Many Benefits of Big Data Analytics for Your Company

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Click to learn more about author Harnil Oza.

Big Data is everywhere. Everyone talks about this concept, but very few could tell you a good list of benefits of Big Data or how it can help your business.

You could say that Big Data describes huge data volumes, both unstructured and structured, that is generated in a business day after day. However, the amount of data is not as important as what companies do with it. With Big Data, you can get the information you need to make better business decisions and be able to make strategic moves.

In recent years, there has been an increase in Big Data technology due to the growth of multimedia files, the Cloud, smartphones, and social networks. Now, there are unprecedented amounts of data, and it is up to the organizations to take advantage of this Big Data to extract all the actionable and useful information. Traditional systems can’t analyze, process and store large amounts of unstructured data. Businesses are diverting to Big Data Management solutions to obtain the needed actionable data from unstructured data and to obtain key information for customers and business.

Why is Big Data Different from What We Had Before?

In the past, people used systems to extract, transform and load data (ETL) from gigantic Data Warehouses that had Business Intelligence solutions built on them to obtain reports. Periodically, all the systems made backup copies and combined the data into a database where the reports could be executed, and everyone could have an idea of what was happening.

The problem is that the database technology simply could not handle multiple continuous streams of data. It could not manage the data’s volume. It could not modify the input info in real-time, and the reporting tools that existed could not handle anything other than a relational query on the backend.

Big Data solutions enable reporting interfaces, extraction capabilities, automatic file, optimized and highly indexed data structures, and Cloud hosting that have been developed to offer more correct analyzes that allow companies to decide better. Companies will make better decisions that increase the effectiveness of sales and marketing and reduce costs with better decision making. iPhone app development allows the use of Big Data in iPhone apps which will make it easy to manage businesses.

Benefits of Big Data Analytics

Big Data Management solutions provide companies the ability to add a variety of data from hundreds of different sources in real time. This means that you can increase the client’s commitment since you can have more effective interactions with them and better marketing proposals, which ultimately lead the company to achieve a longer and more profitable relationship with the client.

Big Data Analytics, made with advanced Big Data Analytics solutions, provides organizations with complete customers’ profiles, which allows for more personalized customer experiences at each point where contact is made throughout the entire journey of the company.

Big Data Management solutions eliminate data niches, so that organizations can obtain a unique view of the customers that include countless descriptive, calculated and industry-specific metrics that allow for the construction of a detailed record of the behavior of each client. These profiles provide organizations with a global understanding of their clients through in-depth knowledge of the client and its operations.

Big Data can be intimidating, but with a good Big Data Management solution, your organization can address the data it needs to obtain actionable information and increase the value of the entire relationship with the client. Apps developed by a smartphone app development company can be used to sustain a good relationship with your clients.

The reality is that the as data volumes continue to increase, its promise for companies also appears to exponentially grow. This allows companies to convert raw data into relevant projections, predictions, and trends with accuracy. A list of some of the benefits of Big Data Analytics could include:

  • It can provide ideas from huge amounts of data from multiple sources that include those that come from external third-party sources, the internet, social networks, those already stored in company databases etc.
  • Real-time forecasting and monitoring of occasions that may affect the performance or operations of the businesses.
  • Capability to locate, get, extract, change, analyze, and blend data with different tools.
  • Identification of important information that can improve the quality of decision making.
  • Ability to mitigate risks by optimizing complex decisions about unplanned events more quickly.
  • Identification of the causes of failures and problems in real time.
  • Full understanding of the potential of data-driven marketing.
  • Generation of offers to customers based on their purchasing habits.
  • Improvement of the commitment of the client and increase of his loyalty.
  • Reevaluation of the risk portfolio quickly.
  • Customization of the customer experience.
  • Adding value to the interactions with online and offline customers.

Another way to see the benefits of Big Data is through these eight qualities required by companies and that are present in the Big Data:

  • Big Data is Timely: 60 percent of each work day, knowledge workers spend it trying to find and manage the data. Big Data can provide timely reports immediately.
  • Big Data is Accessible: Half of senior executives indicate that access to correct data is often difficult.
  • Big Data is Holistic: The information is currently stored in silos within many organizations. Marketing data, for example, can be found in web analytics, mobile analysis, social analysis, CRM systems, A/B testing tools, email marketing systems, and many other sites each with its focus on its silo.
  • Big Data is Reliable: Things as simple as securing the correct contact data of customers through the review of multiple systems can save thousands of Dollars in incorrectly sent communications.
  • Big Data is Relevant: 43 percent of companies are not satisfied with the ability of their tools to filter irrelevant data.
  • Big Data is Safe: A breach of data security costs hundreds of dollars per customer.
  • Big Data is Precise: Businesses have difficulty with multiple versions of the fact based on the supply of their info. Combining multiple reliable sources, businesses can create accurate correct of intelligence.
  • Big Data is Usable: Many companies make bad decisions due to obsolete or bad data. Big Data can ensure that the data is usable without fear of mistakes.

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