Big Data is no longer a new term for business owners, entrepreneurs, and project developers. Every person and entity related to the business landscape know what it is and how it can accelerate their bottom lines. Big Data makes big promises and has the potential to fulfill it. Irrespective of the size and operations performed by a business venture, Big Data can prove to be highly resourceful. Since smart insights and judicious decision-making is critical to the prolific growth of a venture, Big Data is nothing but the need of the hour!
Big Data – The name behind modern day business successes
Almost every individual, enterprises, and business entities have a fair idea about the immense value proposition that comes with Big Data. This huge volume of data gives them crucial insights into real-time functioning, operational loopholes, hints about attaining competitive effectiveness, and discovering areas of improvement. However, this transition from mere numbers across millions of records to more digestible and actionable insights needs specialist expertise and specific tools. Accurate and precise decision-making is an art which only a few can master, and it is Big Data analytics that makes it happen.
Defining Big Data
While performing and executing their day-to-day operations, every company generates large data volumes which consist of both unstructured and structured data. These data sets can inundate enterprise functioning on a daily basis, which creates the demand for effective analysis. That’s not all; entrepreneurial growth and business development depend on the continuous discovery, analysis, and evolution. Big Data can be the medium of all business operations that lead to them!
There are many sides to a business venture, and none of these facets can work without each other. Big data aims to strike a balance between them by analyzing business processes, technical operations, customer reviews, transactional information, social interactions, sales goals, market trends, and even current business scenarios.
How can it boost organizational growth?
We have heard and also know that Big Data can be the basis for unsurpassed organizational growth. If market reports and predictions are anything to go by, it is going to be $16 billion industry by the end of 2025. That clearly explains what Big Data and Data Analytics can do for business organizations and entrepreneurial corporations across the globe. The concept has led to holistic growth and financial gains. No matter what their size, enterprises are gearing up to leverage crucial data from various sources. Here’s a quick look at the benefits ensured by Big Data:
1. Trustworthy and reliable: 29% of business ventures assess the financial losses incurred from poor data and inappropriate information. Big data can help you manage and monitor huge volumes of customer data, which is the key to saving millions.
2. Authoritative and comprehensive: Data from multiple sources have variations and lack the desired transparency. At least, that’s what a whopping 80% of businesses feel! You need a source that’s authoritative, compact, and concise. Big data helps you amalgamate these vetted and diverse sources, thus initiating the production of smart business resources.
3. Relevant and effective: Data is important, only when it offers crucial insights into the existing processes and areas of improvements. Irrelevant and inappropriate data sets aren’t going to help you in any way. Since 43% of business organizations find it difficult to identify and filter out inappropriate data, effective data analytics emerges as the best solution.
4. Enable dialogue: Today’s informed customer has the option to look around, discuss with potential vendors, and check for options. With Big Data you can enable better degree of engagement with these influential yet finicky audience that matter to you. In today’s age of short attention span and decreasing brand loyalty, it is Big Data that provides the roadmap on what marketing messages to convey to induce loyalty and influence their purchase behaviors.
In a nutshell, customer acquisition happens to be the prime responsibility of an organization, and targeted data analytics promotes it to a great extent. You need the right resources, tools, and mediums to extract targeted information alongside developing crucial insights into acquisition efforts.
Assessing the current trends
The concept of Big Data and effective data analytics has been there for quite some time. Earlier, only a few companies and business organizations opened up to it. However, if the present trends are to be considered, almost every venture is gearing up to embrace this innovation. How about taking a look at the statistical reports and analytics trends in 2017!
1. Personalization is the key
If you run a business, personalized experiences and specific services will be a prime requisite for you! 94% of experienced business marketers consider ‘personalized experiences’ to be the key to holistic business growth. That makes big data even more relevant than ever!
2. The emergence of blockchain
66% of banking institutions will include blockchain in their commercial production and that too at scale. With increased investments in AI technologies and other innovative resources, the inclination towards crucial data analytics will reach an entirely new dimension.
3. Real-time analytics will continue to be important
If you want your consumer management and customer service team to grow, it’s high time to embrace data analytics. Almost 43% of companies who don’t do it will head towards a major showdown!
That’s a quick glimpse of the trends as of now. 2017 talks a lot about the current scenario and also prepares the ground for the future. If market predictions are true, then it’s high time to uncover the reasons for it.
Exponential growth by 2025
As discussed and predicted by experts, Big Data will turn into a $16 billion industry by the end of 2025. That’s almost an 8-fold increase from its current valuation which is around $2 billion. Over a period of five years, big data will record 26% CAGR which is a huge increase from its current growth rate. As far as experts are concerned, they are considering it to be one of the most crucial and remarkable incidents in the business landscape.
Excerpts from expert discussions
While delivering a speech at the ‘Emerging Worlds Conference’ organized by MIT Media Labs and Indian School of Design and Innovation (ISDI), Keshav Murugesh, the chief executive officer of ‘WNS Global Services Group’ made significant comments on the growth of Big Data and data analytics. According to this business expert and thought leader, the entire world is opening up to big data. It’s turning into a global phenomenon which has the potential to create endless opportunities for business organizations across the globe.
India is also emerging as a highly potential market for effective data analytics. If you believe the experts, the country is amongst the ten leading markets for data analytics. Such phenomenal growth of big data in the country has unlocked new avenues for organizations.
Combining the three pillars of growth
A country or nation like India relies on its academic, industrial, and administrative infrastructure. These are the three pillars of development and growth, which are responsible for the nation’s progress as a whole. According to Mr. Murugesh’s suggestion, the country should try and plan to amalgamate these three aspects by using data analytics. In other words, big data should be the thread that binds these ‘three pillars’ together.
Whether it’s for running administrative functions, formulating educational policies, or introducing business analytics, big data can turn out to be the best resource in the country. Digital innovation should lay the grounds for further development. Enterprises across the country should realize the importance of data analytics and leverage data sets for comprehensive development.
Assessing the benefits and foreseeing the future
It’s not just enough to include data analytics anywhere and everywhere. Experts do suggest to make it a part of your daily operations and enterprise functions, but a great deal of understanding and analysis should be involved in the process. Firstly, one should foresee the future. If you are operating in the business arena, try finding out answers to the following questions for effective implementation of data analytics strategies.
- What are the prospects of your organization?
- Going by its present growth trends, what do you expect from it in future?
- How far can you expand your venture and unlock new operational avenues without affecting the core competencies?
Big data and targeted analytics will give you perfect answers to all these queries. You need to improve consumer experiences which is the key to generating sales and profits. That will also lead to impressive financial growth and also add to the nation’s economy.
Growth and innovation ahead
Your venture shouldn’t be just another organization or business in the country. It should emerge as a thought leader capable of driving efficiencies, introducing innovations, and making huge differences to a million lives.
There’s no denying that Big Data and Data Analytics will be the most trusted and effective resource in this context, and that explains why it will turn into a ‘$16 billion industry by 2025’!