A very common phrase you might have read or heard these days is, “Data is the new oil”. It is not just any phrase, it is the future. If you need any verification just check the top 10 fortune 500 companies in the year 2006 and compare them with 2016. What you will note is that most of the top 10 companies in 2016 are the companies that generate and process data and try to make sense of “data”. They deal with data in one way or another.
Over the years the decision-making mechanism has changed drastically in businesses. It is more based on data these days. Big Data Analytics is much in demand because the decisions are being made based on data or should we call it “Big Data”.
Not all the data that is there is structured data most of the data is unstructured (videos, texts, pictures) and with the emergence of the technology that can analyze unstructured data has added a lot of value in data analysis field. In fact, there is a growing demand for “data scientists”, “data scientists” are professionals with a deep understanding of data analysis and statistics. They help the decision makers in making decisions, based on their analysis of “data”.
Big data is transforming businesses by providing much-needed customer intelligence. With the help of the analysis of structured and unstructured data a new business intelligence is being created which is helping companies worldwide to provide top quality services and solutions to their customers. Big Data is also helping in improving operational efficiency at the workplace. It is helping in setting up new processes and improves the existing processes.
More importantly, Big Data is helping in understanding the buying behaviour of customers which is the biggest plus. Now companies can make strategies based on the consumer behaviour, new products can be launched and existing products or services can be improved tremendously. Not only that, data is also helping consumer chose the right product or services based on the reviews available on the internet.
Big data has really revolutionized business and has played a very crucial part in improving the quality of services and/or products companies offered. And this is the just the beginning, big data will keep on improving and transforming businesses worldwide.