Big Data Analytics and it’s Value to Your Business
Data has been the crux of human civilization for years! In fact, data collection and analysis has been essential for improving the core functioning of every society.
We live in an age of technological revolution. Information is power and Big Data is king! Our life and daily activities are on the Internet—be it travelling (checking in on Foursquare/Facebook), eating (Foodspotting), entertainment (Netflix), buying clothes, gadgets (amazon.com), groceries (bigbasket.com) or using transportation (Uber/Ola), everything we do is recorded every minute of the day.
As you can see getting the data is not a problem, considering the endless sources. The challenge is harnessing the data, analyzing it and being able to respond in real-time. A study suggests that by 2024, the world’s enterprise servers will annually process the digital equivalent of a stack of books extending more than 4.37 light-years to Alpha Centauri, our closest neighboring star system in the Milky Way Galaxy. That’s a lot of data to gather or analyze!
With Big Data being the only way to understand exactly what your consumer is thinking and what he wants—it is becoming more important to businesses every year.
VALUE TO BUSINESS
A report by Accenture highlights that a several organizations (36%) are investing a lot of their time in analytics, but only 13% are using Big Data analytics to predict possible outcomes and only 16% are using their analytics applications to optimize processes and strategies. Organizations today are moving beyond basic analytics to predictive analytics and optimization to stay ahead of competition.
The study also indicated that over 73% of companies are already investing more than 20% of their overall technology budget on Big Data analytics, and just over two in ten are investing more than 30%. 76% of executives expect spending levels to increase.
But, the important question is how can you use the existing data to make more informed decisions for your business?
Most businesses looking to enter a new geography with a new marketing plan want to understand what they can expect in terms of sales penetration from that area. Valuable information derived from analyzing data from past campaign behaviors in similar demographics can help them find a solution to that dilemma. It will help them understand as to what exactly influences a consumer’s buying decision.
Delving into data with the help of power analytics leads to strong decisions and thus improved business results.
1. University of California, San Diego