Big data, data analytics, business intelligence, data processing—these are all buzzwords you will come across if you’re reading blogs on thought leadership or technological advancements in businesses. There are innumerable existing and upcoming companies peddling big data as a solution for all the data-related issues that exist in both small and large companies. But what does it actually mean and is it really the answer to business growth?
Like any other technological investment, it is important for you to understand the concept of big data analytics before considering implementing it in your business. You should be familiar with what it can do for your company and the importance of big data in businesses.
Read on to find out more about why big data is gaining recognition, the ways it can be integrated into your business and if it is worthwhile to invest in.
Why is everyone talking about big data?
Big data (BD) is the latest technological tool that helps businesses make sense of the large volume of data they collect and turns it into useful insights that can help them frame profitable policies. For instance, it can review huge reserves of out-patient data in your hospital to reveal that the percentage of female patients visiting your outpatient centre over the years has increased from 46% to 67%. Therefore, using this data, you can install more female washrooms that can help your hospital earn the reputation of being patient friendly.
Similarly, big data tools will be useful in going through viewer data of advertisements of a product on YouTube to determine which advertisement campaign was the most successful. This can help the company come up with more creative and engaging campaigns.
BD helps in collating all the individual data sets onto a single platform helping with faster processing and better analysis and insights. It helps you anticipate the needs and preferences of your customers and achieve organisational goals.
How can big data grow your business?
By using data-backed business strategies, many companies are successfully capturing the market and outperforming their competitors. Below are some of the benefits of implementing big data in your business.
- You get the big picture: Collating all data sets onto a single platform allows you to view all the information without any hassle. You can view the bigger picture and draw better inferences. A BD interface can also track offline data and provide you a 360-degree view of all the details of a project. Using BD tools can pave the way for sophisticated personalisation of the data for your company.
- It allows ease and accessibility of use: In an age where the responsibilities are shared between employees, companies need business intelligence solutions that can be used and accessed by a large group of people. Most BD tools in the market do not require extensive training to prepare weekly, monthly or annual reports which eliminates manual errors and resource crunches. Hence, it can be cost-effective to adopt a BD interface for your organisation.
- There are many BD tools available to match your business needs: Long gone are the days when business analytics tools could be afforded by only a select few. With start-ups joining the big data market, there is a steady flow of BD products designed for various data processing scenarios including BD apps on Android or iOS devices. You can choose a product as per your budget and requirements.
- It maintains consistency in data: Data analytics platforms such as BD eliminate discrepancies in data analysis by standardising the way data is perceived or processed. This enables your organisation to take business decisions backed by data rather than intuition or arbitrary settlements.
- You can achieve better customer engagement: Customer engagement is one of the main focus areas for modern companies. BD tools can help you build reasonably accurate customer profiles. You can accordingly taper your marketing campaigns to reach these types of customers. For instance, when a customer walks into a travel company, a BD interface helps an agent pull up information on the customer’s travel preferences. Therefore, the agent can then pull up itineraries that might interest the customer.
- It aids in efficient product designing: Big data is one of the best ways to collect and use feedback. It helps you understand how customers perceive your services and products. Thus, you are able to make the necessary changes and re-develop your products. It also allows you to test numerous variations of your product designs within seconds which can raise the productivity and efficiency of production processes.
- It generates reasonably accurate business predictions: One of the most common uses of BD is predictive analytics. BD tools can analyse current data and use it as a basis for predicting the behaviour of data in the future. For instance, BD tools can predict the future behaviours of certain stocks based on their past performance. This can help traders select the stocks that are likely to perform better in the future.
Apart from these uses, BD tools also allow you to take major strides in the areas of data safety and social media. With advancements and new research coming up in every field, BD helps organisations make sense of the huge amount of data generated every day.
There is no doubt that big data will continue to play an important role in many different industries around the world. However, to reap the benefits, it is important to train your employees in BD management.
If you are interested in increasing your knowledge on big data analytics, the Diploma in Data Analytics Co-op from the Toronto School of Management can help you. The one-year diploma programme provides you with knowledge on the latest trends in the subject as well as cutting edge methods in data collection and analysis. It also provides you with a chance to gain practical knowledge through a mandatory work internship. To find out more about the course and get started in your big data career, click here.
