Big data analytics has caught the imagination of business and industry leaders around the world. From being the 12th man for Germany in the 2014 World Cup to helping Donald Trump win the 2016 US Presidential elections, big data has been leveraged on a global scale with resounding effects. It has also shown tremendous value to organizations without budgets comparable to entire countries. For example, uBiome is revolutionizing the medical industry by mapping the human microbiome, while Clever is taking on education with a consolidated learning platform.
With its myriad applications, it’s obvious that big data analytics is here to stay.
So, what can big data analytics do for you?
We create 2.5 Quintillion Bytes of data every day. In 5 years, there will be over 50 billion smart connected devices in the world.
The big data analytics market is set to reach a value of $275bn by 2023, growing at a CAGR of 12% between 2017-23, according to a report by Market Research Future.
Speaking of big data concepts, there are 5 important V’s which make big data a huge business:
- Volume – Data size
- Velocity – Speed of change
- Variety – Different forms of data sources
- Veracity – Uncertainty of data
- Value – Value attained by leveraging Big Data
Big data analytics is the process of examining large data sets comprising of various types of data to reveal several useful, hidden patterns and information like market trends, customer preferences, and unknown correlations. Big data analytics is implemented by enterprises and companies to reap myriad benefits such as effective operations, tapping new revenue opportunities, attaining competitive advantage, employing impelling marketing campaigns and taking informed business decisions. Analytics professionals like data scientists and predictive modelers, with the help of big data analytics, analyze big data including transactional data and other structured data from varied sources.
While there’s much fuss made about the endless possibilities of what can be done with big data analysis, the hard truth is that few people actually know what to do with it. Also, stats say that close to 80% of the companies and organizations who have deployed a big data analytics project struggle to get value from their data. That’s why organizations need to have strategies in place to manage large volumes of both structured and unstructured data. The challenge of analyzing big data brings real business value. Business and IT leaders now use big data analytics to identify trends, discover patterns and garner other valuable findings from the sea of information available to them.
The benefits are tempting businesses to buy big data analytics software to address the company’s business needs. However, the technologies on their own are not enough to handle the task, as businesses also need to have well-planned analytical processes and employ talented and skilled resources to leverage on the technologies and carry out an effective big data analytics initiative.
With the right analysis techniques, enterprises can quickly analyze their data and with high-performance data mining, predictive analytics, text mining, forecasting and optimization, companies are able to drive innovation and make the best business decisions. Using this solution, companies optimize machine learning and address big data needs in groundbreaking ways. Thorough data analysis allows businesses to carve out highly relevant information that will be crucial for critical business decisions. This gives business analysts and decision makers the power to move ahead with the best knowledge and insights available in real time. It further allows companies to improve their customer retention, develop better products and attain a competitive advantage by taking quick action as per market changes, indications of critical customer shifts and other metrics that impact business.
Big data analytics is significant for organizations, as it allows them to harness their data and use it to identify new opportunities that lead to smarter business moves, highly efficient operations, bigger profits and extremely happy customers. Big data technologies like Hadoop and cloud-based analytics bring cost advantage while storing large amounts of data. Besides, these also help to find more efficient ways of doing business. With the combined speed of Hadoop and in-memory analytics along with the ability to analyze new sources of data, businesses can immediately analyze the information and make decisions based on their knowledge. This also allows companies to gauge customers’ needs and satisfaction through analytics and thus efficiently cater to their requirements..