Talking of big data and its business impacts, there are several key aspects that should be kept in mind in this regard. Here’s taking a look at what you should know.
What is Big Data Technology?
When it comes to big data technology, it basically means bigger sets of semi-structured, unstructured or structured data that has been garnered from multiple sources. Amongst these sources are medical records, databases of customers, systems for business transactions, mobile applications, social networks and other scientific experiments.
Companies are now looking at revamping their entire architecture for data management courtesy business data analytics and big data innovation which is going to be even more pertinent in the future since it will help companies efficiently tackle and manage data in sizable volumes. To put it into context, research reports anticipate a market size of $123 billion for big data by the year 2025.
How is it used in Industry?
There are several applications of big data in business. Big data helps in processing high volumes of unstructured data for organizations including data with unknown values. Apart from helping organizations tackle volumes, big data helps with the velocity aspect, i.e. the swift rate of receiving data and acting on the same. The highest data velocity directly streams into memory as compared to being written to the disk. Internet based smart products function in real time and need real-time action and evaluation alike.
The third usage basis is variety, i.e. the types of data available and how they are structured to smoothly fit into a database. Big data also helps in coming up with new insights courtesy garnering data from diverse applications and sources. It covers integration, management, storage and analysis of data.
What are the impacts of Big Data on Businesses?
Big data innovation can positively impact businesses across the spectrum. Some of the key impacts include the following:
- Companies can provide enhanced customer service and experiences along with ensuring superior target marketing, reduction in costs and better efficiency of current processes.
- Companies can store huge volumes of crucial data while lowering costs at the same time, analyzing this data and taking better decisions.
- Big data will help in fostering better analytics and agile technologies and helps both small enterprises and big companies for garnering insights.
- Enterprises can use big data for enhancing productivity, zeroing in on key customer requirements and for achieving sustainable economic growth.
Industries that are getting benefited with Big Data
There are several industries that are reaping the benefits of big data. These include the following:
- Banking, Financial Services and Insurance- This sector taps into big data and analytics for better customer experiences and service. Big data analytics are tapped for cutting out overlapping and redundancies along with ensuring better data access, sentiment measurement and high-frequency trading. Big data also helps with risk analytics and tracking activity in the financial markets.
- Retail- This sector gathers huge volumes of data via POS scanners, RFID, customer loyalty initiatives and other channels. Big data lowers chances of fraud while enabling timely inventory analysis.
- Manufacturing- Huge volumes of data can now be tapped with big data which also helps in solving various issues including supply chain complexities, labor hurdles and breakdowns of equipment. Big data enables cost savings and enhanced productivity.
- Media, Entertainment & Logistics- In this sector, big data enables better inventory management along with analysis of customer behavior for creating profiles.
- Oil & Gas- This sector uses big data for better decision making, including locations for wells via geometry analysis and analysis of safety measures.
Big data is the way forward for a variety of business sectors
Companies are thus relying on big data for revamping their business models and fostering intelligent and improved decision making. The big data sector should witness rapid growth over the next few years owing to a considerable increase in the volumes of unstructured and structured data. Data will increasingly be generated in huge amounts and the growing need for analyzing the same will lead to higher demand for big data as well.
The number of online businesses is also increasing in the industry due to higher profit margins. Other sectors like banking, utilities, healthcare and others, will be tapping into online platforms for enhanced customer services as well. Big data has a vital role to play across all these channels.