Big Data Analytics
Read to understand Why Industry Leaders, Like Amazon, Netflix and Starbucks are Heavily Investing in Big Data Analytics
Big data analytics is a complex process that entails investigating big data to discover various things, such as hidden patterns, client preferences, and market directions. The results help companies to make wise business decisions. Big data analytics is a type of complex analytics that involves sophisticated applications, like predictive frameworks, statistical algorithms, and others.
How does it help companies?
Here are the key benefits of big data analytics to companies:
Cost-cutting: Through big data analytics, companies can discover various process components that lead to high business costs. The elimination of these costly components can lead to more affordable and efficient operations.
Increase of efficiency: Various technology tools that you use in big data analytics can improve business efficiency. The application of tools, such as Google Earth, social media, and Google maps, can perform multiple tasks at the comfort of your desk without the need to travel. Besides saving costs, the tools mentioned above can also save your time.
A better understanding of customer needs: Through big data analytics, you can discover customer preferences, behavior, and sentiments. And this leads to excellent promotional insights and additional information on product development and improvement. When you understand the preferences of your customers, you’ll have the upper hand over your rivals.
A quick analysis of extensive data: the method enables you to analyze vast amounts of information from various origins and present it in multiple formats for easy consumption.
How does it help end-users?
Customer acquisition: Establishing a solid customer base is an essential objective of any business. Big data analytics helps companies understand clients’ behavior of design products that meet the client’s needs.
Big data analytics helps you to understand customer behavior and create well-targeted adverts.
Helps in risk management: For any business to continue with operations with minimal interruptions, it must have proper plans for risk management. Prominent data usage enables you to understand the kind of risks that your business may anticipate.
Supply chain management: Big data helps companies in supply chain management to streamline their processes. The insights from big data help businesses access contextual data.
What is the downside of Big Data Analytics?
Poor quality data: The quality of information collected through big data is low. It’s semi-structured and unstructured, lacking precision.
Big data analytics is a critical component for any company that wants to succeed in the competitive marketplace. Here, we’ve explored the main perks and downsides of big data analytics.