The Impact of Big Data in Business
The digital era has created an overwhelming amount of information, with total amount of data projected to rise to 44 zettabytes by 2020. This massive amount of data has proven to be immensely valuable to large enterprise companies - for the first time, enterprises are able to integrate disparate data into meaningful sources for AI algorithms to manipulate and understand behaviors. By the end of 2017, adoption of big data in companies had reached 53%.
Big data can be defined as: “high-volume and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation.”
Why is Big Data Important?
Data plays a huge role in understanding valuable insights about target demographics and customer preferences. From every interaction with technology, regardless of whether it’s active or passive, we are creating new data that can describe us. With data being captured through products, video cameras, credit cards, cell phones, and other touchpoints, our data profile is growing exponentially. If analyzed correctly, these data points can explain a lot about our behavior, personalities, and life events. Companies can leverage these insights for product improvements, business strategy, and marketing campaigns to cater towards the target customers.
The concept of big data and its importance has been around for years, but only recently has technology enabled the speed and efficiency at which large sets of data can be analyzed. As data - both structured and unstructured - grows substantially in the coming years, it will be collected and examined to reveal unexpected insights and even help predict the future.
Big data will change how even the smallest companies do business as data collection and interpretation become more accessible. New, innovative, and cost-effective technologies are constantly emerging and improving that makes it incredibly easy for any organization to seamlessly implement big data solutions.
Big Data Applications in Business
Using and understanding big data is a crucial competitive advantage for leading corporations. To the extent companies can collect more data from existing infrastructure and clients will give them the opportunity to discover hidden insights that their competitors don’t have access to.
Big data can present an abundance of new growth opportunities, from internal insights to front-facing customer interactions. Three major business opportunities include: automation, in-depth insights, and data-driven decision making.
Big data has the potential to improve internal efficiencies and operations through robotic process automation. Huge amounts of real-time data can be immediately analyzed and built into business processes for automated decision making. With scalable IT infrastructure and decreasing cloud computing costs, automating data collection and storage is within reach.
Big data can also be used to discover hidden opportunities that were unknown to organizations before the ability to review large sets of data. Complex data sets can even be used to develop new products or enhance existing ones. Proprietary data within the market can prove invaluable in the competitive landscape.
Faster, better decision making
With the speed of data analytics technology, paired with the ability to analyze new sources of data, businesses are now able to analyze information instantly and make smart, informed decisions.
How to Harness the Power of Big Data
The market for big data analytics is huge - over 40% of large organizations have invested in big data strategies since 2012. However, with endless possible data points to manage, it can be overwhelming to know where to begin.
Before choosing and implementing a big data solution, organizations should consider the following points.
Experienced big data team
Create a team of experts in data collection, analytics, and strategy to help build an ideal big data approach that results in positive returns for the company. This team should include individuals who understand modern analytic methods, able to manipulate big data sets, and experienced consultants who understand overarching business goals.
Identify end goals
Having the right objectives is crucial for successfully implementing a big data solution. The data and analytics must be properly aligned with the organization’s end goals (i.e., greater profit, brand recognition, market share).
Capture the right data
Once the underlying business goals have been defined, the next step is to have a full understanding of the data before its application. Identifying, capturing, and tracking the right data will be the backbone of the entire big data process. Utilizing the wrong data sets can result in catastrophic consequences that leads the entire company in the wrong direction.
Apply proper analytic methods
Professional data analysts are skilled in translating big data into valuable insights efficiently and accurately. Visual summaries of the data that are easily digestible help supporting teams quickly process the data analysis and make quick business decisions.
Big Data Analytics Tools
The rise of big data has created a huge market for data analytics tools that help enterprises seamlessly implement big data solutions. Startups like Ople and Cruz Informatics have experience working quickly with large corporations to make data ready for action.
Ople was founded with a very specific vision: Artificial Intelligence should be easy, cheap and ubiquitous. Ople accelerates the data science process, enabling organizations to attach more challenges and get answers sooner. With Ople, Data Scientists can focus on the business at hand, not the plumbing, creating 10X more production quality AI models and reducing time to deployment from months to just a few days.
Using data to uncover actionable insights is the life-blood of an industry. Crux makes data ready for action by taking on the burdensome aspects of our customers’ information supply chains—helping firms acquire, explore and transform data with ease—so they can focus on what really matters. With its Informatics Platform, Crux offers a secure, scalable environment to store, explore and transform data through its integrated cloud service. Crux makes data delightful.
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