Over the last couple of decades, big data became a central tool within the business landscape. But what is big data analytics? And why should it matter to many business organizations today? Well, technological advancements have now made it possible for data-governed organizations to effectively analyze their data and obtain relevant insights.
A Brief History of Big Data Analytics.
The birth of big data has a long history. It all began when business leaders became smarter and realized that there was a need to collate all the wealthy pools of data that was flowing into their organizations and present it in a meaningful form. With analytics tools, they could make the most out of their data. During the 1950s when no one had used the term big data before, some business organizations were using simple analytics tools in the form of spreadsheets to monitor trends and dig out insights.
Even though traditional methods of analyzing business data were yielding results, modern big data analytics tools are so much better. The differences can be seen in terms of speed and efficiency. Thanks to the invention of advanced big data analytics, modern businesses can gather information faster, process it faster, and then identify insights for effective decision-making. Being able to operate faster, stay agile, and gain a competitive edge — is a dream-come-true for data-driven companies.
This is why big data matters to organizations.
The adoption of big data and analytics is not a choice; it’s a must for companies who have eyes on growth and want to boost their efficiency. Data-centered organizations leverage big data to discover new opportunities, fix loopholes, improve their customers’ satisfaction and of course — increase their profits. The following points highlight how businesses apply big data analytics and what the value they get is.
Cutting down costs
Driven by big data, Hadoop is one example of a technology that offers numerous benefits. It can store vast amounts of data and help managers discover more efficient ways of running the business.
Performing quick analytics
In the business world, time is arguably one of the most valuable commodities. With the application of Hadoop and other advanced in-memory analytics, business owners can organize and analyze information faster, allowing them to make quicker decisions.
Gauging the needs of customers
Big data has evolved over time, and the same is true for customers. By using data analytics, companies can understand their customers in great detail. With adequate knowledge of their clients and a thourough analysis of their assets through data valuation, businesses can launch new products and services to meet the ever-changing needs of their loyal customers.
Identification of business risks
By ignoring hunches and guiding themselves through big data, companies can identify business risks early and take steps to mitigate them. After all, analytics tools often allow managers to see further than their own instincts. You can monitor threats as they develop and take steps to solve them.
In summary, big data analytics has become the order of the day in the business world. You can cut your operational costs, improve efficiency, make better decisions, and delight your customers by leveraging the power of big data.