What is Big Data Analitycs and what I need to know so I can use it in my business?
One of the most recurrent themes in business rounds worldwide in recent years is Big Data and how it can revolutionize the way companies do business. Even so, the term is still misunderstood by many entrepreneurs.
Stepping away from the conceptual plan and knowing exactly how Big Data Analytics actually helps a company is fundamental for the new trend to be exploited in all its potential. Discover what Big Data Analitycs is and what you need to know in order to use it in your business:
An impressive number helps to understand the origin of the term Big Data: more than 90% of all digital data worldwide were generated only in the last two years. Now just think about how these data will increase in the next 5 years and you will have a better understanding of its dimension.
With a huge amount of information lines and possible combinations, Big Data requires special tools that can handle this real universe of data appropriately and efficiently. That’s how Big Data Analytics started, a set of tools and methods designed to collect, organize and analyze a large number of data to discover patterns and identify other useful information for business.
Big Data Analytics is helping to interpret information in several areas. An example in science are the researchers who, through this kind of tool, are decoding human DNA and identifying genes responsible for the emergence of diseases. Another use is in the process of identifying patterns of consumption, where the feature helps to maximize sales, increase the efficiency of processes and the performance of the operations, and to facilitate customer service and risk management. The most popular application among businesses is the survey and analysis of information about customers and their purchasing profiles on the internet and social networks, which can offer opportunities for teams to develop sales and marketing activities more effectively.
Challenges to adopt
Companies who want to use Big Data Analytics in their business need to face two challenges. The first is to have access to all data sources, whether inside or outside the organization. In general, this information is scattered in different locations and systems, which requires effort for their integration. The second challenge is to implement the right tools to collect the information in these sources, hen structure them to become useful to your business and, last but not least, present them in a user-friendly format that can actually contribute to decision-making in different hierarchical levels of organization. This cannot be done by traditional software and databases because the data mining and texts and analyses require specific solutions for this purpose.
Finally, organizations that wish to start analyzing disjointed information and identifying patterns need to invest in a structure of hardware and software, which can be expensive and laborious. Or else get a partner, specializied in Big Data Analytics, which will offer systems and tools that will provide valuable insights for business with a better cost-benefit ratio.