Did you know: As of the year 2012, about 2.5 exabyte of data is created on every day basis. Further this number is only doubled post every 40 months.
Big data analytics is a process to examine large volumes of data to unveil correlations, hidden patterns as well as other insights. In the current scenario, with the available technology, it is possible to analyse the data and avail answers to it in a fraction of seconds – an effort which used to be less efficient and slower with the traditional business intelligence solutions.
The concept of big data has been around for several years now. Several organizations, both big and small today understand that if they capture every data which streams into their business, they can apply analytics and achieve a significant value from it. If we go back to the 1950s, decades before anyone heard the term ‘big data’, businesses were using the basic analytics in order to unveil trends and insights.
The biggest advantages which you get with big data analytics include speed and efficiency. If we go back in time, businesses used to gather the information, run analytics and unearthed information which would then be used for future decision making. At present, businesses can just identify the insights for spontaneous decision making. The very potential to stay agile and act faster gives them a competitive edge which they didn’t have in the past.
Did you know: As of today, more data crosses the internet every second than was stored in the internet 2 decades ago.
The Big Data analytics assist the organizations to harness their data. This harnessed data is further used to dig in new opportunities which in turn results in more efficient operations, smarter business moves, happier customers and higher profits. So, how is big data changing the analytics? Let’s find out!
Notable big data technologies including cloud based analytics and Hadoop which yield significant cost advantages when it comes to storing humongous volumes of data. Further, they can identify several efficient ways of conducting business.
With the in-memory analytics and faster speed of Hadoop, combined with the potential to analyse new sources of data, organizations are capable of analysing information spontaneously. This helps them make quicker and better decisions based on their learning.
When the organizations are capable of gauging the customer needs and satisfaction via analytics, they get the power to offer the customers exactly what they desire. So, with the power of big data analytics, more and more companies are today able to create new products keeping in view the needs and desires of the customers.
To know more about the big data insights, read here.
