Data Science Transformation For Your Business

Big Data is everywhere, and companies around the world need to learn to harness its potential. Big Data is still unused by many businesses, including those in technologically advanced countries. The term itself means the gathering, storage, and analysis of large amounts of information. For businesses to use big data effectively, they need to gather as much data as they can and use that information to push growth within the company.

Why Big Data Is Important To You

Big data, whether it's produced or collected by your business can reveal hidden insights and recommendations of ways to use that data for a competitive edge over your competition. Insights into your data can also help you find unforeseen problems that may occur in the future. That same data can also assist in resolving other business problems. When big data is used properly, it can completely change a company.

Customer intelligence is important if you plan on selling your services. To grow your sales, you need to learn more about your customer base. Software companies collect enormous amounts of data on their clients to find possible issues in their business. This data can then result in software developed by the company that can help ease or completely fix these issues that a customer might have.

Data doesn't always have to be about marketing and sales; it can be as simple as a built-in GPS in your shipping trucks that allow the drivers to find the best route possible to speed up deliveries and leave you with satisfied customers that will keep coming back. Even the smallest of companies out there can still generate heaps of data if it has a website, social media presence, etc.

The Spark Behind Big Data

For any business to stay competitive, it needs to develop its data collection further, even though that may seem like a difficult task for some companies, it can still be accomplished. There are plenty of different technologies out there that can help you achieve your goals when it comes to gathering and managing your data.

One primary reason why most companies tend to skip out on using big data is because of how difficult it can be to collect and process it all especially when its hybrid forms of data. One popular tool that businesses can use today to help achieve efficient data collection and management is Apache Spark. This software can collect and sync your data through multiple systems in a hybrid cloud environment, unlike traditional ETL methods which require only a single type of data.

The first step is to hire data scientists. Since not all data is the same, you will need a professional to examine the data your company produces and stores. Their job is to explore and evaluate the core goals of your business, Once the data and business objectives are addressed, the next step would be to explore different strategies by using the data to proceed your business plans.

Depending on the size of your business, you may need a team of data scientists to manage it all. A fitting team should consist of:

• Data Collector - Expert in collecting crucial data through spark transformations that focuses on expanding desired business outcomes.

• Data Presenter - Employees who can translate the data from spark transformations and and present it to other parts of the company visually.

• Data Security - Employees who’re security experts when it comes to managing data. Their Primary role is to keep the data safe during security breaches.

Companies Benefiting From Big Data

As more companies begin to move on to digital forms of payment such as credit card processing tools, then this will boost the data collection of more accurate and detailed information on every product. Amazon has already perfected this, and they can show you what their top selling item at any time or day is. With this information, Amazon can keep up with consumer demands and keep their stock levels replenished.

The healthcare system in the U.S has had many challenges over the years and because of this, the U.S government has been forced to find more efficient ways to use the stored data to fix internal issues. Eventually, this has lead the healthcare sector to create more than $300 billion in value every year along with an 8% in a reduction in expenditures.

Conclusion

Data is everywhere in our modern economy. Every industry in the world produces a variety of data that is used to make better decisions, help with competition and growth economic activity. Without big data, our economy wouldn't be where it is today. Research by the McKinsey Global Institute shows that the amount of data generated, stored and collected has been vital to the growth of our global economy.