Big Data Analytics for Business Intelligence
Big data analytics, a must for large enterprises
There are about 2.5 trillion bytes of messages, a billion Google searches, more than 200 million tweets, 800 million updates in Facebook and 10,000 credit card transaction per minute carried out in a single day. This data is worth tons of gold when used right.
Here Big data plays the major role and leads the way to the utilization of this information in the rightful and innovative way. It combines the latest technologies with mathematics to analyze all this information.
This particularly provides great value to the companies to brighten up their future in the day to day increasing competition in the market. Every industry is investing a large amount in big data.
Almost all the big data analytics companies in the USA are witnessing faster growth. The most preferred open source software, Hadoop used for distributed computing, has predicted to achieve about 58% by 2020.
Big data business intelligence tools - Why are they so popular?
Big data business intelligence and data analytics have increased the demand of information management specialists so much so that many large enterprises have spent more than $15 billion on software firms specializing in analytics and data management. In 2010, this industry was worth around $100 billion and was growing at almost 10 percent a year: about twice as fast as the software business as a whole.
TCS 2013 Global Trend Study has shown that improvements in supply planning and product quality provide the large benefit of big data for manufacturing. Big data provides an infrastructure for transparency in the manufacturing industry, which is the ability to untangle the uncertainties in the industry. According to the Harvard Business review, of the Fortune 500 companies that use big data, the majority of them employ it to decrease expenses.
So it is very clear that the world belongs to big data and investing in big data would definitely result in a great future in the right direction. The following paragraph discusses the field of Data-Driven Decision Making.
Big data business intelligence and data analytics
The Observations or intuitions alone can never help to derive precise and proper decisions. It is the hard data which backs up in making an accurate decision and the method is being named as Data-Driven Decision Making (DDDM).
It is also called in other names as Data- Driven Device Management or Data-Directed Decision Making. The demand for data-driven decision making has grown as it predicts various things for companies such as thinking of customers about a company or a reach of a product in the market etc. A study by MIT Centre for Digital Business has shown that businesses utilizing data-based decision making were found to have four percent higher productivity and six percent more profit on average. Let us see some of the advantages of Data-Driven Decision Making.
Business Intelligence and Data-driven decision making
Companies which approach decision making collaboratively tend to treat information as a real asset more than in companies with other approaches. In that way, these companies tend to identify business opportunities and predict future trends more easily and generate more revenue with data. In the race of winning customers and share in the market, organizations with Data-Driven Decision Making are increasing the distance between them and their less-informed peers.
According to the report of McKinsey Global Institute, the data-driven enterprises are now 23 times more likely to acquire customers, 6 times as likely to hold back customers, and 19 times more profitable than the enterprises without these data-driven decision facilities.
The Global 2000 advisor says that the people “understand how the decisions are made” in a data-driven company. Having historical, real-time, right-time, and predictive data to be more responsive and proactive happens to the topmost advantage for data-driven organizations. Decisions based on facts and data increases the speed of decision making which serves to be another important advantage of enterprises with Data-Driven Decision Making. The following passage provides data about the U.S companies working in the field of analytics.
Big data analytics companies in the USA
One of the famous analytics companies in the U.S provides customer analysis, market data analysis, operational analysis, sales analysis solutions for various industries such as retail, healthcare, food, manufacturing, media, finance, pharmaceuticals etc. Another renown U.S analytics company provides analytics tool for the entire big data lifecycle. They serve various industries including retail, telecom, financial services. A company located at San Francisco provides analytic solutions for various business scenarios e.g. sales, marketing, supply chain, operations, finance, enterprise, data discovery, big data legacy, embedded analytics etc.
Let us see some of the big data analytics methods followed by the top companies. The Predictive big data predicts the data and the Prescriptive big data has the preceding approach to the given data. It analyzes and predicts the data and provides advice on various things such as the best place to buy a website, best price to sell a stock etc. By choosing the right big data analytics method, large enterprises can analyze and improve their efficiency, increase their sales and provide better service to customers. The following passages explain the benefits of big data analysis.
Real-time data analytics for large enterprises
Companies are provided with the ability to add a variety of data from hundreds of different sources in real time through Big Data Analysis. With Big data analysis, large enterprises can select right customers and right things for their customers. It helps to predict the needs of the customers thereby adding values to their lives finally resulting in the addition of value to the company. Big data helps to provide new services, products to its customers along with new experiences. It becomes the key tool for large enterprises to win their competitors in the market. It can also provide sentiment analysis. The companies can find the view/ talk about them among their employees and customers. The online presence of the company’s business can also be analyzed and improved with the help of big data tools.
Big data provides a better understanding of current market conditions. For example, purchasing behaviours of customers can be analyzed and the analysis could be used by the company to find out the products that are sold in higher numbers and produce products according to the trend. By this, companies can get ahead of their competitors. Advanced Big Data Analytics and business intelligence solutions can provide organizations with complete customers’ profile. This paves way for more personalized customer experiences at each point where contact is made throughout the entire journey of the company.
To sum it up
New growth opportunities and entirely new categories of companies can be created with the help of big data that can combine and analyze industry data. These companies have large information about the products and services, buyers and suppliers, consumer preferences that can be captured and analyzed. Understanding and optimization of business processes can also be done using the Big data analysis.
Predictive models can be generated from the social media data, web search trends and weather forecasts and can be used for easy optimization of the stocks for the Retailers.
Big data analytics can combat the threats affecting the growth and sustainability of companies. It predicts, prescribes and provides the way to ensure the data security in large enterprises. It can perform wonders and mark many exclamations in the market field. It sows seeds and helps to get the most benefits out of anything with the help of data. Thus with proper big data analysis, the large enterprises and its customers can reach great heights.