Big Data Analytics is high-volume
Let first start by understanding what a data is and then proceed to what really are Big Data Analytic and the importance of Big Data Analytics to individual business and organisation.
A Data can be referred to as a collection of facts, like numbers, words, measurements, observations, facts, or even just explanatory of things.
- Qualitative data is descriptive information in nature (it describe)
- Quantitative data, this is numerical information in nature (numbers)
While Big Data Analytics is defined “ as the process of examining large data sets containing a variety of data types — i.e., big data — to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information. The analytical findings can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, competitive advantages over rival organizations and other business benefits” Margaret Rouse(2015).
Importance of Big Data Analytics
Big data analytics helps organizations to analyse a mix of structured, semi-structured and unstructured data in a bid to detect valuable business information and insights which will help in the growth of the organisation and gain competitive advantage. This help in the examination of large data sets which contain a mixture of data types.
The Big Data Analytics help in the following ways:
- It reveals hidden patterns
- Unknown correlations and reveals common misconceptions
- Current Marketing trends
- Preferences of Customers’
- Reveals Growth and sustainability.
- Provide valuable business information.
- Opens doors to new revenue opportunities
- Improves customer relationship and services
- Effective and efficient operational service.
Why Businesses should be interested in Big Data Analytics
According to the research firm IDC, “the worldwide big data technology and services market will grow at a 27% compounded annual rate, to exceed $32 billion by 2017”.
The emergent of the social networks, Blogging and apps is revealing a lot of information that was not readily available before. Organisations are learning to use this fundamental new source of data to generate more revenue.
Businesses needs to show more interest in big data because it can help reveal more patterns and interesting variances than smaller data sets, with the possibilities to shows new observation into the customer’s behaviour, patterns or perception of customers and much more. Never the less, to gain business value from data’s obtained; new technologies & tools are required, which can managing and analyse non-traditional data and work together with the traditional enterprise data.
References & Resources
Tiffani Crawford (2013) Big Data Analytics Project Management
Inhi Cho Suh (2014) Vice President of Big Data, IBM: Five Ways Companies Can Compete Using Big Data and Analytic: http://www.forbes.com/sites/ibm/2014/04/14/five-ways-companies-can-compete-using-big-data-and-analytics/