The best decisions a company can possibly make, are backed by superior data analytics and analysis solutions, concepts that have seen a growing interest in the past few years, as companies strive to make sense of the enormous amounts of data that they often feel overwhelmed by. The benefits of such an effort however, are peerless, the deep insights that it brings, enabling businesses not only to improve their decision-making, but also to successfully surpass their competitors and secure their clients’ loyalty. And this is where Big Data technologies comes into play, as a disruptive tool that addresses companies’ needs to effectively analyse large volumes of data, and that consists of multiple techniques.
As for the origins of the term “Big Data”, the latter is said to date back to the early 1990s, although some state that it wasn’t until the mid-2000s that the term was coined, and the 2010s that the concept had actually become widely used. Regardless of this contradicting information however, one thing is for certain: Big Data’s story is a highly successful one, that is still being written. But before we begin exploring the advantages of Big Data and see how much value it brings companies, let’s briefly define the concept.
What is Big Data?
To put it simply, Big Data refers to massive and constantly growing amounts of data, that are being generated rapidly, include structured, unstructured and semi-structured data, and that traditional data processing software tools are unable to handle. In order to collect, manage and process such large volumes of data, companies turn to Big Data technologies and techniques, which can effortlessly tackle the challenges that come bundled with such significant datasets. Hadoop, Scala, Spark or Predictive analytics, are some of the most widespread Big Data technologies and frameworks, that companies are making efficient use of in the current business environment, where the power of data cannot be overlooked.
Now that we have shed some light on the topic, allow us to move on to the perks of Big Data technologies, and how they can steer any company towards success.
So, what do Big Data technologies bring to the table?
Innovation
Creating innovative products, that customers cannot find elsewhere is quite a challenge, but Big Data technologies make this possible, by enabling companies to gain meaningful insights on their clientele and track consumers’ feedback in real-time. This way, businesses can easily adjust their existing products, in order to satisfy their audiences’ requirements, and also expand their offering with new, innovative goods and services, that exceed consumers’ expectations and are superior to those provided by competitors.
Cost efficiency
Another important benefit of Big Data technologies, is that related to cost reduction, as Big Data-powered tools and frameworks allow businesses to collect, store and analyse large amounts of data, at significantly lower expenses. What’s more, such advanced solutions will assist companies in enhancing their operational efficiency and identifying best practices surrounding cost optimization. And it doesn’t stop here; predictive analytics for instance, can help businesses take smarter decisions, by giving them the opportunity to foresee possible product returns and therefore take the necessary actions to elude financial loss.
Greater productivity
Companies that have already adopted Big Data solutions, have seen their productivity levels go up, thanks to the accelerated decision-making process, higher operational efficiency, and overall improved operations, that Big Data technologies bring. In this sense, the latter helps data analysts view and examine more relevant information faster, thus effortlessly identifying the next moves that companies should be taking. In addition, businesses can use Big Data technologies to automate repetitive tasks, and consequently, free up employees’ time and allow them to be more productive.
Conclusion
Big data technologies allow businesses to understand their customers’ behavior, wants and needs, in ways that they have never been able to before. It is therefore no surprise that the Big Data industry is expected to continue to grow, as investments in the field keep on increasing. The enhanced productivity, cost-efficiency and the superior, innovative products that Big Data-powered tools bring to the table, are some of the most appealing perks of this disruptive technology, that has unlimited potential and that sparks the interest of more and more companies.