Sep 10, 2018
Posted in Technology
Big Data, evolving as a new business resource, is helping businesses to create an economy that is powered by innovative insights. Since a long time businesses are investing in assets that deplete with use and going nowhere. However, data is self-perpetuating. Big data is simply utilizing this unique behavior of data to minimize information complexity through a strategic analytics approach.
1. Big Data is accelerating the revenue growth of almost every sector by reducing their IT budget pressures and offering accurate data sets. Most of the leading organizations including Accenture believes that companies that do not embrace advanced analytics and strategic approaches are more likely to regret their competitive position. Here are few examples that show the actual benefits of leveraging Big Data & analytics into business.
2. Statista reported two of the major analytics technologies, Hadoop and Big Data are expected to extend from $17.1B (2017) to $99.31B (2022) obtaining a 28.5% CAGR. It is also predicted by StrategyMRC that the highest projected growth will be seen in 2021 and 2022 when the market is ready to cross $30B in one year.
3. NewVantage Venture Partners Survey states that 84% of enterprises prioritize big data initiatives and embrace advanced analytic tactics to experience greater accuracy and accelerate decision-making rate within the business environment.
To fabricate entirely new business models and acquire sustainable marketplace advantages, businesses are leveraging big data using AI which is adequate to deal with such voluminous and complex data sets. In recent years, AI has also witnessed huge success in mainstream consumer environments. But, again, AI with finite data will only offer rudimentary analytics.
Fact: Machine learning (an application of AI) dates back to the 1950’s whereas Big data begin to be a thing in early 2013.
Undoubtedly, leading organizations are building cross-sector relationships to attain a platform, which makes it possible for them to gather quality data. Modern-day consumers are way more active on social media platforms allowing businesses to derive actionable insights out of the data sets provided online. But how exactly big data and AI gather these insights?
i. Movement patterns identified by analyzing cellular mobile data of each consumer.
ii. Interests and brand likability tracked through their online activity logs.
iii. Travel customs recorded scrutinizing electronic ticketing and CCTV footage.
AI under the aegis of big data forecasts more pragmatic perspective that helps businesses to understand specific behavior and perceived preferences of each user. The multinational technology company, Google itself uses big data to better understand the preferences and behavior of millions of people and make use of AI to provide the most relevant search results.
Big data is changing the way businesses quest for starting points by enhancing their ability to gather and contextualize relevant information that leads to intelligent strategic decision making.
It is essential for leading organizations to achieve clarity in a world of ambiguity. In certain circumstances, businesses start with a less clearly defined strategic point, which might collect useful data sets but not worth the purpose. Such unmatched approaches not only extract them from the right path but also consume valuable resources.
To avoid fueling valuable resources and investing precious time into something that delivers unsuitable insights, businesses need to first acknowledge their sector and nature of data they wish to utilize. Harness innovative technologies including artificial intelligence (AI), the blockchain, big data and the Internet of Things (IoT) help businesses to strengthen their hold on the basics of data management, BI and analytics.
Once a business figured out all the possible chances of opportunities in today’s competitive data-centric environment. The next point to consider is, measuring the team’s capability of harnessing and analyzing available information.
In the same way, any organization can gather information by analyzing the behavior of consumers that will lead them to victory. The proper understanding of proxy of behavior i.e, movement tracking and brand likability help businesses to collect, analyze and harness the right information. On the source of gathered information businesses then can bring improvement in the tactics of marketing their products and services.
But, it is again a mystery for businesses to track and analyze the ‘possible data point’ to start with. Finding valuable starting points from the endless possibilities seems to be a challenging path for businesses. Let’s make the overall procedure a little easy for businesses who are afraid of – “Where to begin?”.
i. What type of data should your team record?
ii. How should your team measure and analyze that data?
iii. How can strategic analytics approach help create more robust outcomes?
Most of the leading organizations are unable to find starting points as they are unable to interpret the right path. However, tracking the real-time differences to forecast one fixed strategy will surely help businesses to target their goals. The simple ladder to reckon new opportunities and opportunities without lagging behind in any way as mentioned above:
For businesses to knock out challenges and seek opportunities, it is essential to create a team consists of behavioral management experts, big data experts, and analytics experts. To leap ahead of the competition, every team should these three types of individuals:
i. Data jockeys, individuals who can prepare and manipulate big data sets for analysis.
ii. Data scientists, individuals who are capable of understanding modern analytic methods and can create data models accordingly.
iii. Business consultants, individuals who can utilize an appropriate strategic approach to build connections between your company’s questions and goals.
Your team should follow an operational strategy irrespective of language or platform and should be able to:
i. Identify the end goal.
ii. Capture and track the right data.
iii. Follow the right analytic methods.
iv. Ensure clear directives and recommendations.
Smart deployment of scalable big data technologies helps businesses to relieve IT budget pressures and also minimize information complexity. The whole idea of operationalizing big data analytics may seem difficult, but effective and efficient analysis of all provided information will reap significant benefits.
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