In today’s world, everything and everyone is connected, all this is made possible by the fast spread and deep penetration of internet connection.
Access to the internet has eliminated the barriers between societies. You can participate in events that are streamed from all around the world by seeing, sharing, or contributing in a way through internet connection as everyone on this planet can.
All the data that are publicly shared and exchanged between the parties worldwide, are stored or just leave a trace in big data centers which serve to manage the storing and processing functions of those data.
Thusly, we can say that Bid Data’s popularity has expanded beyond the tech industry. Nowadays, we have Big Data gathered from healthcare systems, education, governance, manufacturing, sports, retail, supply chain, logistics, fashion and others that fall under one of these main sections.
Big Data, what are they?
Data sets that usually are too large or complex for traditional data processing applications or tools to be captured, curated, managed or processed, in these cases we face we are dealing with Big Data.
Furthermore, this data keeps on growing exponentially with time, which needs to be properly analyzed and processed in order to extract valuable information that can be beneficial for organizations and businesses.
There are three main bid data formats, unstructured data, semi-structured and structured data. The main focus mainly is on data which are unstructured.
Main characteristics of Big Data or which is known as three V’s are – high volume, high velocity and high variety, and less known features of Veracity and Value.
Benefits of Big Data and its advantages
In today’s competitive world, every organization and business which offers products or services, all of them are trying to do whatever is possible to attract more leads and enhance user experience.
One of the greatest arsenal that businesses can benefit from is having Bid Data sets and extracting from them insights which would help them expand their activities horizontally to a wider audience and experience financial growth as well.
Organizations that have the capacity, the knowledge and the expertise to gather large amounts of data, analyze and extract valuable insights from them, help them shape or reshape the lead generation strategy.
Having at disposal this kind of arsenal and making the best use of it, this would simply put the companies on another level. Companies are able to shape and enhance their strategy thus reach their proper audience before their competitors do.
According to a Gartner research, the percentage of time spent collecting and analyzing information by the employees is divided into 36% are engaged in collecting and analyzing data, and 64% of the employees are engaged with other work.
Top 5 benefits of Big Data
Let us go through few of the biggest benefits that can be generated from Big Data;
1. Increase sales
Core reason of business existence is to drive relevant traffic as much as possible and connect with their services or products they offer. Everything else serves this purpose, to help the organization increase sales.
Big Data is here to help accomplish these objectives by providing analyzes of big audiences, determining the way certain services and products are performing in the market, furthermore, how the clients around the world are responding and performing to these.
2. Predictive analysis
Being able to own the information before your competition is a real advantage and such a powerful and determining fact for achieving success or facing failure when lacking this opportunity.
In today’s world, information is power, information is the asset that has value for those who know how to analyze it. Using predictive analysis on big data allows analytics tools to predict outcomes in an accurate manner.
With predictive analysis better decisions will be taken and even reduce risks by enhancing their operational efficiencies.
3. Compete with big businesses
If you are able to use the same tools and analyze the big data, it will allow you to be in the same playing space as your giant competitors are.
This, because your business becomes more sophisticated and more farsighted in terms of strategy development and targeting not only new customers but as well as your other big competition customers as well.
Researching, analyzing and making comparisons of data, easily may drive you towards finding out that a specific audience is facing a lack of having a product or service which they are in need at the moment.
Analyzing and brainstorming with the insights you pulled out from Big Data research, you can be the one who can fill their needs by innovating a product that yet hasn’t been produced or provide a service that they didn’t receive.
The insights that can be gained from Big Data can be used to optimize business strategies, develop new products/services, improve marketing techniques, enhance customer services, improve employee productivity and expand brand outreach as well.
5. Harness data
Another benefit which is high in value and that Big Data can provide is the ability to collect large amounts of digital data from different social media platforms.
Organizations can easily streamline their digital marketing strategies in order to determine the customer pain points and improve their experience by creating patterns of their behavior.
Since you arrived over here, we have an extra share for you.
+ Find your future employee
The hiring process has changed from previous models. It is no longer based on what the candidate looks like on paper.
Recruiting companies through searching with specific keywords that would match their open job description, can find candidates and scan their resumes on different social media platforms and store those data for later needs.
An important matter that we should keep in mind is that Big Data allows all organizations to check not only the market but also the way the competition is performing.
By showing the different promotions that are being provided to customers. What makes this incredible is the fact that Big Data will let you know if customers are feeling attracted to these promotions or not.
There are other benefits that we can gain by using Big Data as a source of our information for building and strengthening the organization strategy and objectives.
We only shared just a few benefits among many others in order to entice your curiosity and get to know why it’s worth using big data.
If you still have doubts about it, keep reading for more insights and studies regarding how different industries use and benefit from using Big Data.
When it comes to industries or domains of Big Data applications read this article.
Dealing with Big Data and making the best use of them is something that Adservio does at a professional level with high expertise.
We provide our assistance on designing the Big Data strategy, defining business objectives, executing state assessment, formulating a Big Data roadmap and other important steps for achieving success when using Big Data.