So, What’s the Big Deal with Big Data?
Statista predicts that big data business will worth a whopping $77 billion by 2023.
Now that’s a big deal indeed!
Most successful companies are looking to harmonize, aggregate, and model data to maximize their ROI.
Craig James Mundie, the Senior Advisor to the CEO at Microsoft, says, “Data are becoming the new raw material of business.”
Clearly, big data means big business today!
And it will soon transform the way startups as well as legacy businesses operate.
Let’s decode it for you to give you a better idea…
Big Data – Decoded!
Essentially, big data is a compilation of vast amounts of information, retrieved from multiple sources, such as mobile phones, banks, social media, credit cards, hotels, and more.
For example, every frappuccino that you buy from Starbucks, every movie ticket that you purchase and every electricity bill that you pay, is tracked and stored as raw data on the web.
What Happens to that Data?
Well, each set of data is extracted and gathered through lead forms, opt-ins, and different tracking software. This data is then analyzed and evaluated to understand customer behavioral patterns. Accordingly, the experts refine their marketing efforts and improve their promotional campaigns to engage more leads in the future.
How Can it Reap Benefits for Your Business?
Big data can be intimidating!
They’re huge. And often, unmanageable.
But if you can organize the large data sets, it can yield positive results for your business.
A robust big data management strategy can help you address information and take actionable insights. In fact, a solid strategy can allow you to convert raw data into important predictions, projections, and trends.
Here’s a table for you to better understand how big data can help:
|Save CostsSoftware like Cloud Analytics, Hadoop, and SAS offer massive cost benefits when it comes to storing large data sets.|
|Offer Quick Decision-makingWith the speed of Hadoop and Cloud-based analytics, you can get a better opportunity to analyze new data resources, filter them, and come to quick decisions.|
|Forecast RisksReal-time data monitoring and forecasts can help you evaluate and prevent risks.|
|Boost Product DevelopmentBy gathering relevant data from vast repositories, you get to assess the customer needs, which can help you develop new products.|
|Facilitate Customized ServicesYou can learn to focus on the preferences of local customers and send tailor-built services based on that.|
|Enhance Online ReputationRaw data (e.g., customer feedback and comments), received from social media, can help you step up the online reputation management strategies of your business.|
In other words, big data can lead you to higher business returns. And of course, happier customers!
Bringing in a spectrum of opportunity for businesses, big data is here to stay and grow exponentially.
Keeping this in mind, different sectors are reshaping their business practices around big data and the hawk-eyed perspective it provides.
6 Sectors Positively Impacted through Big Data
|HealthcareData received from wearable trackers and bands let the doctors know whether their patients have taken their medicines or have they skipped their disease management plans.||RetailShopkeepers and retailers leverage analytics software to understand their customers’ preferences, based on which they develop highly personalized services which can engage high-value shoppers.||ConstructionRealtors and builders use analytical tools to keep a track on material supply chains, on-site workers, earth-movers, cranes, and even suitable building locations.|
|BankingBankers use big data to monitor thousands of banking transactions and keep a tab on prevention measures against frauds and unethical activities.||InsuranceData received from virtual assistants help professionals in the insurance sector resolve client issues, provide discounts, and even change pricing models. In fact, the insurance sector is likely to invest up to $3.6 billion in big data by 2021.||TravelAirline companies use data to gather information on food and seat preferences, allergies, and travel histories of customers, based on which the companies offer cognitive services.|
Manufacturing, Education and Agriculture are some of the other industries where big data is driving competitiveness and growth.
Undeniably, this is one of the megatrends which is changing the way in which treasure troves of information are processed, assessed and put to use.
And therefore, big data is such a big deal for businesses today!
The Power of Data
Looking to stay a cut above your peers? Embrace big data. Gain incredible insights, patterns, and knowledge that’ll help you thrive successfully in this ‘information age.’
As the American consultant Geoffrey Moore rightly says, “Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”
So, unlock the power of big data and transform the way your business functions.