Big data analytics is the process of studying varied data sets to reveal hidden patterns, customer behaviours, market trends and unknown correlations to help organizations make more informed business decisions.
“Orchestrating Big Data, Cloud and Mobility strategies leads to 53% greater growth than peers not adopting these technologies.” – Forbes
The emergence of big data has allowed organizations to put scattered data into use and extract meaningful insights from it. Much to everyone’s amazement, the data which was left unrecognized or considered useless in the past has suddenly become a goldmine for organizations across industries.
Big data analytics is important to health care. By analyzing large amounts of information – both structured and unstructured – health care providers can provide lifesaving diagnoses or treatment options almost immediately. This is helpful especially in Oncology.
Similarly, people evading tax can be caught through big data analytics. By gathering data from various source and plotting against income with expenditure, a plot can be find out.
Big data helps in five different ways:
A) Social listening
This gives you the power to determine who is saying what about your business. Brand sentiment analysis presents the type of detailed feedback you can’t get from regular polls or surveys.
B) Cost reduction
Thanks to big data technologies such as Hadoop and cloud-based analytics, it is possible to reduce the cost when it to storing large amounts of data, along with identifying more efficient ways of doing business.
C) Comparative analysis
Big data allows the comparison between products, services and overall brand authority with the competition by cross examining user behavior metrics and seeing how consumers are engaging with businesses in real-time.
D) Marketing analytics
The information gained from marketing analytics helps in promotion of new products or services in a more informed, innovative way.
E) Niche targeting
This stream of big data offers the power to dig into social media activity about a particular subject from multiple sources in real-time, identifying audiences for marketing campaigns.
If your business is clueless about using big data, here are six tips you can apply to ensure success:
1) Identify your KPIs
Big data is all about the big picture. Small data drills down to uncover specific actions that lead to improved results. Start with identifying your KPIs and people responsible for each status and assigning them the task of tracking the development of a particular indicator.
2) Choose the right data
Data is everywhere. You can not only have access to real-time information but also get historical insights and predicts stats for the future. For organizations just starting with big data, this can be overwhelming. Therefore, it is important to source data creatively.
Build models that predict and optimize business outcomes. Your organization’s capabilities won’t transform until you collect and analyse those data sets that are actually relevant to your business growth. Don’t get overwhelmed with data.
3) Get actionable insights
Big data reports provide information on every department of the organization. The analysis throws light on every metric pre-defined by you. The outcomes can be quite interesting and inspire you to make quick strategic changes.
4) Foster collaboration and cooperation
Big data analytics delivers the outcome in easily digestible bytes – which are strategic and can be sent to key decision makers or employees responsible for a particular task. Your co-workers will be able to utilize those reports better by analyzing various data sources online, and collaborating effectively to carry on for the completion of the assigned task.
5) Gain predictive analytics
Your organization can make decisions based on the info that is likely to happen in the near future through big data analytics. You can use the right data visualizations for your data stories, and hence make better and faster business decisions.
Over to you
Don’t try to become a big data powerhouse overnight. Building data resources takes time and support from the right people. Therefore, hire people who specialize in big data analytics. Use the right technology to leverage big data. Think cloud. Good luck!