The strength of big data lies not in the quantity of information gathered across sources, but in how efficiently businesses use this information in analyzing current processes and implementing for the future. According to Gartner, more than 75% of companies are planning to invest in this. Thus, the idea is not only to analyse trends but also to analyze it rapidly to maintain competency. With the wide range of high-powered techniques available, the art lies in the extraction of the desired information.
Depending on the scalability of the stored information, the advantages could be tailor-made too. A basic few include:
It provides business intelligence that further reduces costs and improves the efficiency of operations. Analytics can provide insights on the impact of different variables used, thus leading industries to intelligent decision-making.
Combat financial fraudulent activities in the early stages by effectively implementing predictive models based on both past and existing data sets. It has made identifying frauds easy, with real-time analysis of both structured and unstructured data.
With the past analysis of product launches and customer feedback, combined with real-time market analysis, it has become easier for businesses to understand shifts in demand and supply. Thereby, enabling smart designs of new products empowered by analyzing consumer needs, preferences and buying behaviours.