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In 2011, McKinsey published a report sharing the potential of Big Data and Analytics by tagging them as the next frontier for innovation, competition, and productivity. Five years later they published another report, which proved that the results are indeed close enough to the benchmarks created by the envisioneers.
A Sneak Before Taking the Curtains Off
Last year McKinsey conducted a survey of over 500 executives from different industries and of divergent sizes belonging to unconnected regions in the third quarter of 2016. The report unveiled that 86% of these organizations were just close to effectiveness in attaining targets they had set for their data and analytics initiatives.
What You Know and What You do With What You Know are Different
Speak to the guy next door who is in his teen years, he’ll share how he uses Google Analytics to monitor his daily ‘Brand’. But is this the only usage of Big Data.
For the year 2015, the global Big Data market revenue made its remarkable presence with $ 22.6 billion and is predicted to double in the coming four years.
So now that on one hand, we have set of people who are striving to get close to effectiveness, on another we have the massive revenue enterprises are gaining upon successful usage of Big Data.
At this point you might probably have the question:
Why You Need to Embrace Big Data
Firstly, you don’t need to embrace Big Data as some sort of strategy or scheme, instead take it as a transformation. Once you get a hold on this, you are indeed going to race with the ‘Big Boys’. The list as of now keeps IBM at the top, across all the segments with a revenue of $ 1.5 Billion from Big Data. Simply creating a layer of new technology over the traditional won’t help.
In recent years we have noticed the ways in which enterprises have been relishing the blend of success through integrating mobile apps and big data. You can see the ‘Big Boys’ of the Silicon Valley and even those present in other parts of the globe, enhancing their work through enterprise mobility, by using Big Data.
The analytics thus received, assist the authorities to make better decisions and also the employees to put their efforts in right direction and surpass the results that they used to avail through traditional methodologies. You can use the data collected to mould your future plans and eventually execute them with proficiency.
The process of amalgamation will be different for native technology and traditional companies. While the former has the required essence already in its veins, the latter will have to inject it simultaneously.
However, before you move ahead with it, let’s have a look at the top five reasons why your enterprise needs to embrace Big Data:
- Unlock Significant Value
Big Data is taking a lap ahead by entering the mainstream. Gaining the much-deserved response, it has impeccably proved its importance by helping the enterprises in unlocking the values that are significant for growth. It assists you in excavating better revenue, margins, and in attaining results efficiently.
- Detailed and Accurate Information
You can have descriptive and precise information regarding anything and everything that can boost your business growth. It not only helps you perceive your products but assists in adapting them adapting and marketing them.
It helps you study the uncertain user behavior and accordingly helps in formulating the master plan for the boulevard ahead.
- Narrower Segmentation
Big Data empowers your approach by narrowing your actions to your defined target. I believe that you understand that to run an enterprise successfully, you don’t need to know ‘how to run a company?’ alone. Factors like risk analysis and management are crucial. By narrowing your approach to the target, you can easily work on it and achieve the set of targets you determined at your initial stage.
- Make Better Decisions
Decision making is the key to any enterprise’s growth. As we mentioned above that with the help of Big Data and Analytics you can have significant and accurate value with you. With the help of these ascertained figures, you can undoubtedly make better decisions for the proceedings ahead. This will eventually help you in making an unmatched space in the market and subsequently will pay back in the form of better revenue and margin generation.
- Become an Envisioneer
Rounding up the aforementioned benefits, we can say that with the help of Big Data, you can become an envisioneer. The rare formula is tough to attain but with the help of analytics, you can forecast the coming future of technology, and thus can make decisions that help you sustain in coming years, without any glitches.
Though Big Data has its roots deep somewhere in 1986, but it didn’t get the deserved attention until the year 2000. However, after that, it didn’t look back, and now it has become a need for an enterprise. The only aspect to be taken care of is the proper implementation of it, once you crack that, you are just a couple of steps away from your set target.