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With the data explosion happening to the tune of over 2.5 quintillion bytes every day, businesses are finding it increasingly difficult to realize the full potential of these diverse big data sets and uncover actionable insights and trends.
Earlier, businesses would take weeks or months to make a strategic decision using data analytics. But, Big Data Analytics brings a host of new benefits to the table. It uses advanced analytic techniques and a set of elaborate processes to examine large and varied arrays of data to uncover hidden patterns and coorelations, and glean meaningful insights for making smarter business decisions and preventing fraudulent activities.
Big data analytics, in fact, bagged the top spot in the list of business intelligence solutions in 2020, and has been growing in acceptance and importance in the first half of 2021 too.
It’s being used proactively across many key sectors like healthcare, retail, cyber security, ecommerce, media, etc., for a variety of purposes ranging from marketplace analysis, supply chain management and competitive intelligence to gauge customer preferences and identify trends.
Why is the Business Case of Big Data Analytics Improving?
Big data analytics has emerged as a critical trend to watch and significant contributor to income production or cost control.
It’s easy to make a solid business case for real-time operational insights, when a short window of downtime accrues to losses in millions.
Interestingly, big data analytics analyzes the huge unstructured data sets, generated from different sources quantitatively, and helps enterprises anticipate the future to act proactively rather than be reactive after the event has taken place. Needless to say, this is a pivotal factor in maximizing the return on investment (ROI).
Many enterprises, especially in the financial operations sector, are leveraging big data analytics to find better alternatives for multiplying revenues. Better operational insights, better operational risk management!
For sectors that depend largely on customer insights for their success, big data analytics pays off with strategic operational intelligence by taming volume and variety of unstructured data that gets generated from their websites, social media, contact centers, etc. to optimize pricing and lifetime customer value.
Best Idea driven by the Right Data is the Winning Formula
Many enterprises are now investing heavily in big data analytics. But, is that worth it?
The answer is – yes.
Undeniably, its significance becomes more evident with increased investments. Its most valued impact is observed in:
Barriers to Big Data Analytics Adoption
While big data analytics is gaining momentum, its widespread adoption is impacted by a few barriers. It’s not uncommon to learn that big data analytics efforts fail before they get big in most organizations as their executive team fails to create the right data fabric to unify various databases within and outside their businesses.
Below are a few common barriers to the big data analytics adoption:
The Different Categories of Big Data Analytics Services
Broadly speaking, the big data analytics services fall into four major categories:
The Way Forward
It’s predicted that the potential of big data analytics will only increase over the next few years as more and more enterprises are now beginning to understand that data powers continuous experimentation, radical customization and innovative business models. These practical applications of big data analytics are a key to help businesses gain a sustainable competitive advantage.
However, its enterprise-wide adoption depends largely on some actions that go way beyond deploying the tools: