Since the outburst of technology over a decade ago, humongous records of data have encroached upon all walks of our life in various forms. From unorganized articles or text files to multipurpose forms collecting unlisted personal data and social records. Sifting through such data manually became an outdated phenomenon a long time back and big data analytics evolved to help us make sense of the gigabytes and terra bytes of data flowing through the internet space for personal and commercial purposes.
Businesses today have grown from being run by intuitive and intelligent decisions to being run by measured results and schematic forecasts. Big data analytics has thus become an important tool for every business looking for a stable growth rate and better customer understanding. Below are the top five reasons why big data analytics should be a big part of your business strategy.
1. Evolved data management
Data analysis tools and platforms have uncovered a more convenient and useful layer of data mining approach by letting the data scientists take the driver seat and modify their search themselves. This has greatly helped adopt a more targeted approach for data mining by implementing different need based use cases for individual end users. Finding relevant data and modifying search results has thus become easy and can be used effectively and efficiently for taking the right business decisions for your company.
2. Better customer understanding
Understanding the customer psyche and the ability to implement on it (aka efficient use of CRM and customer analytics) is a key business driver in many industries. But customer data is spread unevenly over the internet divided across geographies, buying preferences, lifestyles, etc. There is no “one fit” product for all customers. Hence you have to target the right product at the right audience. Big data analytics thus plays an instrumental role in classifying all the varied user groups across websites, forums, social media, call centers and integrating all such customer data points into relevant information. By correlating and finding similar patterns between the right groups of people, big data helps you analyze the right people to target the right product, thereby boosting your sales and value of your firm.
3. Data visualization
In the business world, you need to see before you act, literally. With better data and number crunching analysis tools available, it has become easier for the end users to convert Big Data into easy to read pie charts, graphs and slide shows. Due to the vast amounts of data being processed every minute to draw logical conclusion, such data visualization tools help focus on the larger picture and take decisions with more accuracy and precision.
4. Better business decisions
As big data analytics tools continue to develop catering to a larger and faster paced audience, businesses have the opportunity to take decisions based on precedence in the form of data-driven results instead of taking informed risks based on intuition. The decision making power has thus shifted from high CEO and CXO level decision makers to middle management who can follow the direction that valid data results point and do not have to lean on their past experience or vast industry knowledge to figure out valid patterns, thereby giving the senior management more time to focus on the overall strategy of your business and letting the data scientists take the driver’s seat.
5. Better predictability
With millions of data bytes being recorded every minute, data analysts have vast sets of data to analyze statistically and apply mathematical algorithms to arrive at variables that they can use to predict the industry growth or company performance within minutes. With existing samples of data and past performance rates, it has become easy to predict and analyze newer metrics and find areas for improvement and find newer avenues for your firm to grow and expand.
Big data analytics has thus risen to the forefront of all industries to help them mine relevant data and increase their decision taking capability and accuracy while lowering any risk value they might be acing earlier. With the growing competition and close cutting bottom lines, the right data tools act as a sail to your boat to help your firm stay ahead.