Five benefits of big data for business
SAS define Big Data as a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. However the Big Data concept is not exactly a new one; even back in the 1960’s organisations were collecting numbers and manually adding them to spreadsheets in order to predict and uncover popular trends and insights.
Similarly, today, organizations capture all types of big data that is relevant to their business and then apply analytics to generate important results that will be used to improve different aspects of their business.
Our Glandore team attended the annual Big Data conference in Belfast last week where speakers discussed the value of data collection and how it has helped us automate much of our workload while also helping us making more informed decisions relating to our work, travel, healthcare and the environment around us
We have developed technologies that work hard for us and allow us to use them to our advantage. If businesses want to stay competitive, they must use these tools to keep up with market trends in order to achieve their goals, using Big Data to understand what their customers’ needs and help predict what they will want in the future.
It is important to note that it’s not the amount of data a company collects but how they utilise it. Each company or organisation has their own reasons for using and collecting data and the more efficiently they use it the more successful they are at gaining clear insights and reaching their full potential. At Glandore we believe that big data is of great benefit to us as a company, but it is also important to our members which is why we have created a list of reasons why it is beneficial to a company.
Big data technologies like Tableau, Hadoop and Amazon Web Services bring with them significant cost advantages when it comes to storing large amounts of data. These technologies can also identify more efficient ways of doing business. It is important that business see the positive financial impact Big Data collection has on their company as Jesse Maida, Quantzig explains Big Data analytics solutions reduce cost of failure up to 35%, which is a significant saving for any company.
Using Big Data allows us to move faster and more efficiently. In the past business would have collected and analysed information to generate results that could be used when making more educated, immediate decisions in the workplace. However constant development in technology has made it much easier, more accurate and less time consuming, which saves time.This allows organisations to stay competitive.
Better Understanding of the Market
Today’s markets depend on data collection as it can be used to analyse and understand consumer behaviours while also providing clear insight into which products or services are most popular. Having a clearer understanding of market trends can help a business stay ahead of their competitors and be one step ahead of their customers.
Ability to Develop New Products or Services
With a key understanding of chosen markets as a direct result of big data being collected companies can now use this information to supply customers with products and services they really need. This has an important impact on profits and can increase consumer satisfaction.
Online Reputation and Relationship management
At Glandore we focus on ensuring that we are always part of the conversation online when it comes to our brand. Using Big Data tools helps us to gather feedback and allows us to see what people are saying about our brand. Getting involved in the conversation can help a company protect its reputation while constantly monitoring the business. Big data tools can help with this management.
Big Data is becoming increasingly important these days as the business world is more competitive now more than ever. In most industries, mature companies and start-ups alike will use the strategies based on the collection of big data to compete, innovate and capture value.