5 Benefits of Big Data Analytics
The data explosion has changed the way the world handles information. Many organizations, both commercial and not for profit, have been forced to look at their data in a more holistic way that aims to uncover the potential beneath it. Luckily, technology is on our side. Thanks to this thing called big data analytics, organizations of all elks can benefit from the explosion – no matter how large or complex their own personal sets of data may be.
1. Easier Data Management
Big data is all about collecting, sorting, and analyzing large amounts of data. These are the capabilities you’ll find in an advanced analytics platform. Sure, you need a skilled data scientist or analyst who knows how to define collection standards and use the software, but the practice itself is designed to make data management a breeze for seasoned personnel. Pair the right IT people up with the right software, and it’s possible to control a massive data infrastructure minus a lot of the technical challenges that would exist otherwise.
2. Scalability Possibilities
For many organizations, the biggest downside of the data explosion is the sheer size of the information coming in. Your servers may be nearing full capacity, while you strain the business budget on external drives to compensate storage. Big data analytics helps you overcome this challenge by providing convenient access to the cloud. Some vendors offer cloud solutions that support both the analytics and storage aspects of your data needs. So as your business grows and your storage needs increase, you can tap into innovation that offers near limitless capacity on a pay-per-usage model.
3. New Opportunities
Every organization deploys a big data analytics solution for their own personal reasons. For most, those reasons are tied to unveiling opportunities. Maybe you want to improve the targeting accuracy and results of your email campaigns. In this scenario, you can feed website activity, sales data, and the results of past campaigns into your analytics platform. By analyzing this unified data, you may uncover trends or patterns that help you create subject lines, marketing messages, and calls to action that improve open rates, clicks, and the overall performance of those email campaigns.
4. Improved Audience Relationships
Big data is powerful enough to deliver mutual benefits that help companies meet their goals, while creating a better experience for their audiences. What analytics does is take that vast pool of data at your disposal – the customer profiles, email campaign results, the social media conversations – and transforms it into meaningful intelligence you can use to identify demographics, preferences, and shopping behaviors that provide insight into what they really want. Listen to that data, and you can deliver those goods in the timeframe, and at the price points that enhance customer satisfaction.
5. Growth Acceleration
If it’s one thing you can gather from everything we’ve discussed here, it should be that big data drives informed decision making. And if you didn’t know, better decision making leads to better business performance. Powered by valuable insights, you’ll have the knowledge that allows you to streamline your internal operations, boost productivity on the frontline, and build a competitive edge. From saving money to boosting revenue, big data can help you take your business to the next level.
According to one report on big data analytics, the combined market generated more than $18 billion in 2013 and is on course to top $50 billion by 2017. Apart from helping technology companies eat like fat cats, these impressive revenue gains suggest that the market is commanding continuous investments by consistently delivering on benefits like those discussed here.