Why Big Data is so important?

Big data analytics do help organizations to harness their data and also make them use it to identify new opportunities. This in turn does lead to smarter business moves, predictions of Big Data more efficient operations and higher profits, thus keeping the customers satisfied.

Big data technologies such as Hadoop and cloud-based analytics do bring significant cost advantages when it comes to storing large amounts of data – plus they can also identify more efficient ways of doing business.

1. Faster, better decision making: With the speed of Hadoop and in-memory analytics,  and combined with the ability to analyze new sources of data, businesses are able to analyze information immediately – and also  make  required decisions based on what they have learnt.

2. New products and services: With the ability to gauge customer needs as well as satisfaction through analytics does come the power to give customers what they really want?  Big data analytics strategies of large SAS organizations are part of industries.

This is one of the biggest and most publicized areas of big data which is of much use today. Big data is made use of  to better understand customers and their behaviors as well as preferences. Companies are much keen to expand their traditional data sets with social media data, browser logs as well as text analytics as well as sensor data to get a more complete picture of their respective customers. The idea is to create predictive models.

Making use of Big data, companies can now better predict customer attitudes. They can predict better which products customers will purchase.

Ski resorts are no doubt making use of data to understand as well as target their patrons. Data has percolated to the level of the people thus providing websites and apps that will display essential information for the day. One can share on social media or use to compete with family and friends.

In fact government election campaigns can also be optimized using big data analytics.

Big data is in fact increasingly made use of to optimise business processes. Retailers are able to optimize their stock based on predictions generated from social media data, web search trends and weather forecasts.

One particular business process that is in fact seeing a lot of big data analytics is the supply chain or delivery route optimization. Here, geographic positioning and radio frequency identification sensors are made use of to track goods or delivery vehicles and also to optimize routes by integrating live traffic data, etc. HR business processes are also being improved upon by making use of big data analytics.

Focus has been also on optimization of talent acquisition.

What about “small data”? If big data is focusing upon vast quantities of information and then analyzing it for patterns, then small data is no doubt looking at the data for an individual product.

The importance of Big Data cannot be undermined and definitely industry has much to gain from its analysis.