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How Big Data and Analytics Can Transform Your Business
In today’s world, critical data is collected at nearly every point of value creation in the world of business. Due to the lack of data literacy, many businesses are not able to utilize the data they acquire efficiently. What you may not know is that this data can be a goldmine for those who use it wisely. Insights drawn from this data can not only help you understand your customers and their preferences in a significantly better way but also allow you to anticipate their future requirements and make changes to your product roadmap to account for that. Business owners, leaders, investors, and everyone in between are interested in strategies around better utilizing their data. Here’s the complete guide to how you can utilize the power of big data to pull ahead of the competition.
What is Big Data?
Big data is the term used to describe very large sets of structured, unstructured, and semistructured data, especially data sets too large for traditional data processing applications. The amount of data generated worldwide has grown explosively over the past 10 years with a further increase in growth rates going forward. The growth in the quantity of data is only matched by the complexity of the data sets which have become more complex over time due to the high volumes of data flowing through them. The demand for more sophisticated data analytics technology to deal with these data sets and extract insights is higher than ever before. The combination of the elaborate systems to store and process such large amounts of data along with the tools that perform analytics operations on the data has become a standard business asset every business must possess. Often termed as the 3 V(s), these three attributes are key to big data:
- Volume
- Velocity
- Variety
Benefits of big data Analytics
Big data does not only mean volumes of data, it can also be about the organization of that data. Having tools in place for big data management is a necessity when you are gathering and managing heaps of data from multiple sources. The storage, management, and use of data can be overwhelming. There are many benefits to having a system in place to help you make sense of the big data. It is important to get an answer to critical questions like which business process will be impacted by data integrity, what the best storage solutions could be, who should have access to what and how you can take action in a swift way using the insights drawn from the data. Here are a few widely-accepted benefits of big data:
- Customer and User insights: Insights drawn from data can help you understand your customers in a significantly better way. Big data analytics can elucidate not just what customers absolutely love or hate about your product but also what they couldn’t care less about.
- Innovation and Leadership: It is important for any business to invest into the future to stay in the lead. It is imperative to identify the right tools, processes and products to invest in. Big data tools can enhance identification and optimization for R&D which can lead to a better return on invested capital. At times, the data can become the product in and of itself. For instance, the stock trading app Robinhood generates close to eighty percent of its revenue for routing its order flow through particular market makers which is often termed as PFOF(Payment for order flow).
- Optimization of Costs: Big data analytics can help you understand your business significantly better and with that comes the opportunity to make changes in order to optimize the business processes and costs associated with doing business. It can help make your organization leaner and more robust.
Common Applications of Big Data
Big Data can introduce new organization-level efficiencies in businesses across a wide variety of industries. The number of big data use cases is increasing due to the introduction of new technologies, such as Spark, Hadoop, and NoSQL databases. It also helps in improving operational efficiencies by removing manual processes from decision-making. Moreover, it allows you to run predictive analyses based on historical data using special, proprietary algorithms. Here are some of the most exciting areas with valuable applications of big data:
- Cyber Security and Intelligence
- Banking and Securities
- Healthcare and Pharma
- Manufacturing and Supply chain
- Insurance
Analyzing and converting data to actionable insights
Insights, Analysis, and data-driven action are the key to making a business work. If you can't measure and act based on your analytics, it is hard to gauge whether you are improving or not. Transforming raw data into actionable insights is the key to optimizing your business processes. Therefore, it is integral to establish clear data governance policies that make it easier to perform operations on the data. It is also equally important to know what metrics to optimize for and what the important questions to ask are.
Challenges of implementing Analytics
Implementing data analytics is essential to any business. This will not only give you information on your competitors, but also in-depth insights into your own company data. It is, however, easier said than done given the challenges that arrive with a data analytics implementation specially for businesses that are not digital at their very core. Some of the common challenges that are experienced by businesses are:
- Meaningful Data Collection: It is important to know what to optimize for and what questions to ask in order to collect the right kind of data. Database automation is also something to invest in to establish clear systems for collection and organization of data.
- Poor Quality Data: There is nothing more perilous to data analytics than bad data. It is estimated that bad data costs the US economy a staggering $3.1 Trillion every year. To solve this, centralized systems can be implemented that can result in significant improvements.
- Cost Overruns: Big data analytics implementations often suffer because of the project running into significant cost overruns due to lack of meticulous planning. Such projects are often deemed an unnecessary expense at that point and scrapped because of lack of leader buy-in.
- Lack of skilled workforce: Organizations often struggle with implementing technological solutions due to a sheer lack of talent. It is important to hire the right people for the job or outsource the project to someone who can make sure that your implementation is frictionless.
How Atidan Technologies can help you integrate Big Data Analytics solutions into your business
Atidan specializes in creating customized strategies for AI and Big data solutions. With access to the largest talent pool in the world with a proven track record of customer satisfaction, Atidan can help you develop a rock-solid approach to ensure seamless integration and optimal performance. With access to Atidan’s highly experienced recruiters, you can even hire full-time or consultant data scientists for your business to ensure that all your needs are catered to. With decades of experience in helping businesses with their technological needs, Atidan delivers more value than you could possibly imagine. With global offices in the USA, UK, India, SEA and success stories across various industries, our goal is to help you realize the full potential of today's cutting-edge technologies.
