‘BIG’ IMPACT OF BIG DATA ON BUSINESS RESULTS
We’re living in a scenario where expectations of customers are skyrocketing and businesses are under continuous pressure to improve results by increasing efficiency. At the same time, a surfeit amount of data is generated from numerous sources from myriad applications of enterprises, mobile, the internet and social media. And the speed at which it is happening is expected to grow in the coming years. This is where ‘Digital oil of 21st century’ fits in. It becomes imperative for every enterprise to know the importance of big data and start leveraging it.
According to a leading research report, advanced analytics models and tools enable deeper discovery and clearer insights challenging the existing business assumptions. Among myriad benefits, these models can help companies intelligently implement their marketing strategies, support business growth and save millions by eliminating the traditional data mining tools.
If a data scientist works on discovery and exploration, a big data analyst operationalize the effective use of datasets within specific processes and functions focusing on actionable insights and performance trends. Primarily, a big data analyst transforms the potential value of data into business value. The importance of big data analyst has been realized by the leading players in the market and this is the reason every enterprise today is on the lookout for a professional big data analyst.
From healthcare industry to travel sector and banking, the potential that analytics tools and models hold are immense. With the advent of latest technological tools and advanced models, the importance of big data has even increased. Though a number of industries have started leveraging data which has now become ‘big’, the most common example can be retail sector, wherein, retailers can sift through myriad datasets of consumers to derive valuable insights about the customer’s preferences and choices. It can also help in reducing processing time for consumers while comparing products allowing retailers to make more informed and intelligent decisions.
Another example stating the importance of big data can be telecom industries. Connections of mobile are expected to cross 5 billion across the globe in the coming years. In this connected world, the deluge of available data is colossal. This data can be used by the telecom industry to analyze usage patterns and subscriber persona and later devising targeted advertising and marketing campaigns. The analytics and insights can also benefit telcos to decide whether additional services and benefits will be in favor of subscribers or not. Telecom industry can also use this data for offering value-added products and services based on the location leading to an improved customer experience.
However, for every industry and organization, gathering data can be a win-win situation as it can bring together the information in order, requests of customers and myriad configurations of services, products, and deals.
While some of the companies have realized the potential and advantages that technology has, some of them are still confused. Data has become an imperative part of the business ecosystem now and is no longer important for just data scientists and data analysts. Better and efficient use of data will ultimately lead to a positive impact on the bottom line of enterprises and companies will reap greater benefits from insights in the near future.