The data revolution initiated by the dawn of the internet and further driven by the expansion of mobile technology is vastly considered as a significant innovation especially in developing nations around the world that have a sizeable population.
Millions of individuals around the world use the internet and mobile devices for several critical functions in their day-to-day lives. Some of these include financial transactions, important communications, seeking information etc.
The data gathered and stored through these various interactions and numerous information streams exceeds any possible imagination.
What is Big Data Technology
Big data refers to information that can analyzed to gain important insights into process and interaction development – with humans or amongst devices themselves. They broadly consist of the following features:
- Digitally created
Data is produced digitally and can be accessed and operated upon by computers.
- Passively generated
The data is generated as a result of interactions with digital services.
- Spontaneously captured
Automated systems collect and store the data.
- Easily trackable
Details of collected data such as location and time of creation must be readily trackable.
- Constant analysis
Information gathered from various sources must be analyzed in real time.
Big data is often classified by the three V’s – volume, variety and velocity – all of which put together determine the relevance of the data as well as the methods utilized to first store and then analyze said data.
Importance of Big Data
While there is consensus that big data challenges and solutions are manifold, more and more organizations leverage big data solutions to enhance their business processes, improve customer experience, better understand end user behavior to design personalized marketing drives. In short everything that impacts the bottom line of the company positively.
Institutions that act wisely on the insights gained from big data analytics are better poised to make the most of available opportunities as compared to those that do not apply big data solutions. This is because such entities have ready access to otherwise non-existent information which enables them to take better and quicker decisions that improve business performance.
To cite one such example, e-commerce firms can offer different price structures for multiple regions depending on buying patterns in each region. This not only opens new avenues of customer engagement, but also expands revenue generation opportunities.
Organizations can analyze empirical and real-time data to assess the ever-evolving requirements of consumers and vendors, providing businesses with unseen probabilities to cater to customer necessities.
Big data solutions create possibilities in several aspects of a business.
Product
Organizations utilize big data analytics to curate suitable products for their customers by relying on predictive analysis and its impact on revenue generation. Also, critical data gathered from focus groups, and other avenues such as social media gives businesses an idea of what offerings to provide to new customers – a critical aspect when entering new markets.
Customer experience
Big data has made an unblemished customer experience more relevant and workable. It enables businesses to collect data from multiple sources such as web traffic, calls logs, etc. to enhance personalization and provide impeccable resolutions.
Fraud detection
With the increased level of threats posed by the consistent evolution of security limitations and risks, big data helps enterprises and businesses of all sizes identify patterns in data that signal a possible anomaly and enable the security teams to prepare better for such eventualities.
Machine learning
Big data provides the necessary information required to run machine learning algorithms. The significant amount of data readily available to feed ML processes ensures a high propriety of results that result in accurate definitions of possible actions.
Business competence
An optimum implementation of big data strategies leads to an appreciable improvement in almost every aspect of a business. These include acumen about production capabilities, probable business returns, possible supply chain issues and planning inventory to meet future demands. Making conclusive data readily available helps businesses arrive at rewarding decisions.
Ideate and innovate
Big data helps business leaders make thought provoking innovations and solutions that could be sparked by a single piece of information or trend provided by analysis of the collected information. Such insights not only impact financial considerations but could also help elevate standards of living of entire regions to new heights along with many other endless possibilities.
The relevance, application and importance of big data will only increase in the coming years. Smart Sight Innovations is perfectly placed to help your business get the best out of this ever-evolving technology.
