Social media includes but is not restricted to connecting to your friends and family worldwide, but it is also a platform being rightly leveraged by the business houses to reach out to their target audience.Millions and billions of people across the globe connect daily, share information, upload media, and what not! This ever- increasing big data is no longer looked upon as an overhead cost to business honchos anymore. Rather, companies these days are inclined to using Big Data Analytics Systems & Solutions to scale up their growth and stay anchored on the competitive market. So, with that, arises the question – how is big data analytics important for companies? What are the underlying benefits involved?
|What is Big Data?|
So, for those out there who are still not aware of this analytic revolution, let us explain what is Big Data? As the name implies, big data means enormous data produced by various online sources like social media platforms, websites, blogs, IoT devices, and many more. Now, this massive amount of data thus produced can either be structured or unstructured, or even semi-structured.
Structured data are the ones that we get from tables in Database Management Systems, media files like images, audio, and video are categorized as unstructured data, and finally, the data that we get from XML files are the semi-structured ones. Traditional DBMS are not equipped to handle this huge volume of data, and this gave rise to the advent of big data analytics systems.
How to Big Data Help Companies?
At a higher level, big data and analytics help companies across the globe to gain useful insights into customer preference and behavioral analytics and use it to hone their marketing skills and promotions. Apart from understanding customer behavior, companies also use it to educate and train their machines and other sophisticated analytical applications. About 93% of the companies acknowledge the importance of big data for their businesses, as it helps them to understand some of the underlying facts like:
- The 3-Ws (When, Where, and Why) about their customers' buying patterns.
- Retaining client base with the help of exciting loyalty programs.
- Upselling and cross-selling prospects.
- Capturing promotional information.
- Predicting market trends.
- Helping companies to be innovative and stay buoyant in the competition.
- Exploring new sources of increased revenue.
- Understanding and predicting future business trends.
To get a better understanding of the big data trends, you can check out the big data statistics and gain some knowledge about the future of big data.
What is the Importance of Big Data?
The importance of big data analytics systems is not just centered around the enormous amount of data a company has. What's more important is HOW the company strategically plans to utilize the collected information. Every company has its unique way of data utilization. However, the crux of the matter is, the more effectively the data is utilized, the more rapidly will the company grow. So, on that note, let us check out some of the fun facts of big data that make big data analytics tools the most sought-after ones in the market.
- Economic: Big data tools prove to be economic solutions when it comes to storing large volumes of data, and they also help big data companies in identifying effective ways of doing better business.
- Time-Saver: Big data analytics tools help companies to collect and analyze data on a real-time basis, which in turn aids in quick decision making.
- Enhance Customer Acquisition & Retention: Big data analytics helps big data companies and businesses to identify customer trends and requirement that helps in creating new client base and retaining old customers.
- Innovation: Big data analytics helps companies to understand the market trend and innovate or re-develop products based on customer requirements.
- Boosting Online Presence: Big data customer analytics helps companies to understand customer behavior and sentiments, which in turn aids them to boost up their online presence.
To conclude, we can say that big data systems and solutions go a long way in facilitating big data companies to make informed business decisions and gain insight into their customer desires. Such an in-depth analysis helps in scaling up the business by analyzing the real-time data.
Get in Touch
We have a team of experts who can help you get free estimates for your new or existing projects. Get in touch by filling the form below. We will be happy to help.