Big Data – Invaluable Key to Business Success
Posted by Ritesh Sanghani | Posted on: June 2nd, 2014
In today’s information age; every single domain in an organization is dependent on big data to recognize patterns and make forecasts for innovations leading to breakthroughs. Irrespective of whether you are into human resources, product development, customer service or sales and marketing; big data business opportunities have given a new hope to businesses in reaching the pinnacle.
Let us first understand what all can be included in big data before discussing big data business benefits and big data business opportunities.
What is Big Data Anyways?
Big data is a compilation of various types of data including traditional enterprise data (customer information from CRM systems, transnational ERP data, web store transactions, and general ledger data), machine-generated / sensor data (Call Detail Records (CDR), weblogs, smart meters, manufacturing sensors, equipment logs, and trading systems data), and last but not the least social data (customer feedback streams, micro-blogging sites encompassing Twitter, social media platforms like Facebook).
There are Four Things that Define Big Data:
- Value (Complexity)
In order to make the most out of big data it is important for businesses to upgrade their IT infrastructures, equipped to handle these new high-volume, high-velocity, and high-variety sources of data and assimilate them with the prevailing enterprise data to be scrutinized.
The best thing about big data is a fact that it is not only for big businesses with big budgets but it also helps small businesses in making better & informed decisions – in fact according to webopedia.com; 8 out of 10 executives agree or strongly agree to the statement “if we could harness all our data, we would be a much stronger business”. Here in lies the big data business benefits.
Big Data Business Benefits:
- Well-timed acumen from enormous amount of data. This comprises of data that is already stored in the company databases from external third-party sources, internet, social media and remote sensors.
- Concurrent monitoring and anticipation of events that influence business performance or operation
- Detecting noteworthy information that can enhance decision quality
- Moderating risk by augmenting the intricate decisions of unintended events swiftly
Big Data Business Opportunities:
- The inception of big data has brought with it, a world of business opportunities to harness big data as an asset. With help of it businesses can now gain new insights by amalgamating and scrutinizing internal and external data and transforming them into valuable asset for businesses.
- It can create value for businesses by unlocking significant value thereby making information translucent and operational at much higher frequency.
- Organizations can now get comprehensive performance statistics ranging from product inventories to other facets of businesses to boost business performance.
- Big data enables ever-narrower segmentation of customers which makes it easier to deliver customized products or services.
- Big data is highly useful to develop out-of-the-box products and services which are especially regarded as next-generation products.
If you are looking to harness the big data business benefits and big data business opportunities; then hire a professional data collection services company.
Hi-Tech has requisite expertise in data collection activities and can deliver precise data as per your specific guidelines in disciplined formats. They cater to various businesses & industries encompassing: real estate, medical, legal, software development, communication, online survey, market research, finance, banking, publishing, automobiles, B2B portals, etc.