The data scientists and data architects enjoy helping customers with the big data analytics. The term big data describes the collection, process, availability of high volumes of data. Companies are combining all the internal and external data to identify correlation and statistical methods to make the accurate decision. Like, Traditional analytics and business intelligence, big data analytics, and data mining help discover hidden patterns, unknown correlations, and business information. Big data analytics is very useful to discover the insights of the business and to make better decisions. Big data comprised by high volume, high velocity, and high variety of information which has the insights in the organization’s decision-making.
Volume refers to the amount of data stored. The data storage can contribute to large volume: sensors, machine-generated data, social media and more. As infrastructure with the technology, it is easier for the organizations to store more amount of data.
Velocity refers to the speed of processing. A pace at which data streams in from sources such as mobile services, clickstreams and machine-to-machine are massive and fast-moving. The faster that pace becomes, the more data can be analysed for new insights.
Variety is the source type of data. It extends beyond structured data such as number, dates, to strings to unstructured data such as text, audio and log files. The data source is collected from the variety of data sheets.
The benefits of big data analytics generally fall into three main categories:Cost effective
Big data is everywhere in the business that can be used to analyse and advantage for the use of it. The tools like Hadoop, allows businesses to store the large volume of the data in an effective cost than the traditional database. Companies are utilizing the big data tools to augment for their current data warehouse. Versatile big data tools are serving more functions, so the companies can cut cost for having other tools for the same tasks.Competitive Advantage
According to a survey of 450 company’s decision makers, involved in the purchase of big data tools, half of the respondents said they are using big data and analytics for their customer retention, product development, and competitive advantage. Big data is used to access the previous data or the data which is difficult to use. With increased data access that can better for target marketing, gain new market, better predict of customer’s needs and to adapt marketing and advertisement messaging. With the advantage, companies can edge their competitors and can prepare for the future.New Business Opportunities
The other use of big data analytics tools is used to explore the new business opportunities. Decision-makers have taken advantage of the advertising and marketing technologies. Large companies are taken advantage of the data to segment the customers for the new product that offer additional value for their current customers and attract new customers. Big data analytics is used to pinpoints the new or potential customers, yet to be tapped by the company. Finding new customers segments can lead to new value for the company.
Big data analytics insights help the organizations to uncover the marketing opportunities, to gain new customers, improve customer service, and to reduce risks.
For more details about Fhyzics’ Business Analytics, please visit our website.