The amount of structured and unstructured data is increasing rapidly. The overwhelming volume of data has led to the coining of the term ‘big data’. Enterprises need to make informed decisions based on the available data. They need to respond quickly. Big data analytics can help in this. With the new technology, you can analyse your data and find out hidden patterns and correlations in a very short time. This can be crucial to the success of your business. Speed and efficiency are the primary benefits of big data analytics. Big data analysis can help organisations recognise new opportunities leading to better profits.
The efficiency of the technologies and the possibility of storing large amounts of data reduce the expenses required for the processes. By analysing the data, it is possible to understand customer needs better. The aim is to gain a holistic understanding of the customers. This will make it possible for organisations to make their customers happier. For instance, companies may use the data regarding customer needs to bring out new products. The use of big data analytics gives companies an advantage over their competitors. Big data analytics can make use of data that are usually untapped by conventional methods of data analysis. For instance, big data analytics will make use of contents from social media, customer emails, records of phone calls and other data captured from the Internet of Things.
Structured data may work well in traditional data warehouses. But the use of new technologies allows the processing of semi-structured and unstructured data. Another factor in which the new technology wins over the traditional warehouses is the need to continually update the data. Big data analytics make use of real-time data. While using big data analytics, it is possible to use them as the central repository of incoming data and then subsets of data can be analysed in data warehouses or analytical databases. Software tools often used to analyse big data are predictive analytics, data mining, text analytics and statistical analysis.
Big data analytics provides cloud hosting. It archives automatically and the reporting interfaces help businesses make better decisions. Using big data analytics will help businesses reduce risk factors and increase sales. Having accessible data is very important to run a successful business. Using the new technology, executives can get the right data at the right time. Big data analytics have excellent tools to filter out irrelevant data. Big data analytics will build a secure infrastructure saving on losses due to security breaches. Many organisations struggle because although they process extensive amounts of data, the data from multiple sources are not combined together. Big data analytics creates highly accurate intelligence sources by combining information collected from various sources. Data is continually updated in big data analytics. So there will not be any loss due to the use of out-dated data. The information produced by big data analytics is of high quality as it monitors multiple systems.
While using big data analytics, the data will be flowing into the company continuously as opposed to periodically. So companies will need to change their approach entirely. Many data tools commonly used by companies cannot handle real-time analysis. It can be expensive to hire experienced analytics professionals. There are also concerns over rights to privacy.