Organizations of today have been inundated with Data. Let us take a look at some extraordinary examples:
- Wal-Mart deals with over a million customer transaction every hour and import those to their databases which are projected to hold over 2.5 petabytes of data.
- Facebook every day handles over 250 million uploads for photo and the interactions of more than 800 million of active users with over nine hundred million objects such as group, pages etc.
- Over 5 Billion people are texting, calling, browsing and tweeting on mobile phones all over the globe.
The above figures are just a drop in an ocean and these are testifying the fact that data is gushing in from every conceivable point.
Let’s discuss a brief history of Data explosion phenomenon, Big Data, and Big Data Analytics
The explosion of data is not a new trend. Rather, it is a continuation of a phenomenon that started in the decade of 70s. The only things that have changed is the growth velocity, data diversity, and the peremptory to utilize the information to transform the business in a much better way.
Analyzing the need to remain competitive, the organizations have gradually understood that if they successfully capture all the streams of data into their business, they can easily make use of analytics in order to get considerable value from it.
Big Data Analytics solutions has been not only helping organizations to harness their data, but also it is assisting them identify new opportunities. As a result, it gives way to smarter business moves, efficient business operations, improved profits and well-pleased customers. Not only that analytics tend to provide a competitive edge to the businesses.
Here are major ways in which they can get value from Big Data Analytics:
Reduction in Cost - Technologies of Big Data including Hadoop and Spark along with cloud-based analytics come with considerable cost advantage when it comes to storing mounts of large storage. Furthermore, they can easily identify various efficient ways of conducting their business.
Improved Decision Making – With the speed of big data technologies and analytics, paired with the ability for conducting analysis of new data source, businesses are enabled to analyze information at the moment. In turn, they can make decisions based on the acquired findings.
New Products and Services – With the ability to acquire information about needs and satisfaction of customers with analytics, comes the ability to provide the customers what they really want. Consequently, it allows companies to come up with products and services that meet the customers’ needs.
As seen above, implementing Big Data analytics can help organizations receive various benefits. Here, a web development company can play an important role in implementing analytics, CMS integration (e.g. Kentico CMS System) and much more.
To conclude, data is already interwoven into every sector in the global economy, and like any other crucial factor, it is impossible to carry out any activity in modern economic universe without its availability. In this regard, Big data analytics has enables organizations to outperform their competition and give rise to new opportunities of growth.
Ellie
