As data, generated by services like web browser histories, social media activities or even fitness apps, continues to grow, the demand for data management and analysis is also increasing proportionately.
Big data has become more popular with the advent and increasing use of mobile technologies which is creating indefinite user data.
Customer Acquisition and Retention
Customer is the most important asset any business depends on and no business can claim success without having established a strong customer base. Hence, understanding customer and their behavior is critical for both online and offline business success.
The advent of big data is allowing businesses to analyze customer patterns and trends. To meet market demands and competition, businesses are providing personalized experiences to customers. They leverage every bit of information about the customers and shoppers. This data is helping businesses to strategize their next moves from innovative offerings to everything it says that is going to serve the customers best.
Driving Innovation and Product Development
Organizations are streamlining as much data as would be technically possible before designing new product lines and re-designing the existing products.
It has offered a range of benefits to businesses and organizations including, efficiency, improved turnaround time, fault tolerance, and availability. These are some aspects that have significantly lowered the cost of processing.
Given below are some important features of big data tools that have potentially simplified the process:
Connectors: There are many systems and applications in the world. Big data integration tool has many pre-built connectors which minimize the operational time of the team.
Open-source: The open-source architectures typically provide more flexibility while helping to avoid vendor lock-in.
Portability: Since companies are moving to hybrid cloud models, big data integration enables to run the operations anywhere: on-premises, hybrid and in the cloud.
Cloud Compatibility: The big data integration tool offers single-cloud, multi-cloud, and hybrid-cloud environment. It enables to run in containers and use server-less computing to minimize the cost of big data processing.
The Businesses Embracing Big Data
Life Sciences: Clinical research is expensive and a slow procedure. Advanced analytics, artificial intelligence (AI) and the Internet of Medical Things (IoMT) have unlocked the potential improving speed and efficiency at every stage of clinical research. It can now deliver more intelligent and automated solutions.
Banking: Financial institutions process large amount of unstructured data to make sound financial decisions. Big data analytics has allowed them to access the information they need when they need it, by eliminating overlapping, redundant tools and systems.
Manufacturing: Manufacturers wrestle with difficult problems – from complex supply chains, motion applications, labor constraints to equipment breakdowns. Big data analytics to the manufacturing industry has allowed competitive organizations to discover new cost saving opportunities and revenue opportunities.
Healthcare: In the health care industry patient records, health plans, insurance information and other types of information are difficult to manage. Application of the new technology can analyze large amounts of information, both structured and unstructured. The healthcare providers can now efficiently provide life-saving diagnosis and treatment options in least amount of time.
Government: Certain government agencies face challenges- tighten the budget without compromising quality or productivity. This is particularly troublesome with law enforcement agencies, which are struggling to keep crime rates down with relatively scarce resources. But, integration of big data analytics and streamlining operations using technology has given a more holistic view of criminal activities.
Retail: Customer service has evolved in the past several years, as savvier shoppers expect retailers to understand exactly what and when they need it. Big data is helping retailers to meet these customer demands. Armed with endless amount of data from customer loyalty programs, buying habits and other sources, retailers now have an in-depth understanding of their customers. They can also predict trends, recommend new products and boost profitability.
A Key to Competitiveness and Opportunities
Big data has evolved as a knowledge repository increasing opportunities and competition as well. Also, demand is one of the influencing factors that plays an important role in benefit and growth of an organization. Since the evolution of Big Data, the IT industry has unveiled numerous job opportunities for the IT professionals. As the demand for processed and analyzed data is increasing, the demand for different kinds of big data professionals is also rising.
Besides big data Analytics, there are many other career options such as data scientist, big data manager, data engineer, and machine learning researchers available in this sector.
What’s next for big data
With the explosion of cloud technologies, the need to wrangle an ever-growing sea of data has become a ground-floor consideration for designing digital architecture. In a world where transactions, inventory, and even IT infrastructure exist in a purely virtual state, a good big data approach creates a holistic overview by ingesting data sources which will impact the organization.
The big data trends point towards a continual reduction in on-site physical infrastructure and an increasing reliance on virtual technologies. This evolution will bring an increasing dependence upon tools and partners that can handle a world where machines are being replaced by bits and bytes that emulate them.
Big data isn’t just an important part of the future, it may be the future itself. The way that the business, organizations, and the IT professionals who support them approach their missions will continue to be shaped by evolution in how data will move, stored and understood.
