"Without Big Data Analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway." Geoffrey Moore, Management Consultant & Theorist.
Business people and firms today, are seeking new and better ways to remain competitive, profitable and prepared for the future. Big Data Analytics offers leaders an opportunity to stay ahead of the curve.
What is Big Data?
Big Data is a broad term of data sets that are voluminous and complex traditional data-processing application software. The challenges faced by Big Data are data analysis, data storage, capturing data, updating information, search, sharing, transfers, data sources and privacy. There are five concepts associated with big data: volume, variety, velocity, veracity, and value.
Why is Big Data important?
When an organization begins the digital transformation journey, Big Data and analytics can play a key role in its success. For many industries like entertainment, technology, and media organizations, Big Data analytics is the key to retaining subscribers, securing advertising revenues and understanding the sort of contents to serve, as it relates to geographical location, time of day, demographics and opinions expressed in social media.
Big Data is used for a better understanding of the customer’s behavior and preferences. The big objective, in many cases, is to create predictive models. Big Data can be used to run the business in retail shops. It can be used to optimize the retail shop's stocks based on prediction which is generated by social media data and web search trends.
Having Big Data doesn’t automatically advantage one in marketing. Big Data is considered as an essential element and a secret ingredient. A key trend in Big Data is machine learning. The Big Data experts are in very high demand. These people are experts in building and training predictive apps such as recommendation, classification, and personalization.
Big Data for all:
Big Data is not just for companies and governments but also for all of us individually. The data generated from wearable devices such as smartwatches and bracelets can be a benefit to us. Big Data techniques are already being used to monitor babies in sick baby units. What's more? It is even used to predict epidemics and diseases. It also helps in improving one's sports performance, science, research, security, financial trading, and law enforcement. Even government election campaigns can be optimized using Big Data analytics. The opportunity for the mass to capitalize Big Data is available to any organization, large or small. It can only help one to unlock the strategic value of the information by allowing you to; understand where, when and why your customers buy –to improve efficiency in your supply chain, to discover new sources of revenue, to predict market trends and future needs, and to become more innovative and competitive. Big Data gives solutions to all the above-specified fields.
In this modern world, Big Data is an asset to everyone. With it, you can be more powerful than ever before, because today’s consumers are very smart and we connect with them in an innovative manner.
Big Data analytics has challenges because of its integration and preparation. It will continue to be challenging as it is expanding to include not only predictive analytics but also prescriptive analytics as well as emerging analytics such as edge analytics
The unique moment in the history of data analysis has been produced by the availability of Big Data, analytic software, low-cost commodity hardware, and new information management. The convergence of these trends means that we have the capabilities required to analyze astonishing data sets quickly and cost-effectively for the first time in history. There is an enormous gain in terms of productivity, revenue, efficiency, and profitability because of Big Data.
"Big Data means better business, keep learning, skills are everything."