Not ‘Survival of the fittest’ anymore! It’s ‘Survival of the smartest’ now.
Today, a wide range of organizations leverage machine learning algorithms to analyze Big Data. Big Data helps them to solve problems in multiple verticals and forecast business growth with reliability. Big Data analytics makes them fast, agile and empowers them to make smarter business decisions. The global economy is compelling the business corporations to expand their client base. This underlines the fact that big data analytics is going to change the course of market strategies and pave the way for larger business profits. All the previous records have been broken down; trends have changed completely. A new business world is about to take birth and we can certainly expect that big data volume will touch as high as 44 trillion GBs at the end of 2020. In this blog, we are going to take you on a tour of big data analytics and how it can help your business to flourish. We will conclude with some of the most popular brand names in the big data market. Let’s begin now.
What is Big Data?
Simply put, big data is an amalgamation of all the processes and tools used to manage very large data sets. This term was coined out of the need to understand different patterns and trends in the huge database generated when people interact with systems. Let’s take an example: Spotify, a new player in the digital music service industry. It takes care of the user’s preferences and recommends music based on them. All of it is possible because Spotify can extract useful insights from a huge database of its customers.
Why does Big Data matter for your business in 2020?
A-people in the business world sing praises of Big Data and discuss how it is going to change our world beyond all recognition. Keep reading to know why big data is the talk of the town.
#1 To boost customer acquisition and retention
Can you quote an example of a business that has claimed success without first establishing a solid customer base? Absolutely no because there isn’t any. A business has to learn what exactly its customers want. Big Data helps businesses to observe customer behaviour which is important today to trigger loyalty. A proper customer data analytics mechanism is all that is required to retain the customer base.
#2 To solve advertisers problem and offer marketing insights
How can a business ensure that its marketing campaigns are effective and powerful in targeting the audience? Big Data analytics is the answer. It enhances a business’s ability to change product lines and match customer expectations. Using big data, your business can monitor the point of sale transactions and observe online activities to achieve focused and targeted marketing campaigns.
#3 To propagate risk management
As we already know that a high-risk business environment calls for a better risk management process. It is essential for a business to foresee potential risk and mitigate it before the situation goes critical in order to remain profitable throughout. Big Data tools allow businesses to quantify and model risks considering the exponentially increasing availability and diversity of statistics.
#4 To drive innovations and product development
Innovation is the driving key to the success of a business. Big Data has become an avenue for creating extra revenue streams by enabling transparent and dynamic product development in 2020. Business organizations can redesign existing products or design new product lines by correcting as much data as possible first. Gut feelings are no more significant in the industry because data can answer all of your questions.
#5 To boost supply chain management
Big data analytics enhances supplier networks and offers contextual intelligence to the suppliers across the supply chains. Gone are the days when suppliers used to incur huge losses and were prone to the constraints. Supply chain executives now consider big data tools as a boon as they can create modern supplier networks built on high-level collaboration and knowledge sharing with these tools.
Front lead companies using Big Data to propel their business
Netflix has over 100 million subscribers around the globe and thus, you can imagine the amount of user data it collects every day. It uses this database for targeted advertising; a way to achieve the industry status Netflix boosts.
Heard of Amazon Fresh and Whole Foods? Amazon uses big data analytics to acquire the required expertise in achieving and creating greater market value. The data-driven logistics provide Amazon with an understanding of the supplier-grocer interaction and how customers buy groceries.
Coca-Cola built a digital-led loyalty program in the year 2015 to strengthen its data strategy. In an interview, it was revealed that big data analytics works in the background for an increasing customer retention rate at Coca-Cola.
Big Data and Hadoop
Hadoop is a software framework that pioneered a new way for data storage with enormous processing power and an ability to handle virtually limitless concurrent jobs.
Apache Spark is a lightning-fast unified analytics engine that allows you to write applications in Python, R, Java, Scala, and SQL for large-scale data processing.
Although it won’t ever get over if we talk about all the unparalleled benefits offered by big data analytics for business organizations. But we feel that what we have talked about is sufficient to jump on the big data bandwagon in 2020. It is now fair enough to conclude that big data analytics is an indispensable investment for a growing business and hence, businesses need to implement appropriate data analysis systems for handling their customer database