Why Big Data Strategy is a Must Today?

by January 23, 2018 1 comment

Every other company is now dependent on big data. The name itself speaks volumes about how huge and crucial can this come out to be. It is inevitable that a business is unaware of big data or is not a client of it unless they have a habit of staying one step backward from where the market goes. Big data and its manifestations and implications influence a lot of businesses which is quite visible. How are you as a business supposed to be aware of the functioning of the business and monitor it without the relevant data? It is like a data embargo without big data. Having said that, there is hardly any industry which is aloof from this huge cloud of data, it is now very safe to say that there are numerous reasons for a business to choose big data. We have listed the major ones below.

 

Accelerated Decision Making

When there are options to work upon, it automatically enhances and catalyzes the speed at which decisions are made. Some of the various examples are Google Earth and Google maps. The efficiency of the work reaches the next level. One can easily understand the reason for an error and have the ability to solve it via the plethora of tools available.

 

Monitoring Work is Easier Now

With the errors and their tentative solutions on the table, it goes without saying that monitoring how your existent methods are working is a lot less cumbersome. Moreover, now that you clearly have the idea, the time spent in solving any issue is reduced to exorbitant levels. In other words, more work than before is possible with the same amount of time as before.

 

Data is Now an Asset and Requirement

Regardless of how small your industry is, in this day and age even the samples of the business make a presence online to gather audience and customers. Establishing oneself online is the clear indication of the huge amount of data the website will hold. So, big data will not be an early bird for them, in fact, they are well acquainted with what big data is. As we say half the mystery is solved if the weapon is procured, in a similar way, half the race is won with data in hand and a minuscule idea about it.

 

Cost Reduction

Hadoop and other cloud-based services that render huge data strong spaces with a cooperative intention, reduces the cost of functioning. With large chunks of data to be stored, these services are the knight in the shining armor. Apart from this, with more volumes of processing, the data produces fewer errors owing to descriptive analysis. It is comparatively easier now to automate schedules. Moreover, cloud-based services prevent a business from huge expenditures in hardware for data storage.

 

Effect on Customer and Market

As the business grows and the big data collection also at the same level, there is a huge information that as a business you have uploaded on the online platform. Now, this omnipresence of your company not only pours in more customers but increases your market rating simultaneously. But then there is a factor of security that must not be ignored. There have been backlashes but this doesn’t prevent a company to increase their online presence. Big data also lends a better understanding of the market like for example analyzing customer purchase patterns as a decisive part of the descriptive analysis. Consequently, this aids the predictive analysis in the very next step.

 

Increase in Efficiency

With more and more operations handled by big data like internal management, deliveries, monitoring the internal functionality, employee performance and employee management as a whole, the benefits of big data are never-ending. By virtue of aforementioned emoluments, big data has occupied a very compelling and determining place in the IT department of companies.

 

Data Governance

Tools that aid in data governance has integrated centralized metadata repositories for governing data. This structure of metadata is a plus when it comes to manipulating the data. Also, it makes it easier to collect data from various sources.

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  1. Pat Hennel
    #1 Pat Hennel 10 February, 2018, 01:34

    It’s true that big data can accelerate the decision-making process. However, it isn’t just the data itself that can lead to these insights. The tools that are used to analyze the data are also important.

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