Why Big Data is Gaining Popularity (in Business Environment) - Luke Lonergan
The term ‘Big Data’ denotes a large volume of structured and unstructured data that engulfs an organization on a daily basis. However, the importance of Big Data does not lie in its volume but its quality and the crucial information it provides.
Organizations use big data to analyze information that can result in making strategic business decisions and beat the competition.
Data serves as a compass to an organization without the organization cannot navigate the rough waters of economic uncertainty and the rapidly transforming business landscape.
Data enables entrepreneurs and business professionals to spot problems, identify the patterns of the problems, and get key information and solutions to drive volumes of sales, close potential deals, and inspire employees to remain productive and motivated.
Not only big data help organizations to detect their problems at an earlier stage, but also help them solve the problems efficiently and effectively that did not have had any solutions previously. Companies and organizations can leverage big data by implementing the suitable analytics on their big data problems.
Big data is not only popular in large organizations, it is gradually strengthening its grip on smaller business organizations. Big data is a great leveler and it is leveling the playing field for small business to compete with larger business organizations and attract more customers to their products and services.
Data can help organizations in determining the total margins of their most popular products or services, seasonality trends, trends across a particular time, potential customers, their spending profiles, spending in a specific region, competitive performance analysis, or identifying the most profitable days of the week.
Contrary to the belief that generating and managing big data is a very expensive affair for smaller companies, big data is beneficial and economical for the small and medium business houses. It provides great value for money to organizations by helping them in identifying and satisfying their clients’ requirement, making the right decisions, and implementing suitable measures for company’s growth.
Many organizations are using big data in the social media space as it helps in detecting viral patterns, online behavioral patterns, collaborative filtering, etc. This comprehensive analysis achieved through big data is responsible for making successful online advertising and marketing campaigns.
Business organizations not only use big data in online advertising and marketing campaigns and e-commerce spheres, but they also use it to safeguard their social media pages from malicious hackers and online fraudsters.
Big data help business organizations in spotting their problems, identifying the problem patterns, and enabling them to grow their business operations. Big data is swiftly making inroads into smaller business organizations and helping them to augment their business.
Article Published by Luke Lonergan