What Is Big Data Analytics and Why Is It Important for A Business

Big data analytics evaluate large chunks of data to expose correlations, hidden patterns, and other valuable insights to its users. With present day’s technology, it is possible to examine your data and obtain answers from it almost instantly. This task is quite slow and less efficient with traditional level business intelligence solutions.

History of big data analytics

Big data concept has been there since several years. Most of the organizations understand that if they record all the business data that streams into the business, then they can apply analytics and obtain significant value. From 1950’s more and more businesses were seen to use basic analytics to discover trends and insights.

Big Data Analytics

The new advantages offered by big data analytics were efficiency and speed. A few years before, businesses would have collected information, executed analytics and extracted information that can be used for making future decisions. Today those same businesses can recognize insights to make instant decisions. This ability to work quickly and stay agile provides organizations a competitive edge that was lacking before.

Importance of big data analytics

Big data analytics assists organizations to harness their data and figure out new opportunities. Active Wizards is a popular big-data science and engineering service that results in smarter business moves, higher profits, more efficient operations, and satisfied customers.

What are the ways in which big data was used in the organization?

Having realized the significance of big data, organizations in order to reap its advantages, used it in several different ways. These are explained below as:

Cost reduction

Big data technologies like cloud-based analytics and Hadoop bring significant cost benefits when storing large sections of data. Also, they can recognize more effective methods of doing this business.

Quicker and better decision making

With the speed of in-memory analytics, along with the ability to evaluate new data sources, a business is able to examine information instantly. It can make quick decisions on the basis of what they have learned.

New products and services

Big data provides the ability to the firm to interpret customer needs and satisfaction effectively. Due to which, a business becomes capable of providing power to customers about what they desire. With big data analytics, an increasing number of companies are manufacturing new products to fulfill the needs of customers.

How to make the best use of big data?

Most of the organizations have big data. They require to harness it and obtain value from it. They simply need to know how to perform this task. Following are some of the ways by which an organization can effectively use big data.

  • Get the assistance of the right set of people for working on the big data
  • Bring the potential of SAS to Hadoop
  • Conduct high-performance analytics to acquire timely insights to form decisions about fleeting opportunities. It also assists you in getting accurate answers for difficult problems and exposes new opportunities of

Areas where big data is found to be very useful

  • Travel and hospitality
  • Government services
  • Data management
  • Retail
  • Banking
  • Data mining
  • Healthcare
  • Technology
  • Energy
  • Manufacturing
  • Consumer

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