Big Data Analytics: A Goldmine of Opportunities
The concept of Big Data has been around for some time now, as most of the business organizations have started to understand the benefits it brings to the table. Data Analytics is becoming more of a higher priority for businesses, as more data is generated every day over the internet. On the Social media front alone, Facebook generates 4 million Gigabytes of data every day, including 4 million likes every minute. On the other hand, Instagram generates 95 million posts daily, which includes 2 million posts from advertisers.
With such a high magnitude of data generated on a daily basis, it becomes impossible to keep up without some sort of data analytics. Many businesses have understood the strategic importance of Data Analytics and are heavily investing in it. More than 75% of the companies are utilizing data analytics to their advantage at present. Tech giants such as Google and Tesla have broken into new markets, leveraging data analytics.
Advantages Big Data Analytics Offer
Most organizations today have Big Data at their disposal, and understand the need to harness it. Big Data Analytics helps organizations harness the data and use it to identify new opportunities in the market. It leads to efficient operations, smarter business moves, higher profits, and happier customers. Big Data Analytics adds value to businesses in the following ways:
Better decision making
Thanks to Data Analytics, Organizations can better understand their audience and recognize what strategies would be successful in marketing their brand. This is where engagement metrics come into play. Organizations are now capable of knowing their consumers’ opinions, especially on the areas concerning likes and dislikes. Marketing content and campaigns are then tailored to perfection to the target audience.
New products and services
The ability to gauge customer needs and satisfaction through analytics gives businesses the power to offer customers what they want. According to Davenport, companies are creating new products to meet customer needs using Big Data Analysis at a scale never seen before.
The advent of cloud-based analytics tools has brought significant cost advantages when it comes to storing large amounts of data. Amazon, Microsoft, and Google with their cloud storage services are at the forefront when it comes to reducing costs through judicious use of Data Analytics.
Enhanced customer experience
The fundamentals of business have not changed – meeting the customers’ needs is still the ultimate objective of any organization. Today, there is more information available than ever before. Data mined from websites and social media can be used to form a complete view of customer behavior and patterns. If used correctly, Data Analytics enables businesses to know more about consumers than ever thought possible.
The Bottom Line
The bottom line is that business enterprises are now focusing on utilizing their data collected from consumers to climb up the ladder of success and make critical strategic decisions based on data-driven insights.
Big Data has opened up a whole new world of possibilities impacting the business landscape in every industry right from SME’s to Fortune 500 companies. Almost all industries like finance, healthcare, education have adopted this technology with IT leading the way. This clearly indicates that big data is moving from an experimental endeavor to a more practical pursuit within the organizations. Not only can businesses improve productivity by shifting from manual to automated processes, but they can also see a significant boost in profitability.
From visualizing consumer behavior to building loyalty and making sound decisions, Big Data Analytics presents itself as a goldmine of opportunities for businesses.