Decoding the 3 potential advantages of big data
Data is omnipresent and in different forms. This data plays an important role for people as well as for large enterprises in making strategic business decisions. The information chunks thus become imperative for the survival of these enterprises in the competitive environment because utilizing the right information at the right time is what is expected to secure their places at the top. This huge chunk of information, or big data, helps these enterprises to keep a clear track of the information regarding their customers, products, environment and about themselves.
To begin with, big data is large chunks of structured and unstructured data. It is so big that normal data processing techniques don’t work with it. It has been given the name of big data due to the 3Vs: volume, velocity, and variety.
Big data has been present in the industry for quite some time now and enterprises now understand that if they capture this data and utilize it by pumping it into the systems they could extract significant business value from the same. When certain big data companies have huge volumes of data at regular intervals, it becomes imperative for them to analyze the same and utilize it for profitability.
However, as discussed above working on this humongous volume of data is not possible with ordinary tools as it would take days and weeks to deliver the result, that is why specialized tools and software are used to process the same.
The catch here is that the importance of big data is not about how much data a certain company has, instead, it is all about how effectively the company has utilized it in its business processes. The more efficiently a company uses it the more potential it acquires to grow. Some of the major advantages are:
Offers a powerful combination of growth with Artificial Intelligence
This intertwined presence of big data and artificial intelligence (AI) is the single most powerful development that the digital ecosystem has been witnessing, and is shaping the future of how companies leverage their data and analytical skills to shape their business ventures. The new-age AI-based companies readily understand the skills to combine big data with AI capabilities to churn out the maximum potential and turn it into massive business values.
With the massive contribution that every individual and enterprise is making, the volume of data only increases by the minute. It’s estimated that by the end of 2020 every single being on the planet would be contributing approximately 1.7mb data every second. This signifies, that if by leveraging certain means or technology we can harness the potential of this data we would automatically be stepping into an evolved version of the digital ecosystem. This would also mean new and improved forms of businesses and addressing the earlier behemoth problem statements more efficiently and in a better time frame.
AI is fuelled by the power of big data, and such volumes of segregated information makes it easy for machine learning based applications to learn rapidly and more accurately. The volume of information that it provides AI helps it to differentiate between things, recognize patterns and analyse the intricate nuances behind those patterns.
AI also helps to accommodate the unstructured data into systematic rows and columns, which is helping the enterprises to experience new insights. This was the same data that was present earlier also, but somewhere in the depths of videos, images, emails, audio, and in the form of documents. With every passing minute as this data is becoming more powerful against conventional databases it is connecting more dots than ever, and delivering the output more effectively.
Quicker & better decision making
Since the emergence of big data analytics, the fight has always been to utilize it to improve the decision making capability of the enterprises and extract maximum productivity out of it. Enterprises that are currently thriving on data continuously look for ways to make faster and better decisions and it would not be overwhelming to say that Big-data is only acting as a catalyst and enabling them with the exact capability they require.
Several gaming companies have embraced analytics for a long time and with Big-data into the picture they are utilizing it to make decisions and in a much faster way than earlier. These gaming companies gather data from its users through loyalty programs, user profiles and real-time gaming sequences. Initially the same data was only used to understand the mindset of the customer but was difficult to integrate the same in their products/services and had no use in real-time.
It was always known that if a certain player is having bad luck on the console the probability is very high that they will never return back to the game, and nothing could have been done to avoid it. With big data in the picture and as every information is being monitored, companies offer free food items or meal coupons to the person having a bit of bad luck, which keeps him hooked to the game or to the company. The solution was to utilize the analytics and use it in real-time and offer the solution before the customer turns his/her back on the company. Similarly, healthcare companies are integrating ‘natural language processing’ with big data to understand customer satisfaction more deeply and to understand the best time to interact with them i.e exactly the time when help is required.
Improved confidence in data accuracy
Whenever big data is integrated with a business based question-answer session you not only derive a complete view of the answer but also receive a more detailed and accurate view, thus enabling you to make better business decisions. When it comes to accuracy, it would not be overwhelming to say that big data provides unprecedented results.
Working with stagnant data volumes has always been a tedious task that always carried risk and inevitable chances of false information. It popularly used to lead to incomplete information based on which companies used to take non-calculated decisions. This menace has been totally curbed with big data analytics as it creates a more accurate and comprehensive view of your data. By choosing the right tool or platform, companies can reduce the risk of using junk information.
This is an era where large amounts of data are generated every single minute and underestimating its worth right now is surely not the step one would like to take. Also, this data cannot be taken for granted because if utilized in a negative way could be disastrous to data-based companies.
Similarly, using it in the right direction could give magnificent results and the power to achieve the unachievable. This is the right time, don’t wait anymore.