Big Data: 4 Features and Its Big Impact on Business
Big Data in Business leads to a large set of unstructured and semi-structured information collected from multiple sources. The sources are customer contact databases, medical & patient records, business transaction history, social networks, AI & ML applications, and scientific experiments.
Nowadays, companies are directing on enhancing their data architecture, connecting data, and discarding legacy systems. Big Data has a great impact on business since it helps companies efficiently manage massive amounts of data.
On this blog, you will learn these points:
1. Impact of Big Data on Business
- Banking, Financial Services and Insurance (BFSI)
- Retail, Marketing and Advertising
- Manufacturing and Automobile
- Logistics, Media and Entertainment
- Oil and Gas and Petroleum
2. 4-Features of big data required for business growth
- Data Collection
- Storage of Data
- Data Analysis
- Data Visualization
The Impact of Big Data on Business
With the help of big data, businesses strive to offer improved customer services, which can help boost profit. Enhanced customer experience is the principal goal of most companies. Other purposes include better target marketing, cost reduction, and gained efficiency of existing processes.
Big data technologies help companies store massive amounts of information while allowing significant cost reduction. Such techniques include cloud-based analytics and Hadoop. It allows businesses to analyze information and better decision-making. Moreover, data breaches pose the need for enhanced security, which technology applications can solve.
Big Data holds the potential to bring social and economic benefits to businesses. Therefore, several government agencies have formulated policies for promoting the evolution of big data.
Over the years, big data analytics has evolved with the adoption of agile technologies and the increase of focus on advanced analytics. There is no single technology that comprises big data analytics. Various technologies work unitedly to help businesses procure optimum value from the information. Amongst them are machine learning, artificial intelligence, quantum computing, Hadoop, in-memory analytics and predictive analytics. These technology trends are likely to drive the demand for big data analytics over the forecast period.
Earlier, big data was essentially deployed by businesses that could afford the technologies. Today, both startups to the enterprise are frequently relying on big data for intelligent business insights.
Enterprises from all industries contemplate ways of “How big data can use in business?”. Its uses are poised to improve productivity, identify customer needs, offer a competitive advantage, and scope for sustainable economic growth.
How Big Data is used in Business Across Industries
Financial services, retail, manufacturing, and telecommunication are some of the best industries using big data solutions. Business owners are frequently investing in big data solutions to optimize their operations and manage data traffic. Vendors are utilizing big data solutions for better supply chain management.
Financial Services, Banking, and Insurance
The BFSI area largely implements big data and analytics to become more effective, customer-centric, and, therefore, more effective. Financial companies use big data analytics to reduce overlapping, redundant operations as well as providing tools for easier access to data. Banks and retail tradesmen use big data for sentiment analysis and high-frequency trading, among others. The area also relies on big data for risk analytics and monitoring financial business activity.
Retail, Marketing, and Advertising
The retail, marketing, and advertising industry gathers a large amount of data through RFID, POS scanners, customer loyalty programs, and so on. The use of big data helps in reducing fraud and allows the timely analysis of the record.
A large amount of data produced in this industry remains untapped. The industry covers several challenges, such as labor constraints, complex supply chains, and equipment failure. The use of big data allows companies to discover new ways to save costs and increase product quality.
Media, Entertainment, and Logistics
This area, big data helps online retailers manage inventory in line with challenges special to one or another location. Companies within this area use big data to analyze customer personal and behavioral data to create a complete customer profile.
Gas and Oil
Big data helps decision-making. Companies can make better judgments regarding the location of wells through an in-depth analysis of geometry. Companies also leverage big data to ensure that their safety standards are up to the mark.
4 – Features of Big Data Required for Business
Collecting user data is the first step in the development of Big Data systems. There are many ways to collect user data, and most of them are performed without specific participation, or even experience, of users. While customers may carefully provide some personal data via surveys or feedback forms.
For example, the great bulk of information comes from cookie files and other web trackers. As well as telemetry services and IoT devices. This unprocessed data is of limited use but after the following analysis step. It becomes invaluable for both young and established companies.
Big Data solutions have greatly high demands for information storage capabilities as they have to store both collected raw data and processed data. The bigger the client base is, the more storage space must be provided by the business organization. The whole bulk of data may be kept on hard disk drives on the corporation’s premises, or the corporation may use cloud solutions to store its data in remote data centers.
Today, even the largest corporations tend to rely on cloud service providers in terms of keeping their data as safely and securely as possible. Still, in view of possible international sanctions or security concerns, local storage on the corporation’s hardware may be better.
In order to make use of gathered data, it must be subjected to comprehensive processing that utilizes important computational resources. Big Data processing is a very great activity that includes several tasks. such as raw data conditioning that involves duplicate removal and the subsequent comprehensive analysis.
Depending on the available capabilities, single-thread and multi-thread processing is performed on the bulk of gathered information to classify and describe it in order to allow easy search and filtering. After these processing steps, the data is ready for more use by AI or ML elements to provide prediction results.
Visualization may be utilized for both classified data collected in the database. And the analysis results obtained using this information as a source. The structured information stored in databases is better displayed by the conventional means designed for statistical data, such as graphs, pie charts, etc. Visualization of analysis results may vary to a great extent as they mostly refer to probability chances.
Interesting Read: What is Data Visualization and Why Is It Important?
If you want to use Big Data and use its powerful capabilities to benefit your business, contact us. We have great expertise in this field and will provide you an effective solution customized specifically for your needs.
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