Big Data analytics evaluate the huge extent of data to unveil hidden patterns, correlations, as well as other insight. Considering the technological standing in today’s time, it is feasible to evaluate your data and derive solutions from it on an immediate basis. You can never expect such efficiency or dynamism, approaching the conventional BI solutions.
Big Data Analytics- its history and evolution
Big data theory evolved a few years back. The majority of the organizations have an understanding that it the entire set of data, streaming into the business process gets captured, significant values can be generated by applying values to it. However, going back to the 1950’s, while the term Big Data was even out of the scope of imagination, businesses has been using primary analytical functions for uncovering trends and insights.
The latest benefits that big data analytics brings up; however, are efficiency and dynamism. In the recent past, businesses were gathering information, conducting the analytical evaluation as well as unearthed information that boost further decision making. In today’s time, businesses can gain insights for spontaneous decision making. The ability for working faster and retaining the agility provides organizations the competitive edge over their competitors. Even in the recent past, it was impossible, even to think of.
The significance of big data Analytics
Analysis of Big Data assists organizations for harnessing the business data as well as to utilize it for identifying new potentials. This, in turn, paves the way for smarter business moves, better operational efficiency, and higher profits and most importantly, happier and satisfied customers. Following are the primary benefits from Big Data analytics:
- Downsizing of operational cost: Hadoop and other big data analytical technologies bring a significant downsizing of the operational cost in terms of storing a huge chunk of data. In addition, businesses can identify the ways to conduct business more efficiently.
- Faster & better decision making: The dynamism in Hadoop, combines with the capacity for analyzing new data sources, businesses can analyze information on an upfront basis. They can take better decision much faster, based on the data that they have got.
- Latest products & services: The ability for gauging the need and satisfaction of the customers through analytics generate the capacity to provide customers the stuff they aspire for. Experts are of the opinion that adopting big data analytics, more and more companies are generating new products and services, in line with the need of the customers.
Considering the immense competition that the business domain features, the only way to gain an edge over the competitors is to strengthen the bonding and engagement with the customers. If that is to be accomplished, you require addressing their needs and attain the highest level of customer satisfaction. Big Data analytics from the framework to have better business insights and you market intelligence. This would assist businesses to identify the needs of the customers closely. Hence, big data analytics enable businesses to drive to better decision making. In addition, refrain from investing resources and efforts on those products and services that customers are not looking for. This way, big data analytics assist businesses to use its resources most productively.