When it comes to big data and
analytics, it goes beyond looking at graphs and statistics all day and
interpreting information to present to a boss. According to the SAS website, “big
data analytics examines large amounts of data to uncover hidden patterns,
correlations and other insights. With today’s technology, it’s possible to
analyze your data and get answers from it almost immediately – an effort that’s
slower and less efficient with more traditional business intelligence solutions”.
Let’s dive into some reasons why to analytics
and big data are so important.
1. Reducing costs
Big data can bring significant advantages to
cost when it comes to keeping large amounts of information. Companies are able
to analyze the big data as well as company performance to hone in more on the
areas that need improvement.
2. Facilitates better and faster
decision making
Once a company is able to immediately know
exactly which areas, products, or customer services need improvement, they then
are able to make good and quick decisions based on what they have learned. The data
can be processed and analyzed quickly with different tools, thus helping companies
to become more efficient.
3. Opportunities for a company
With various social media platforms, video and
audio files, blogs, emails, and instant messaging, the opportunities of the
kinds of data to analyze are never ending. Companies can choose which areas of
big data to analyze for them better understand their clientele.
4. Helps understand where, when,
and why customers buy
The bottom line for any company is to make
money, however the importance of big data helps take the business so much
further. Whether it is a product or service, analyzing big data assists
businesses in getting to know their customers better as well as better
targeting them.
5. Predict market trends
The information from the big data is important
to help a business keep an eye and predict future market trends. With the information
from big data, forecasting can help a company stay on track and set goals.
6. Competitive advantage
Staying
on top of big data avidly helps a company stay ahead against its competitions
in the market. If a business is carefully analyzing and taking note of the effects
of the data being presented to them, chances are they have the opportunity to
be one step ahead of their competition.
7. It drives innovation and
improvement
It’s hard for a business to improve if they do
not know which areas they are lacking. Big data is the solution in this regard
because of the information previously listed, such as honing in on specific areas,
as well as pushing companies to innovate. Innovation goes further than developing
new ideas analytically, but it is also important creatively. The way in which
the data is displayed and what to do with the new knowledge from the big data
analyzed encourage companies to think outside the box for themselves and their customers.
In conclusion, big data
technology and analytics in general helps businesses to concentrate their
attention on discovering hidden threads, trends, or patterns from piles of
company data. It characterizes important information which can expose new ways
of opportunities. The way in which this information is evaluated to helps to
tap on into fundamental opportunities for the business.
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