What are the advantages of BIG DATA Analytics, and how will it impact the future
In the present era, Big data analytics is no longer used only for the purpose of experimenting. Many companies began to achieve a lot more real results with its approach, and they are expanding their efforts to surround more data and models. It is a term that used to describe the collection, availability, and processing of streaming data in real-time of huge volumes. The three V’s are nothing but volume, velocity , and variety. To make more accurate decisions, companies who are combining their marketing, customer data, sales, transactional data, external data and social conversations such as stock prices, news, and weather in order to identify the correlation and root are statistically valid models.
Timely: It can save plenty of time since on every working day 60% knowledge workers are spending time attempting to find and manage data.
Accessible: Half of the senior executives report that accessing the right data is difficult. So this helps to access the data more vulnerable.
Trustworthy: Due to poor data quality in the average of 29% companies are measuring the monetary cost. Even the simple things like customer contact information updates monitoring in multiple systems will help the company to save millions of dollars.
Relevant: Keeping irrelevant data is a curse for the database since it will make the filtering process complicated. But the statistics say, around 43% of companies are having tools which are unable to filter the junk data. A simple thing like filtering the customers from web analytics will be able to provide an insight for the efforts of your acquisition.
Secure: With data hosting and technology, companies can secure their infrastructures since an average of the security breach in any company costs $214. So with this technology, the company can save up to 1.6% of their revenue per year.
This technology is like cloud-based analytics that will provide a substantial cost of advantages. The traditional architectures like data marts and warehouses, in particular, comparing it with Big data is difficult. That is because there is the difference in the functionality and the manipulative thing is the price comparison which decides the magnitude improvements.
Companies who traditionally used all the data sources for understanding customers found difficult to integrate it in the real-time and act towards them. While Analytics has always played a major role that involves attempts in order to improve prominent decision making, Big data doesn’t want to change that. Nowadays large organizations are in search of both better and faster decisions with this, and they are finding them. Driven by the speed and the compatibility, several companies are now in the task of speeding up their decisions for using the powerful technology.
Perhaps the most astounding use of this analytics is to create and innovate new products and services for the customers. Previously, Online companies have done this so far, maybe for a decade! But now primarily offline firms are doing it as well. Companies who had made a major investment in any new service models for their industrial products are using analytics. So, it is pretty clear that this era would and it’s always advisable to say “Don’t wait too long to acquire!”