How Big Data Is Changing The Business Game of Today
Big data is reshaping the business world of today, elevating organizations across different sectors. It represents the nearly-immeasurable frontier of traditional and digital data sources. For the most part, it is an untamed wilderness that holds immense potential for productivity and growth.
The good news, however, is that with the rapid advancement of tech tools, we are well-equipped to face it.
This is not to say that capitalizing on this trend comes easy. It is high time to think bigger in scope, but avoid the trap of a scattergun approach. The technology and business systems are being evaluated in a completely new light, so are you ready to catch up?
The big bang
In this day and age, digital data is everywhere: it is estimated that 2.7 Zettabytes of data exist in the cyber realm. Millions to billions of data points and gateways comprise a gigantic IT matrix, and to face it, we must shift our focus and attention. Big data is simply too large and complex to be handled by traditional processing methods.
Start by getting hold of the basics.
First off, note that, from the business standpoint, big data is harnessed to streamline the operations and improve the consumer experience. It also fuels artificial intelligence and machine learning, the two supporting pillars of cutting-edge tech development. One of the most prominent applications is the rise of chatbots, automated software entities that are popping up on websites across the digital ecosystem.
Moreover, the phenomenon of big data converges with other game-changing trends such as advanced analytics, edge computing, cloud storage, and real-time information needs. We will not go into detail regarding these currents, but it is important to understand the way they mitigate the rising complexity of the sector nonetheless.
All the fish in the sea
According to recent studies, 44% of marketers report using some sort of big data to step up the game or fine-tune selling and pricing tactics. Corporate giants in the league of Walmart analyze 1 million consumer transactions every hour. Impressive, isn’t it?
On a larger scale, by the end of the year, revenues from the global big data market are expected to reach 33.5 billion dollars. However, big data adds real value to your organization only when it is processed and analyzed. Then, it can support decision-making processes, be used to optimize customer relations strategies, and formulate a highly-targeted marketing approach.
The problem is that complexity is increasing rapidly and many business owners struggle to grasp all the ins and outs. There is a vast ocean of data out there and one should know where and what to look for. Namely, fishing only the relevant data is the most important task at hand.
For this reason, many big data vendors are integrating machine learning, NLP and advanced analytical capabilities in their platforms. This is where intelligent data comes into play to extract only the relevant pieces and bits of info.
We are talking about the data that helps businessmen and marketers produce actionable charts and reports. To make it happen, many business organizations will have to rely on companies like Isentia that provide media intelligence software services and business intelligence solutions.
The ultimate purpose is to lay the groundwork for self-operating systems and data centers that can monitor system patterns and analyze behavior. At the end of the day, this should lead to improved capacity to advance continually optimized outcomes that match predefined goals and strategies.
To achieve this kind of data competency, companies may need to change their IT infrastructure and model it in order to deliver services on demand. Therefore, those who don’t want to lag behind will have to commit to constantly improve the ability to access and analyze data.
Time to shape up or ship out
In its rudimentary form, big data is an enormous hodgepodge, an ever-expanding cyber cosmos. To make some sense of it and attain something useful, we must rely on analytical and business intelligence tools.
So, educate yourself and come up with a sound game plan. Focus on predictive analytics and other means of extracting value from data.
That way, big data will pay you dividends. It can help you gain deep insights into consumer behavior and come up with personalized messages and laser-precise ads. It will nurture the development of more complex and dynamic business systems.
Make no mistake: this is your chance to get ahead of the competition and make strides towards your business goals.