If you ask how much data is generated and consumed every day, there is no definitive answer. However, a relevant data study suggests that there should be over 180 zettabytes of data by the year 2025. It’s a number that’s hard to envision, but it’s possible due to the countless advanced technological devices available now. It’s also possible to process these massive amounts of data to create something valuable, all thanks to big data analytics.
Big data analytics is all about analyzing what’s hidden in the data. We usually call it big data when it is not manageable by human capabilities. Big data surrounds us; wherever we look, wherever we go, we have Big Data in some form, be it from our mobile devices, systems, gadgets, social media, or sensors. This big data fuels most of the technology innovations like IoT (Internet of Things), AI (Artificial Intelligence), Blockchain, Cloud Computing, etc.
Moreover, it is now the backbone of many startups and modern enterprises since it offers an endless source of business insights to improve operations and create new revenue opportunities. Therefore, if you are looking to generate actionable insights for your business growth and scalability, it’s time to explore what big data analytics solutions can do for you. Let’s start with the basics.
What is big data analytics
In simple words, Big data analytics is the process of examining business data sets from various sources to derive critical insights such as hidden customer data patterns, correlations, current market trends, customer preferences, behavior, etc. This helps you analyze all forms of untapped data generated from your business and make more informed business decisions.
With the increasing complexity of data sets, the global big data market is expected to grow to 103 billion USD by the year 2027. With its widespread applications, big data has expanded its roots in every field ranging from Fintech, healthcare, education to retail and manufacturing.
The next big question that arises here is how it can be helpful to your business.
Why is big data analytics important for digital businesses?
Enterprises of scales and sizes rely on big data to understand who their best customers are, what their customers want, and why customers choose different products. The more you know your customers, the better you get at your services.
Not just this, big data can be helpful in multiple domains. Below are a few of the big data analytics business use cases:
Risk Mitigation
Every business prioritizes a strategic approach to risk management. While many advanced technologies can help you make this possible, big data analytics plays a direct role in predicting and avoiding upcoming risks. It allows companies to quantify and model risks with the help of predictive analytics that foresight any operational changes on a prior basis.
Customer acquisition and retention
This cannot be stretched enough that big data analytics is the key to happy customers. From website visits to social media interactions, big data reveals a lot about your customer’s daily preferences. This is essential when it comes to creating buyer personas and customer profiles. When you personalize your products and services according to your customers, you deliver them the highest level of satisfaction. This not only helps bring new customers but also keeps customer loyalty intact.
Competitive edge
Big data also rescues you in the world of extensive competitive digital markets. For instance, big data provides information about your competitors’ pricing models and how your target customers perceive them. Moreover, you can also determine how your competitors are performing online by examining their social media engagement.
Identify trends and patterns
It is also possible to identify current market patterns and trends through big data, which can be useful in product research and development. From product behavior to buying patterns, big data offers every insight that helps you to monitor changes over time. This allows you to give enough time to your business to prepare for upcoming changes.
Personalized marketing
Experts say marketing can break or make your business. For successful marketing, the not-so-secret ingredient is “personalization.” This is one of the areas where you can leverage big data to perceive your customers and create marketing campaigns to target specific segments. This is how renowned brands such as Netflix and Amazon personalize their recommendations and products to deliver high converting services, resulting in a sales boost.
Not to forget that the big data uses discussed above lead to superior customer service, improved operational efficiencies, and ultimately an increase in revenue. Hence, big data analytics can be a cost-effective solution to businesses bringing in maximum profitability.
Now, if your next question is whether big data solutions can be applied to your industry or not, our next segment is for you.
Applications of Big Data analytics in various industries
Our imagination only limits the applications of big data analytics. Let’s look at some of the extensive use cases of big data in different industries.
Banking and Finance
Big data helps with heavy-handed analysis of customer portfolios through training models to determine fraudulent transactions, cybersecurity issues, illegal payments, along with identifying potential openings to upsell products. It also enables banks and financial institutions to carry informed decisions based on analyzing large volumes of customer data.
Healthcare
The Healthcare sector is explicitly trying out multiple approaches to tap into AI and Machine learning. According to a study, Big data analytics optimizes process-oriented expenditures by integrating AI-based performance modeling and predictive care monitoring. The increase in data analytics demand in the healthcare population has led to an insightful understanding of medical data like EHR (Electronic health record), sensor data, biometric data, etc.
Retail and logistics
Major retailers utilize data analytics to manage supply chains, optimize inventory, and direct precision-driven retargeting campaigns for better outcome-oriented marketing.
On top of that, thanks to data analytic applications that optimize shipments and delivery routes to deliver timely orders to customers worldwide.
Travel
The customized ticketing platforms for every form of travel are well ingrained, with AI, machine learning, and big data subsets leading the commercial side of the travel industry. Data analytics also allows travel companies to make more evidence-driven decisions, optimize pricing strategies, and accurately anticipate future demands.
Trending Big data analytics solutions you can leverage
Below are a few of the data analytics trends that are expected to shape the business industry in the immediate future.
Predictive analytics
Predictive analytics is analyzing past and current data to predict future events and trends. This data-driven technique can be utilized by any industry that handles big data to improve efficiency and reduce risk. The primary benefits of predictive analytics are enhanced capital flow, network monitoring, risk mitigation, and optimization.
Augmented data management
Augmented data management aims to activate the scope of automation in significant data management systems. Many startups have already started augmenting their everyday data system software for performance improvement. In turn, AI software also aids in manual tasks rather than displacing the overloads.
Hybrid AI
Successful business outcomes heavily rely on quality data. This brings the opportunity to explore robotic process automation that nurtures end-to-end data assignments without disrupting the quality. Data analytic tools and techniques such as data preparation, mining, and management are efficiently used to carry and offload to AI.
DataOps
The demand for governance and integration tools in existing data pipelines has resulted in the emergence of DataOps. DataOps comes with the incorporation of DevOps and big data agile methodologies to test and deliver quality data insights.
Wrapping Up!
This brings us to the end of our discussion on big data analytics and its extensive uses in today’s business landscape. For more detailed insights on big data analytic solutions, we recommend you seek services from technical industry experts. They can help you kickstart your business with advanced and scalable solutions aligned with your business needs.
Why is FinancesOnline free?
Leave a comment!