How Big Data Changed the World of Business & Why You Need to Use Big Data Insights
Learn how big data has changed the world of business and if you are ready for big data insights. Read & consult DataOx experts!
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Table of contents
Estimated reading time: 3 minutes
Introduction – How Big Data Has Changed the World of Business
What is big data and how to deal with it? What is data analysis and how has big data changed the world of business? These are the questions that every business owner asks himself when thinking about applying big data analytics in developing a business strategy for the next decade. In this article, we’ll explore what big data is and how to measure if your business is ready for big data insights.
About Big Data Again
Big data is something very complex and really large. Big data sets are so massive that can’t be managed using standard data processing software programs. These massive volumes of data enable you to solve such business issues you wouldn’t have been able to solve before. Thanks to quality data insights you can manage successful product development, customer experience, operational efficiency, drive innovation, and much more.
How to Deal with Big Data in Business
Big data can provide you with valuable insights to take new opportunities and develop new business models. Explore the three key actions to deal with big data:
Big data is extracted from various web sources and applications. Traditional data integration mechanism ETL – extract, transform, and load requires new technologies to analyze big data sets at large scale like at terabyte, and even petabyte. During the integration, it is necessary to collect the data, process it, and ensure that it is structured and available in a form that you can use for data analytics.
Big data needs storage, and the solution might be on-premises, in the cloud, or both. Big data can be stored in any format that can be used for future data analysis per request. You can choose your storage solution according to where your data is currently stored. The cloud is becoming more and more popular as it supports common requirements and enables you to power up resources upon necessity.
Your investment in extracting big data pays back when you analyze your data and take corresponding actions. Use big data to get helpful insights and make new discoveries. Build data models to make trend analysis. To be short, make data work for you.
Is your Business Ready for Big Data Insights?
If you want to understand whether your business is ready to use big data insights, go through the following points:
- Database in place – If you are using databases and have a team managing these databases, then you’re ready for big data insights.
- Reporting is distressing – If making various kinds of reports is painful for you, then you are ready for data integration.
- Poor data quality – If your data is incorrect, unstable, or you are just losing data, you have to practice proper data integration with clean and accurate data to ensure proper analysis.
- Your Sales and Marketing teams are enemies – To enhance communication between these two teams you need to integrate corresponding databases, so both teams have an idea about each other and build a proper action plan.
How has big data changed the world of business – FAQ
What is big data in business?
Big data are massive volumes of information of huge complexity that can be analyzed only computationally. Examples of big data in business are trends, statistics, and customer behavior information, which enable business owners and strategists to solve such business issues they wouldn’t have been able to solve before.
How has big data changed the world of business?
Big data provide businesses with valuable insights to take new opportunities and develop new business models. More than that, big data insights can reduce business spending and lower cost for unnecessary actions, wrong marketing campaigns, product features, etc. E.g. using big data analysis of your product sales during each season of the year, next time, you will know exactly which products to showcase more in the same month or week, how to increase average checks, and make your customers spend more.
What kind of customer insights can big data provide?
Big data provides insights into customer actions’ volume, variety, and velocity. Those can be any actions, e.g. payment behavior data analysis, to help detect fraud; customer segmentation to create custom offers, marketing campaigns, and newsletters for each segment.
Big data is the driver behind each business and should be captured, analyzed, and managed. And you’re probably wondering how it can help with your business. At DataOx you can find your expert who can shed some light on big data usage, how to extract enormous amounts of data, and take advantage of it. Schedule a free consultation with our expert to reveal what big data is, and how it can boost your business.
Publishing date: Sun Apr 23 2023
Last update date: Tue Apr 18 2023