This is a guest post from Ethan Millar.
Big data is the latest competitive advantage for businesses. Data are now woven into every industry and function across the global economy. The use of Big data will become the basis of competition and growth for businesses by enhancing the productivity and creating significant value for global economy with waste reduction and increased quality of products and services.
The big data analytics tools intended by experts can assist companies in improving operational efficiency, driving new revenue and gaining competitive advantages. However, there are distinct types of analytics applications to consider. For instance, descriptive analytics, which focuses on explaining something that has already happened, and suggesting its root causes.
# As A New Competitive Advantage
Big Data has become a new competitive advantage for leading companies to outperform their peers. Most of the industries have established competitors and startups that leverage data-driven strategies to innovate, capture value, and compete. For instance, in healthcare, data pioneers are analyzing the results of pharmaceuticals when they were widely prescribed, and determining risks and benefits that were not evident during required more limited clinical trials.
The businesses that early adopted Big Data leveraging data to determine how the products are actually used in the real world.
- Big Data will help in creating new growth opportunities and completely new range of categories of companies, such as those that analyze and aggregate industry data.
How One Can Leverage Big Data?
There are five ways in which businesses can leverage Big Data:
- With the help of Big Data, businesses can unlock significant value with data transparency
There is a significant amount of data that is not yet gathered in digital format, such as paper documents. Big Data can unlock significant value by eliminating the barriers that don’t allow information transparency.
- Companies are allowed to store more transactional data in digital format
Organizations can collect precise and detailed performance information on everything from inventories of the product to sick days and this brings variability and boosts performance. Some leading companies are leveraging their ability to collect and analyze Big Data for conducting controlled/regulated experiments for better management decisions.
- Big Data offers more precisely customized products and services
As Big Data allows ever-narrower customers’ segmentations, organizations are able to provide customized products and services to their clients.
- Sophisticated analytics enhance many things
Precise analytics can help improve decision-making, minimize risks, and uncover valuable insights that would remain hidden.
- Big Data develops the next generation products and services
Organizations can bring next gen products and services with innovative sales service offerings like proactive maintenance to avoid failures in new products.
Top companies know the true value of big data at work. Google, LinkedIn, and eBay were among top first companies to experiment with Big Data. They developed concept proof and small-scale projects to determine if their analytical models could be enhanced with new data sources. They got the results of these experiments positive in many cases.
Today, these are not experimental tools. Several companies have started to acquire real results with them and are expanding their efforts to encompass more models and data.
Some Great Benefits Of Big Data Analytics Are As Under-
- Cost Reduction
Hadoop and other Big Data technologies can offer substantial cost advantages. Virtually every large company is using big data technologies not to replace the existing architectures, but to expand them, instead of processing and storing huge amount of latest data in a data warehouse. For instance, companies are leveraging Hadoop clusters for same purpose and shifting data to enterprise warehouse as needed for analytical and production applications.
- Swift, better decision making
Large scale industries and organizations are seeking both faster and better decisions with the help of Big Data and they are getting them.
- New products and services
The most interesting use of Big Data analytics is to develop new products and services for clients.
Big Data Helps In Accomplishing Several Things. We Got Top Practical Benefits To Discuss Here-
- Re-develop your products
Big data helps organization in understanding the way others perceive the products, so that organizations can adapt them. Analysis of unstructured social media text lets you to know the feelings of clients.
Big Data allows companies to test thousands of distinct variations of computer-aided designs in no time so that experts can check the minor changes. This will enhance the efficiency of the production process accordingly.
- Perform risk analysis
Success not always comes through the way you handle your company. There are some social and economic factors that you need to accomplish as well. Predictive analysis lets you to scan and analyze newspaper reports or social media feeds in order to keep up to speed on the latest developments in your industry and its environment.
- Data safety
You can map the whole data landscape throughout your company using Big Data tools, thus, it lets you to analyze the threats that you encounter internally. You will be able to recognize highly sensitive information that is not protected in an apt manner and ensure it is stored according to regulatory requirements.
- Real time website customization
With big data analytics, you can personalize your web content or appearance in real time to suit every customer visiting your website on the basis of sex, nationality, or location.
These are some great Big Data benefits for businesses. Do share your thoughts for this post in comments.