5 ways in which Big Data adds value to your business

Data is an integrated part of every business which runs in the global economy. Companies happen to churn out a massive amount of data consisting of trillion of bytes of transactional history associated with process including customers, suppliers and operations staff. The age of internet has introduced millions of bytes of networking data and huge amount of resultant digital ‘exhaust’ data. And not to forget the world of multimedia where data is the heart of all activities. ‘Big Data’ refers to such huge datasets whose size expands beyond the capabilities of the typical database capturing tools. Besides, the enormity associated is due to dynamic nature of data that changes with time. To manage such huge terabytes of data, we need an efficient architecture like ‘Big Data Analytics’.

The implementation of Big Data has been seen encompassing many industries in the economy. Different industries have different processes highly reliant on transactions and predictability. To assist this requirement, big data plays a vital and viable role.  Big data helps in increasing the value of the organization. Here are the 5 prime ways in which this happens.

1) Creates transparency
It is highly essential to provide transparency to the clients regarding the transactions carried over the system. Making the big data accessible to the relevant stakeholders in a timely manner increases the value of the organization. For instance, in public sector, making the necessary data available on demand across the departments will acutely reduce the search and processing time.

2) Enables opportunity to exploit needs, variability and performance
As extensive amount of transactional data gets stored in the digital form, organizations are able to collect comprehensive and accurate performance data on real time basis. Data captured may range from inventory levels to attendance of personnel. Big Data enables to set up controlled experiments which can ascertain variability, velocity and performance issues. Thus by identifying root causes one can enhance performance of processes.

3) Segmentation of users as per requirements
Big data allows implementation of highly specific segments and develop customized solutions to meet their requirements. This practice was prevalent in the risk and marketing department. By introducing it in other sections, companies are able to develop and provide customer centric services.

4) Replacing human participation in decision making with algorithms
The complex analytics of data helps in improving the decision making process, minimize the risks and disclose valuable insights or facts which would not be visible normally. This will help in maintaining the inventory levels and maximize sales when associated to the retail industry.

5) Innovating new strategies and models for businesses
Big Data enables the addition of new products and services to the existing line of products and services. Thus, it helps in exploring the unseen opportunities and aids in analysis of customer demands associated with making the product better.

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