Importance of Big data

Big Data importance doesn’t revolve around the amount of data and company has. Its importance lies in the fact that how the company utilizes the gathered data.

Every company uses its collected data in its own way. The companies in the present market need to collect it and analyze it because:

1. Cost Savings:

Big Data tools like Apache Hadoop, Spark, etc. bring cost-saving benefits to businesses when they have to store large amounts of data. These tools help organizations in identifying more effective ways of doing business.

2. Time-Saving:

Real-time in-memory analytics helps companies to collect data from various sources. Tools like Hadoop help them to analyze data immediately thus helping in making quick decisions based on the learning.

3. Social Media Listening:

Companies can perform sentiment analysis using Big Data tools. These enable them to get feedback about their company, that is, who is saying what about the company.Companies can use Big data tools to improve their online presence.

4. Customer Acquisition and Retention

Customers are a vital asset on which any business depends on. No single business can achieve its success without building a robust customer base. But even with a solid customer base, the companies can’t ignore the competition in the market.

If we don’t know what our customers want then it will degrade companies’ success. It will result in the loss of client which creates an adverse effect on business growth.

Big data analytics helps businesses to identify customer related trends and patterns. Customer behavior analysis leads to a profitable business.

5. Understand the Marketing Insights:

Big Data analysis helps businesses to get a better understanding of market situations.

For example, analysis of customer purchasing behavior helps companies to identify the products sold most and thus produces those products accordingly. This helps companies to get ahead of their competitors.

 

Big data analytics shapes all business operations. It enables companies to fulfill customer expectations. Big data analytics helps in changing the company’s product line. It ensures powerful marketing campaigns.

6.Innovations:

Big data makes companies capable to innovate and redevelop their products.

Real-Time Benefits of Big Data

Big Data analytics has expanded its roots in all the fields. This results in the use of Big Data in a wide range of industries including Finance and Banking, Healthcare, Education, Government, Retail, Manufacturing, and many more.

There are many companies like Amazon, Netflix, Spotify, LinkedIn, Swiggy,etc which use big data analytics. Banking sectors make the maximum use of Big Data Analytics. Education sector is also using data analytics to enhance students’ performance as well as making teaching easier for instructors.