Big Data and Its Impact on Business
Understanding big data
Data is an essential part of any business. Similarly, data insight plays a crucial role in understanding the target audience and customer preference. A thorough analysis of big data can help an organization achieve its goal. Big data is a concept, that combines a set of processes and tools that can manage large data sets. Big data came into focus with a hope to gauge trends, patterns and preferences and organizations could analyze the inferences collected from new experiences, services and products. In order to analyze the value of big data, it is first essential to understand what it really connotes.
Embracing big data
Big data proved useful for organizations that embraced it in terms of competition. There is a rising trend towards using data-driven strategies to compete, capture and innovate. Hence, big data created a massive impact in almost all domains like IT, healthcare, manufacturing and so on. However, it is worth mentioning here that big data in healthcare is a relatively new development. Companies are still in the process of determining the benefits and risks associated with big data in healthcare industries.
Big data in the manufacturing sector
A toy manufacturing company once tried to embed sensor in the finished products to gather data and useful information, that will help the company understand how the product is utilized by the consumer. This big data analysis supported the company with adequate knowledge to design future products.
Big data – its value in business
Industry experts opined that; big data is capable of new business opportunities. Indeed, it is a whole new industry of analysis and aggregation of industry data. Recently, companies are overburdened with large information flows about services and products, suppliers and buyers, consumers and preferences. Hence, there is a need to build big data capabilities. Also, since big data uses real-time data in both public and private sectors hence, it adds more power to the predictive capabilities for the enterprises. Infact, big data is very efficient in collection and analysis of feedback which leverages a company to understand the perception of consumers. This also helps to re-develop an existing product and re-launch the same. The consumer market has evolved in a tremendous manner where customers are aware of their priorities. In order to purchase a product, consumers compare both price and quality of the product with their similar counterparts. Thus, based on customer requirement and approach, organizations categorize consumers and the big data helps in such categorization. This enables companies to engage in a personalized interaction with the prioritized customers which leverages the organization to stay ahead of the competition. If a company creates profile on each customer, it becomes seamless to offer customized product and solution to the customer that can definitely give a cutting edge over the competitors. Big data also integrated with social media to create an impressive digital shopping experience for online shopping. Big data plays an important role in banking industry as well by preventing fraud. Since, the finance and banking industry deals with huge amount of data, hence it is essential to protect the data and optimize its utilization without involving risk.
Big data creating success story for companies
Success of a business depends upon many factors, including economic and social. Since, big data helps in predictive analysis hence, it becomes seamless to keep up the pace with the latest trend. It also helps to store and protect sensitive information. Big data has the potential to improve the internal efficiency and operation by tracking machine and employee performance. Infact, it is becoming an integral part of every department in a company. Through big data, customer experience also improves since, companies can gather more information and understand customer requirement better.
Thus, it can be concluded that big data provides scalable and cost-effective solutions to business, enhancing both customer and business insight and experience. This step towards improving the business has added innovation, eliminated fraud and automated data processing and analysis.
- Kathakali Basu