With the increasing amount of data that we generate with our activities on our smart gadgets over the Internet, companies are becoming increasingly reliant on big data analytics for improving their productivity and efficiency.
You might have seen IT professionals actively participating in online courses that provide Big Data Analytics training such as Big Data Courses in Pune in order to advance their careers in the field of analytics and achieve a competitive edge in their careers.
This is because the demand for big data analytics professionals is soaring at an exponential rate. This is clear by the fact that the HAAS (Hadoop-as-a-Service) market is projected to reach from USD 7.35 billion in the year 2019 to a massive USD 74.84 billion in the year 2026, which is a CAGR of around 39.3%.
Let us have an overview of Big Data Analytics and the way it helps organizations make informed decisions.
What is Big Data Analytics?
Big Data Analytics is defined as a complex process of investigating big data to find information that includes correlations, hidden patterns, customer preferences, as well as market trends, all this is done to help businesses make informed decisions.
A quote by Geoffrey Moore, American Management Consultant, and Author, says that,
‘Without Big Data Analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.
Big Data Analytics is a type of advanced analytics that include complex applications with strategic elements including statistical algorithms, predictive models, and what-if analysis that is powered by analytics systems.
With the processes involved in Big Data Analytics, you can analyze the data and find answers to your queries almost instantly. On the other hand, traditional methods of business analysis are slower and less efficient in handling massive amounts of data.
Most organizations these days have realized the importance of big data and have employed systems that can potentially capture all the data that can stream to their businesses in real-time. Then analytics processes are applied to get significant value from it.
Big data analytics is often employed in organizations to reduce costs significantly and also enhance speed as well as efficiency. Other benefits include new revenue opportunities, effective marketing strategies, improved operation efficiency, and customer personalization. With big data analytics, the organizations get the ability to work faster and stay agile, thereby providing them with a competitive edge.
Importance of Big Data Analytics
With big data analytics processes, organizations become capable of harnessing the data in real-time and using it to find new opportunities. This way, organizations can make better and quicker decisions, higher profits, efficient operations, and eventually, happier customers. Some of the reasons that make Big Analytics crucial for industries are:
- It allows organizations to make quicker, better decisions
With big data analytics, organizations can analyze new sources of data like streaming data from millions of IT devices. The speed of in-memory analytics helps businesses analyze the data in real-time and make quicker, smarter decisions.
- It reduces costs significantly
Some of the big data frameworks and techniques such as Hadoop and cloud-based analytics can cut the costs significantly when it is required to store huge amounts of data. With cost-effective solutions, big data analytics helps organizations to focus on efficient ways of doing business.
- It helps businesses in creating and marketing new products/services
The ability to understand customer requirements and customer satisfaction via analytics entitles businesses to provide customers with what they wish to have and when they wish to have it. Big data analytics allows companies to capture opportunities to design and create new and innovative products to meet customers’ ever-changing requirements.
- It enables organizations to manage risks
With proper analysis of the pool of data coming from different resources, it becomes easy for organizations to identify risks, discrepancies, and fraudulent activities. This way, businesses can narrow down their list of root causes of risks or suspects.
Big Data Analytics enables organizations to make informed decisions. How?
It is discussed that big data analytics enables organizations to make better and smarter decisions. Let’s look at the ways it does so.
- Improving customer engagement and retention with real-time data
In the end, it is customer satisfaction that really matters. One of the most vital areas where companies are striving to deliver their metrics is customer service. Real-time data is used by organizations to provide one-on-one personalized services and solutions to their customers. Generally, you are required to collect the data of customers of your company and analyze it to generate meaningful insights regarding customer requirements, expectations, and the way they want it. By working on feedback provided by customers, you can provide them with a personalized experience, thereby gaining customer satisfaction as well as retention.
- Improved Capacity with minimal extra investment
What can be a better investment that can increase your customer base without the need for extra resource allocation? Today companies use big data analytics to optimize resources, minimize network errors, and enhance customer experience by performing real-time data analysis. Many companies have reported achieving a significant improvement in their delivery rate.
- Enhance Operational Efficiency
Apart from utilizing big data analytics to improve customer retention and capacity, companies leverage data to optimize selling strategies, automate processes, and improve the all-inclusive efficiency of their business. With every small detail of customers and the hidden insights attained via analysis, you can strategize your plans for productivity, thereby improving operational efficiency.
By the end of this article, you may have come across the ways companies utilize big data analytics to make informed decisions, improve their productivity and efficiency, and eventually improve their ROIs. To learn this trending technology, you can enroll yourself in an online training course and master the tools and techniques, frameworks, and libraries that are employed while performing big data analytics.
Go hands-on with Simplilearn, which makes you go through real-life examples so that you acquire expertise in big data analytics while staying in your comfort zone.
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