As per a recent study by Accenture Analytics, enterprises that are starting upon and completing their Big Data projects successfully, are noting significant value and many practical results from their operations. On the other hand, those standing on the sidelines are finding themselves in a position to be left behind. From innovative market development techniques to new revenue generation, Big data tools and analytics are delivering massive business outcomes for a wide range of strategic corporate goals, and how.
Read on for how Big Data can create wonders or your business and become central to your digital strategy too.
Big Data—a powerful combination of tools, analytics and processes caters to the ‘data and insights’ needs of an organization. It understands trends, customer preferences, and the target audience of an organization in a big way. If these datasets are properly analyzed and effectively presented, they can help business organizations attain various goals. Additionally Big Data analytics are useful in creating new experiences for figuring out valuable customers and helping services and products create a stronger brand presence for themselves.
Business success is not just dependent on running a company smoothly, there are many other factors in the reckoning too. You need to have a good grasp over the social, economic and all other factors that determine your accomplishments. Predictive analysis—a result of Big Data application in business, allows users to scan and analyze various newspaper reports and social media feeds, and use them too. By helping organizations in different industry verticals perform real time risk analyses; Big Data greatly helps in keeping up with new trends and developments.
With organizations being bombarded with security specific and other Big Data challenges on a daily basis, it is becoming important for users to install the right tools and techniques for more fluid working. Here, there exist two distinct issues: implementing Big Data techniques for analyzing and predicting security; and securing customers’ and the organization’s information in the context of Big Data. Along with assessing all kinds of internal threats, Big Data tools allow data security experts to map the complete data landscape of their company. The security metrics used by them comply with regulatory requirements, and keep all sensitive information safe.
Big data provides organizations with valuable insights by analyzing consumers and markets alike.