It all started in the 1990s when John Mashey coined the term Big Data. According to Wikipedia, Big data usually includes data sets with sizes beyond the ability of commonly used software tools to capture, curate, manage, and process data within a tolerable elapsed time. It consists of structured, unstructured, semi-structured data. The size of big data is constantly moving. Since 2012, it has moved from a few dozen terabytes to many exabytes of data.
What Is Big Data Analytics?
It looks like streams of abstract information. It consists of data that is gathered from all kinds of internal and external sources such as consumers’ contact information, billing, market research, social media and more. When all of these details are kept together, this data is able to provide valuable information to both the consumer as well as the company.
But this is not that easy as it seems like. Each company decides its business objectives. Then we generate the capabilities of the data. After deciding these we retrieve, merge and analyze the data and come up with a result. These results are the outputs, which help to create better business models.
“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”
Geoffrey Moore
How Is It Helpful In Businesses?
Big Data Analysis is done using advanced software systems. This helps in increasing the performance and the speed of the data analytics. It reduces the time for decision-making. The modern big data analytics systems allow for speedy and efficient analytical procedures. This offers a big competitive advantage to businesses.
Data Analytics is providing benefits to the businesses since their inception. They help in the expansion and growth of their startup, which eventually turns into large companies and businesses. As stated by the Rutgers, “IT and other skilled technology professionals at innovative firms such as Google, Tesla, and Uber, have leveraged the power of data analytics to break into new markets, build stronger relationships with consumers, and streamline processes such as supply chain and marketing management.”
How Company Data Can Contribute To Business Growth?
It is a big challenge to expand a business. This includes collecting and properly using the data that drives, informs and incites new action. Here are some of the ways, which can help in expansion of business:
1. Future planning
The foundation of any company is to keep their businesses running smoothly. Without any operational efficiency, the business will cease to exist. This efficiency decides the use of data analytics and will evaluate its significance.
With the help of analytics, we can find the insights in the dashboards and which will result in better business reports. We can also interact with the results and can use the information to create the expansion plan. Businesses will be able to take more financial risks with larger confidence with the help of analytics.
2. Finding the audience
It is important for any company to know about their customer reviews. The company should find its audience in any country or region. They should know their reputation in the outside world. Social Media produces a large amount of data. Analytics can help to merge social media analysis with customer’s internal data. This will help to make a profile of the customer who is interested.
Metrics such as click-through and bounce rate can alert businesses of how successful their marketing and content campaigns are going. This can help them to redesign marketing efforts to reach more customers. The click-through rate illuminates how much traffic is coming to a company’s website landing page, but a more comprehensive understanding of traffic can be gained when the click-through rate is read with a bounce rate measurement. Bounce rates show when a visitor leaves the site after only visiting the page they landed on.
3. Taking actions using predictions
With the help of analytics, we can expand in a different direction from other companies. This will help us to put a step towards the perspective of different users. This can be done using predictive analysis. Predictions can help the company in making the decisions and will help to analyze the users of the company and their demands.
The companies generally do Predictive Analysis when they are willing to start something new in their existing environment. This analysis can help us to know whether the users are willing to go out for that opportunity or not. And this gives us the risk analysis for the change.
How Brands Are Using Big Data Analytics?
Big Data Analytics involves examining a large amount of data that can help to expand the business. This helps to have a better perspective of what the audience wants. Recently many brands have started using these strategies for their growth. Businesses are becoming more data-driven and objective. These are some of the ways that companies are using Big Data.
1. Learning and Retention of customers
The customer is the biggest asset on which any business depends on. For any successful business, we need to have a strong customer base. If a business gets a customer base slowly then there are high chances that they will offer poor quality products, which will eventually affect the overall business.
So, businesses are using various analyses so as to know and predict what the customer wants. The more data the business is able to connect, the more trends the business can identify.
2. Risk management
Being able to foresee risk and mitigating it before it occurs is critical if business has to remain profitable. Data analytics has been very helpful in the case of risk management. There has been a recent increase in the statistics and diversity of data. Big Data Analytics has a huge potential for increasing the quality of risk management models.
However, organizations need to have a better structure to accommodate such amount of data. A proper big data analytics system helps to ensure the areas of weaknesses or potential risks.
The data is expanding day by day, hour by hour. Businesses have also built or are trying to build proper infrastructure for the data. Big Data Analysis is becoming useful to everyone in terms of retrieval of data for any business or getting the products for the needs of the consumer. Harness the power of your business data for a calculated growth. Talk to our experts.