How Does the Big Data Benefit Businesses?
The world has changed significantly regarding technology. Over the past few decades, we have made huge breakthroughs in technology. You may have heard of smart cars or smart homes. Thanks to the internet, most of our devices are now interconnected. However, this presented new challenges. Smart devices can collect data in various forms. Traditional desktop software that once relied upon to analyse data has proven inefficient against such large amounts of data sets. This type of data is simply referred to as Big Data. The term is also used to refer to the use of predictive analytics or other forms of advanced data analysis used to extract valuable information. In this article, we will unearth the benefits of Big Data to your business.
Now that we fully understand what Big Data and Data Solutions are about? Let us take a look at some of the ways your business stand to benefit from it.
Any business entity endeavours to make a profit. It is their sole reason for existence. Minimizing the cost of doing business is a guaranteed method of significantly improving your profit margins.
Big Data is less expensive than those tedious traditional technologies such as data warehouses. Through the internet of things (IOT) Big data is also able to analyse market trends and consumer preferences without resorting to field personnel which is in most cases is limited in the area of coverage. The obvious implication is that it helps you keep a lean staff. Streamlining directly translates to savings.
Quick Decision Making
In business, it is not just about making good decisions; it is about how fast that decision is made. A lot of opportunities are always lost as a result of inefficient and slow decision making mechanisms. Big Data can analyse complex and huge amounts of data and give quality results. This information can be made available to the executives in time helping them make decisions faster. In this way, a business can stay ahead of the competition at all times.
Development of New Products
Since Big Data is able to analyse huge amounts of data that already exists in the businesses, it can spot business trends easily. Also, it can predict future patterns with reasonable accuracy. From the results, a business can either blend existing products to come up with new ones or if need be, develop completely new products from scratch.
Source of Revenue
Very valuable data are obtained from the process. This information can be sold to other companies in a similar field. In this way, a company can supplement its current revenue streams. Big Data services may also be hired out to other firms.
Big data can be used in predictive analytics to extract future patterns in consumer behaviour. This data is important in determining the viability of a product. Using the data, a company can know the factors that are likely to discourage customers.
Big data means using advanced technology such as machine to machine communication (M2M). It refers to the ability of machines to exchange information directly without human interference. The devices are equipped with sensors and actuators that measure physical variables and relay the information. An example is when M2M is used to monitor inventory levels. A vending machine can alert a distributor if the stock is running low. The process is made possible by the internet of things (IoT).
Cyber insecurity has been on the rise in the recent past. A breach comes with dire consequences. For one, it means your competitors can gain access to your trade secrets. The information accessed through the breach can also be used for blackmail. For banks, personal information such as credit card number is usually targeted. Data security is especially crucial for government agencies such as security apparatus. In health care, safeguarding patient information is mandatory. Whenever a breach occurs, a business loses customers and spends a lot of money on lawsuits. Big Data provides a secure infrastructure equipped with tools to handle external and internal threats.
Big Data is an important ally to have in your corner as a business in this modern era. It is by no means a preserve of the ‘big boys’. Data analysis is an important tool for a business today and will continue to be so in future. Be smart, invest in Big Data today.