Big Data continues to attract a passionate amount of attention among consumers, media, and businesses. It also attracts intense attention among analytics, digital channels, and cloud based technologies. All these are attributable to the current technology megatrends. Big Data has enabled managers to measure and know more about their businesses. It enables business owners to improve their decision-making and performance. Big Data has the potential of transforming both traditional and current businesses as well.
Big Data can significantly affect internet search results, finance markets, and business informatics. Yes, that is how powerful it is. For sure, Big data is the next big thing in the technology field. It will not only promote business growth, but it will also help companies to outperform each other.
1. It expands customer’s intelligence
Most top companies have millions of customers. Knowing and/or remembering every single of them is difficult. Actually, it is next to impossible. However, with Big Data, this is about to change – or at least it has already changed. Big Data enables companies to recognize their customers. With this tool, the big companies can identify their most valuable customers now and even in the days to come.
Unlike the narrow applications that look at a single source of data, Big Data examines a wide range of sources. This includes structured information like customer relationship management (CRM), and purchase histories as well as unstructured information like the social media. For example, in case of an airline, the partners can include a host of travel industry sources such as hotels and credit card companies.
Big Data analytics bring unstructured data to the fold. Expanding customer intelligence is what Big Data does best.
2. Improves operational efficiencies
Big Data will help businesses drive more and more operational efficiencies from their existing ones. Companies in all industries are reporting positive reports because of Big Data. For example, automobiles report data collected from the onboard sensors as well as dealer service systems. The amazing repositories of data that are combined with the machine-to-machine interaction continue to fuel a totally new wave of excellent predictive analytics. These analytics enable users of machines such as airplanes to find out their own maintenance schedule among other things. This is great news to businesses that had a hard time determining some of their major expenditures.
3. Establishes new business processes
As companies continue to be more data driven, it is only natural that the insights find their way to the hands of individuals who can put them into actions. Because of mobility, Big Data will influence operational efficiency and customer intelligence by making almost everything actionable. When armed with an immediate decision-making intelligence and capability on your mobile phone, implementing new business processes will be more than easy.
For sure, Big Data is a force to reckon with in the technology field. It brings more good than harm to companies. Businesses will benefit greatly from this technological advancement. Big Data possesses such a huge potential of benefiting organizations regardless of the industry they are in. It is much more than just data.
Jenny Richards is a web developer and has also been offering remote DBA support services for the last 5 years. For more information on web design and development and to learn more about remote DBA services visit her site.