As the businesses on Internet is expanded, the volume of data now being generated is huge and making the sense out of that massive raw data is beneficial.
Analysts predict that by the year 2020 organizations will house 4.4 zettabytes – or 44 trillion megabytes – of information.
As the businesses embraces doing business on Internet, Big Data is now a new crush for all small, medium and large organisations.
What is Big Data Analytics?
Big data analytics – tools and processes created specifically to turn big data and analytics into business insight – allow business leaders to develop a conversational relationship with data. It’s an approach where answers suggest better questions and refinement leads to insight.
There are various ways to unlock value from Big Data:
- Time Is Value
Getting real time analytics helps in improving organisation and taking quick better decisions toward improvements which in turn gain better value in long term.
Once we have the real-time insights, decision making processes are able to realize better value from real time analytics. - Streamlining Decision Making
Many organisations have different culture, mindsets, business models, processes, innovators who help organisations in making decisions and implementing those, now with the Big Data when they analyse the information they could realize that they can now understand what their customers really want and they know that they are far from achieving that goal, further which helps them in implementing the process and models in different way to achieve the goals.Organizations that streamline their decision-making processes to become agile and responsive can best survive in the face of constant digital disruption.
- Deeper Consumer Perception
Organisations are now improving customer relations using big data. They can now identify from which customer they are generating good revenue clearing the fact that a single client is giving the small amount in chunks but combining that shows large revenue. - Increased Human Capital
Employee retention is a normal business concern for some industries. An IBM case study reveals that one company reviewed around 5,000 applications and hired 200 new employees each month. Big data analytics allowed the business to analyze longtime employees’ histories to discover what job traits identify long-term job prospects. As a result, the company revamped their hiring process, greatly reducing worker turnover.
By improving employee retention, organisation improves service level and the newly available resources become more productive.
We are just at the beginning of a revolution that will touch every business and every life on this planet. But loads of people are still treating the concept of big data as something they can choose to ignore.
Are you ready to improve?
Sources:
http://projectmgmt.brandeis.edu/resources/articles/how-big-data-and-analytics-are-transforming-business/
https://www.forbes.com/sites/bernardmarr/2015/09/30/big-data-20-mind-boggling-facts-everyone-must-read/#62f36dab17b1
