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Big Data is Transformative for Many Businesses Featured

Big Data is Transformative for Many Businesses Arseny Togulev

Big data has become one of the most talked-about technologies in the world today. It refers to large data sets, structured or unstructured, coming from different sources. Among the data sources are customer databases, social networks, mobile applications, business transactions, medical records and scientific experiments. Today, companies are focusing on implementing architecture, consolidating data, and discarding legacy systems. Big data has shown immense potential for businesses because it helps companies manage large data volumes efficiently.

Impact of big data on business

With the help of big data, companies can offer better customer services, which helps increase profits. Good customer service is the goal of every customer and company. Through data, other key goals that include better customer targeting, reduction of cost and enhancing the efficiency of the existing processes. With the help of big data technologies, companies can store massive volumes of data while cutting down costs. Such technologies include cloud-based analytics and Hadoop. These technologies help businesses improve their decision-making capabilities. Accordingly, technology can also provide solutions to key problems that include data breaches and hacking. Big data is capable of bringing social and economic benefits to businesses.

With the evolution of big data and analytics, several technologies can be used together to help organizations get the value they need through information. For instance, a combination of data and machine learning, artificial intelligence (AI) and quantum computing can provide insights that can be used to forecast what the markets have in store over a given period. Big data can allow businesses to gather and analyze data for intelligent business insights, boosting demand. Companies from all industries can then develop ways of responding to the identified problems through insights. This will lead to improved productivity, identify the customer's needs, create a competitive advantage and increase their scope for the sustainability of the business.

Impact of big data across industries

Big data has indeed helped different industries, ranging from manufacturing to retail, e-commerce, telecommunication and financial services. With the potential that big data has shown across sectors, business owners have increasingly invested in big data solutions to optimize their operations and effectively manage data from different sources. Vendors are adopting big data solutions for better management of their supply chains.

In banking, big data and analytics have become useful in measuring trading, customer sentiment, and frequency of trading. Banking, financial services, and insurance companies rely on big data to analyze risk and monitor financial markets.

Retail companies also collect large amounts of data through RFID, POS scanners and customer loyalty programs, among others. Big data and analytics can reduce fraud and enable timely identification of inventory levels. For e-commerce, companies use it to know their customers better. In this industry, the more you know your customer, the more you satisfy them and the better the profit margins for your store. Timely data allows e-commerce companies to know the purchase history of their clients, track high-demand products and forecast their trends accordingly. With the correct data, price analysis and inventory management can be enhanced. This is key to success and an extraordinary customer experience. This will make customers pay a top dollar for a product or service. This is also the case in manufacturing, logistics, media and entertainment, where big data is used to discover new methods of saving costs, improving product quality and analyzing customer behavior to create the right profile and services.

As the amount of devices being used in different areas is expected to continue growing, data generated (structured and unstructured) is also expected to continue rising. This means that companies must invest more in big data analytics to catch up with this change.

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Scott Koegler

Scott Koegler is Executive Editor for Big Data & Analytics Tech Brief

scottkoegler.me/

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