The digital era has created an overwhelming amount of information, with total amount of data projected to rise to 44 zettabytes by 2020. This massive amount of data has proven to be immensely valuable to large enterprise companies – for the first time, enterprises are able to integrate disparate data into meaningful sources for AI algorithms to manipulate and understand behaviors. By the end of 2017, adoption of big data in companies had reached 53%.
Big data can be defined as: “high-volume and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation.”
Why is Big Data Important?
Data plays a huge role in understanding valuable insights about target demographics and customer preferences. From every interaction with technology, regardless of whether it’s active or passive, we are creating new data that can describe us. With data being captured through products, video cameras, credit cards, cell phones, and other touchpoints, our data profile is growing exponentially.
If analyzed correctly, these data points can explain a lot about our behavior, personalities, and life events. Companies can leverage these insights for product improvements, business strategy, and marketing campaigns to cater towards the target customers.
The concept of big data and its importance has been around for years, but only recently has technology enabled the speed and efficiency at which large sets of data can be analyzed. As data – both structured and unstructured – grows substantially in the coming years, it will be collected and examined to reveal unexpected insights and even help predict the future.
Big data will change how even the smallest companies do business as data collection and interpretation become more accessible. New, innovative, and cost-effective technologies are constantly emerging and improving that makes it incredibly easy for any organization to seamlessly implement big data solutions.
Big Data Applications in Business
Using and understanding big data is a crucial competitive advantage for leading corporations. To the extent companies can collect more data from existing infrastructure and clients will give them the opportunity to discover hidden insights that their competitors don’t have access to.
Big data can present an abundance of new growth opportunities, from internal insights to front-facing customer interactions. Three major business opportunities include: automation, in-depth insights, and data-driven decision making.
Big data has the potential to improve internal efficiencies and operations through robotic process automation. Huge amounts of real-time data can be immediately analyzed and built into business processes for automated decision making. With scalable IT infrastructure and decreasing cloud computing costs, automating data collection and storage is within reach.
2) In-depth insights
Big data can also be used to discover hidden opportunities that were unknown to organizations before the ability to review large sets of data. Complex data sets can even be used to develop new products or enhance existing ones. Proprietary data within the market can prove invaluable in the competitive landscape.
3) Faster, better decision making
With the speed of data analytics technology, paired with the ability to analyze new sources of data, businesses are now able to analyze information instantly and make smart, informed decisions.
Source: Plug and Play