emphasised and that is why at Intellectyx.com we have a team of expert that provides big data services that are tailored to meet your business need.