By now it is mostly common knowledge, that Big Data is essentially a large volume of information collected through myriad sources, in various formats, it is also understood that this big data has a key to all future plans and strategies that the company needs to adopt if it truly wants to succeed.
True, big data is information gathered from the internet enabled services, social media, and other similar sources. It can be typically characterised by 4 V’s…
- Volume – it is getting vast as compared to the traditional sources through which data used to be captured
- Variety – data comes from various sources, machine generated and people generated
- Velocity – the speed at which this data is being generated, it is phenomenal and never stops
- Veracity – basically the quality of data, as one has little control of the volume.
The evolution of the technology has helped organisations apply the findings, not only while strategizing but in almost every aspect of the functioning of an organisation. For internal and external benefits. Merely capturing data is not beneficial, but to understand what insights you get from that data is paramount in decision making. In the ever-evolving business environment, having historical insights is not enough, but to get accurate future predictions, using data analysis and predictive modelling and visualisation techniques is also colossally essential, mostly while developing strategies.
Big data, eliminate intuition such that all imperative decisions can be made through a structured approach, and with a data-driven insight.
To put it simply it is a broad three-step process performed in a loop. (a) Manage Data- extract relevant data (b) Perform analytics on the data – gain insights and use algorithm’s (c) Make Decisions.
Big Data can further Benefit organisations in the below mentioned 5 areas
- Comprehend market Conditions – through big data, organisations can predict what future customer behaviour will be, purchasing patterns, choices, product preferences. This will leverage the company, and help contest competitors.
- Know your Customer Better – through big data analysis, companies come to know the general thought process and feedback in advance and make course corrections. Companies can reduce complaints and act on it before it becomes big. There are big data tools that predict negative emotions, prompt action can be taken to mitigate the same by organisations.
- Control Online Reputation – Sentimental analysis can be done through Big Data Tools; thus a company can check on what is being said by whom online and manage their online image efficiently and effectively.
- Cost Saving – firstly, there might be an initial cost of application of big data tools, but in the long run, the benefits will outweigh the cost. Secondly, with the application of real-time big data tools, the IT staff will be less burdened, so these resources could be used elsewhere, and lastly, the application of big data technology will make storing of data easier and more accurate.
- Availability of Data – Through Big Data tools, relevant data can be available, in an accurate and structured format, in real time.
The value of Big Data Insights is priceless. One needs to have the patience and discipline while application of the same. Ask the right question to gain accurate insights. With the quality of data, the possibilities are great, for businesses to flourish.