Data has always been relevant to business. Finances, shares, customer details, contacts, product information, inventory, employee information, all of these and more come together into the collective term ‘Data’ for any organization. So if one says “Big Data” is a new concept, they would be both right and wrong. Businesses have always analyzed huge amounts of data to uncover insights and trends. So then, what changed? Why is the term “Big Data” suddenly gathering hype?
Because of the development of technologies specially dedicated to the field. Modern IT has enabled software engineers to create products that introduce speed and efficiency into the traditional methods of analyzing data. Manual spreadsheets have been replaced by automated software and many Big Data Solution providers have entered the arena. Naturally when something useful is introduced, everyone is tempted to try it out. So with more and more organizations boarding the Big Data wagon, it is important to not only accept Big Data, but most importantly understand what it is and how it can help businesses.
A brief introduction to the term “Big Data”
Big data is a term that refers to datasets or combinations of datasets whose volume, variability, and velocity make them difficult to be captured, managed, processed or analyzed by conventional technologies and tools such as relational databases, desktop statistics or visualization packages, within the time necessary to make them useful. The complex nature of big data is primarily driven by the fact that much of the data that is generated by varied modern technologies such as web logs, RFID, sensors embedded in devices, machinery, vehicles, Internet searches, social networks, portable computers, smart phones, GPS devices, and call center records. Thus, in order to utilize big data, it must be combined with structured data from a more conventional business application like an ERP system or a CRM system. It is here that Big Data services find their place.
Why is Big Data Important?
We’ve summarized the main advantages of Big Data Analytics into the following 4 points:
1. Better understanding of Market Conditions
Capturing, processing, and analyzing big data enables companies to gain a 360° understanding of their business, customers, as well as products. It also allows them to extract deep insights about current market conditions and their chief competitors.
2. Better understanding of Customers
Predicting what customers want at what time can turn the tables for any business. With Big Data implementations empowering them, now business houses can do just that. Now, organizations can not only anticipate user demands but also offer them better products and services thereby reducing the margin of complaints.
3. Building a Better Online Reputation
Big Data tools can detect negative and positive comments on social media platforms and allow you to take act promptly. Such intuitive sentiment analysis enables you gather feedback as to what your target audience really thinks about your organization. You can thus improve on your shortcomings quickly and build a solid goodwill.
4. Considerable Cost & Resource Savings
While it may seem expensive, implementing big data systems is quite cost effective if you take the help of the right Big Data Company. Big data experts can help you get setup in minimum time, with no risk and reduce the burden of your IT staff so that you can utilize them elsewhere. Thus you not only save time, money, and resources, but also ensure the accuracy and integrity of data since your data and systems are handled by experienced people.
Looking for a Big Data Company that can get you started on your big data journey? Contact Paragyte today to get the best consultation and tips from expert teams.
Visit https://www.paragyte.com/services/digital-transformation/big-data for more information.