Why Investing in Big Data is the new competitive advantage
Advantages of Big Data
Big Data has now become the new thing that will make a few companies leapfrog the others to become the best in class service provider in the market. Data is now prone to be generated by every sector of the global economy, In Fact, data has become such a vital factor that like other essential factors of production which include hard assets and human capital, much of the modern economic activity cannot take place without data.
In the current business environment, that is affected by proliferating data, dwindling budgets and developing customer demands, companies that make the right decisions at the right time have a competitive advantage. The ability of the companies to obtaining actionable insights will leverage the amounts of data that floods into the organization of all variety. Big data analytics provides the insights that help businesses make more informed decisions by using a combination of past data, responding to current business needs in real-time, and predictive modeling to design a roadmap for future growth.
In this article Bista Solutions will explain what are the advantages that come with Big Data and Analytics:
Big Data can unlock significant value by making information transparent. Leveraging big data can enable businesses of all kinds to make large volumes of information transparent and usable.
Organizations can generate and maintain more and more transactional data in digital form. Organizations can collect more accurate information on every minute thing ranging from inventory tracking to sick leaves and therefore expose variability and boost performance.
It enables companies to get accurate insights which imply better decision making and minimized risk.
It can be used to develop the next generation of products and services. Big Data Analytics can also be a great help to glean essential information that determines product and service improvements.
Big Data is secure. In a survey conducted amongst the companies leveraging big data. It was found that the secure infrastructures that are built on big data platforms will save company’s 1.6% of the annual revenues which were earlier spent on recovering the data breach issues.
A particular challenge arises with organizations that need to process and exploit unstructured data. This challenge is taken care of with some big data tools, specifically those that are based on Hadoop and are designed from the ground up to manage and analyze unstructured information. This would otherwise not be accomplished with some of the most conventional business intelligence (BI) and data warehousing tools as well.
Organizations that invest in big data will witness that returns on these investments will deliver over a period of time. Better business decisions mean that companies can reduce the risk of their decisions and this will lead to reduced costs and hence increases the marketing and sales effectiveness.
The success of a company not only depend on the company is performing and how it is being looked after but also depends on various other social and economic factors. The predictive analysis that is fuelled by Big Data technologies can help the organizations to scan and analyze newspaper reports or social media feeds so that you can always be up to date on the latest developments in your industry. Big Data also helps you to understand what others perceive of your products so that you can adapt them, or your marketing if need be.