Impact of Big Data on Business
With the help of big data, companies aim at offering improved customer services, which can help increase profit. Enhanced customer experience is the primary goal of most companies. Other goals include better target marketing, cost reduction, and improved efficiency of existing processes.
Big data refers to large sets of unstructured, semi-structured, or structured data obtained from numerous sources. Among the sources are customer databases, medical records, business transaction systems, social networks, mobile applications, and scientific experiments.
Today, companies are focusing on overhauling their data architecture, consolidating data, and discarding legacy systems. Big data has a great impact on businesses since it helps companies efficiently manage large volumes of data.
Impact of Big Data on Business
With the help of big data, companies aim at offering improved customer services, which can help increase profit. Enhanced customer experience is the primary goal of most companies. Other goals include better target marketing, cost reduction, and improved efficiency of existing processes.
Big data technologies help companies store large volumes of data while enabling significant cost benefits. Such technologies include cloud-based analytics and Hadoop. They help businesses analyze information and improve decision-making. Furthermore, data breaches pose the need for enhanced security, which technology applications can solve.
Big data has the potential to bring social and economic benefits to businesses. Therefore, several government agencies have formulated policies for promoting the development of big data.
Over the years, big data analytics has evolved with the adoption of agile technologies and the increase of focus on advanced analytics. There is no single technology that encompasses big data analytics. Several technologies work together to help companies procure optimum value from the information. Among them are machine learning, artificial intelligence, quantum computing, Hadoop, in-memory analytics, and predictive analytics. These technology trends are likely to spur the demand for big data analytics over the forecast period.
Earlier, big data was mainly deployed by businesses that could afford the technologies and channels used to gather and analyze data. Nowadays, both large and small business enterprises are increasingly relying on big data for intelligent business insights. Thereby, they boost the demand for big data.
Enterprises from all industries contemplate ways of how big data can be used in business. Its uses are poised to improve productivity, identify customer needs, offer a competitive advantage, and scope for sustainable economic development.
Conclusion
The big data market is expected to witness remarkable growth over the forecast years. An important reason is a rapid increase in the amount of structured and unstructured data.
Among other factors are increased technology penetration in all spheres of life and the spread of smartphones. That led to the generation of larger amounts of data.
All the factors mentioned above are expected to contribute to the global big data market growth.
