How Big Data Analytics Can Benefit An Enterprise
At the turn of the millennium, several new technologies came to light, which completely revolutionized the way organizations function. Slowly and steadily, concepts like Artificial Intelligence, Machine Learning, Internet of Things, Blockchain, etc.became common in the commercial tech world of the 21st Century.
One such concept that has caught significant interest in the last few years is Big Data Analytics. The term itself indicates that it is related to the analysis of huge data sizes, and it does just that, on an enormous scale. So how can it help an enterprise? Let’s find out:
Empowers Management to Make Better Decisions
Strategic planning is one of the core components for running a successful business. It is a continuous process and Big data analytics serves as a framework to support management in making the right decisions at the right time. To build a strong strategy, one needs to have a fair idea of the markets, which ultimately requires a huge amount of data. While traditional techniques might take hours or even days in some cases, the latest big data analytics solutions might do the work done in a few minutes.
Moreover, big data analytics solutions can save a lot of money spent on hiring marketing firms for strategic management. For instance, a bakery business owner wants to know what he should sell in a particular town. If he has big data in digital form, he can apply it to analytics, and learn the high selling products, percentage of the products being sold in total sales, most profitable products, market demand, prices, etc, all in just a few clicks.
Identify Trends to Stay Competitive
Big data analytics helps discover emerging market trends as it evaluates the large data sets to find a common pattern. Suppose you want to launch a new product or service. With the help of big data analytics, you can identify the demand for the product in the market.
One of the important features of big data analytics is sentimental analysis. What is basically does is, analyses what people are saying about a particular industry, enterprise, product, person, or concept. As per the analysis, a digital marketing plan can be designed, which helps enterprises establish their online presence.
Sentimental analysis via big data analytics services helps enterprises recognize public sentiment towards a specific product over a period of time. For instance, a data of how travelers use their bikes, what modification they make, and what kind of terrains and destinations they choose, will help a company understand an automobile company whether the market is ready for adventure vehicles or not.
Reduces Enterprises Cost
If an enterprise stops spending money on a traditional marketing firm and invests only on a single big data analytics tool, it significantly reduces cost. Big Data tools like Hadoop and Cloud-Based Analytics benefit business when huge chunks of data are to be stored.
Focusing on a single team, rather than hopping around ten others, reduces the amount of time and money. Moreover, big data helps enterprises spend resources on relevant products, which reduces costs, wastages, and optimizes resources. For instance, if a big data analysis for the bakeries suggests that about 40% of the people are buying a strawberry pie, rather than an apple pie, a bakery will be in a better position of allocating resources to more profitable and demanded products.
Some tools like Hadoop and Cloud-Based Analytics can bring cost advantages to business when large amounts of data are to be stored and these tools also help in identifying more efficient ways of doing business.
Improves Operational Efficiency
The operational efficiency of your business determine your business outcomes. It involves various factors like streamlined processes, technological innovation, employee feedback and utilizing metrics that play a vital role in achieving operational excellence. Poor operational management affects customer experience and damages brand image which can be a major loss for any business. The integration of big data analytics optimizes business operations that ensure effectiveness at the operational level. The improvement in the overall productivity and work efficiency fulfills customer expectations.
Big data is impacting every industrial sector and bringing new growth opportunities for every business. With the help of this technology, businesses are able to gain a better understanding of the current market trends which is imperative in order to provide users an amazing experience. The mix of right infrastructure, technology and analytics can help businesses leverage the benefits of big data analytics to gain a competitive edge.