Big data is a term used to refer to tremendously large data sets that can be analyzed to identify trends, patterns, and associations involving human behavior and interactions. As such, companies can use big data to their advantage. They can automate business processes and use the feedback they obtain to gain insight into their target markets, which improves productivity and overall business performance. Some businesses are already using big data to improve efficiency and increase competitive advantage.
Amazon is one of the companies that is already using big data to boost their brand success. The virtual retail giant has access to huge datasets on its customers' names, payments, addresses as well as search histories in its data bank. With this kind of information, Amazon is making use of analytics and algorithms to improve customer relations and efficiency. American Express is another company that is using big data to analyze and predict customer behavior by employing predictive models to gain insights into how consumers are likely to behave. Such predictions provide an accurate forecast of potential business and customer loyalty.
With the proliferation of mobile computing devices, big data is on the increase, as smart devices only enhance its capabilities. In fact, market analysts have already predicted that by the year 2020, organizations will possess about 44 zettabytes and 44 trillion gigabytes, and by 2025, 180 zettabytes and 180 trillion gigabytes of data.
In 2015, there were only 10 zettabytes of data.
As businesses adopt big data, they are attaining greater perspective into their target markets and recognizing previously unidentified ways to improve operations efficiency. Big data analytics providers are also looking into approaches that can help both small and large sized organizations to access these great resources.
Big Data for Informed and Strategic Decisions
For companies to benefit from big data, it's essential to capitalize on the right processes. It's not about vast data volumes — it's about data's potential and what companies will do with big data that actually matters. As such, a business has to put into perspective how to use data to identify patterns and trends which, when capitalized on, can be beneficial.
It is therefore vital to find the right tools for data analytics to enable organizations to generate value efficiently. Businesses can do this by collaborating with tech innovators, collaborating with data providers, and learning about Apache Spark, to name a few. They also need to set up the appropriate business structures to provide data integrity and privacy and focus on offering value for customers to allow for high-quality data access. Additionally, to gain from big data, organizations require good user programs and the right talent to develop efficient big data technologies.
How Big Data Is Changing Tech Companies
Big data is increasingly transforming tech companies. Here is how:
Deep customer perception: Tech firms are using big data to increase customer relations by finding their best clients and enhancing their experiences to help them understand their needs and maximize them.
Improved operational efficiency: Big data analytics is helping tech organizations realize better ways of handling operations and maximizing productivity.
Increased human capital: Big data is helping tech firms exploit previously hidden opportunities by increasing productivity and human capital. By combining technology advances, tech firms are developing entirely new capabilities for maximizing human resources.
Business intelligence: By embracing big data and analytics, tech companies have enhanced their business intelligence procedures as big data facilitates better ways of delivering products and services.
Forecasts have shown that big data will continue to grow and that it is a great resource that organizations can exploit for business gain. Finding the right talent, tools, and analytics to implement big data can help firms improve business efficiency.