If you want to find out more about big data and what it means for your business, this article is for you.
It’s hard to believe that 90 percent of the entire world’s data was generated over the past two years, but it’s true!
There was once a time where neatly-structured databases were the height of data collection but those days are long gone. The world is creating large quantities of data at an impressive speed, which means data has become far more complex. Today, this explosion of information is known as ‘big data’ and knowing how to collect, analyze and apply this data to your business is essential.
In a nutshell, big data is a technique used to mine and process large quantities of structured and unstructured data in a way that traditional mining and handling techniques cannot.
Our world changes at a fast pace and the more changes occur, the more data is captured. Big data processes ensure that we’re able to easily collect and analyze data in a way that can be applied in the real world.
Big data is more accessible than ever before and the database tools that are currently available have become much easier to work with too.
In 2019, big data will play a crucial role in the customer journey, particularly in the form of personalization, which will, in turn, translate into more revenue. According to Statista, by next year, the big data sector will generate 13% more revenue than this year, with this number only increasing as time goes on.
Big data will have a profound impact across multiple sectors in the coming year as it’s directly linked to productivity, competition, and innovation. Big data is giving organizations the ability to make better quality decisions that will allow them to grow in ways they might not have been able to identify before.
According to Wikibon, healthcare could save up to $300 billion a year by improving the integration of big data.
At this time, less than 1% of all accessible data is being analyzed – big data has massive potential!
Big data is how businesses are going to gain a competitive advantage in 2019 and beyond.
It’s not difficult to find real-world examples of how big data is being used to compete and innovate across multiple sectors – one such sector is healthcare.
Big data is currently being used by a number of large healthcare organizations to better analyze the outcomes of pharmaceuticals and procedures. Health organizations now have access to more data on risks and benefits that they might not have discovered during clinical trials, allowing them to develop better products, create positive customer experiences and outshine their competitors.
Along with gaining a competitive advantage, here are a few of the other ways that big data can be applied in your business.
Today’s consumers know what they want, which is why they spend time comparing their options before they make a final decision. Big data makes it easier to profile your customers by discovering what they want and exactly how they want to be treated, allowing you to optimize your offering and customer experience accordingly.
The more data you have on a consumer, the easier it becomes to provide them with a personalized experience that appeals to their specific requirements.
Since big data makes it easy to collect feedback, it allows businesses to truly understand how customers perceive their products and services. Using this information, businesses can now change and enhance their products to better cater to customer needs. In terms of the manufacturing process, big data can also help organizations to enhance production processes using data on lead times, material costs and performance.
What business doesn’t want to create a new revenue stream? This is just another benefit of implementing big data in your organization. By gathering data on markets and consumers, it opens up the door to selling non-personalised data to other organizations in the same sector.
Big data makes it easier to analyze different kinds of internal threats that could put your data at risk. This is one way that your business can innovate, keeping all sensitive information under lock and key. Big data is particularly important in the financial sector since they deal with such sensitive information on a daily basis.
There are several different factors that determine whether or not a business will be successful, with economic and social factors playing just as big a role as how you run a company. Big data makes it possible to easily scan and analyze newspaper reports and social media feeds, helping you stay abreast of key trends and developments that could influence the success of your business.
Big data is going to continue getting bigger in 2019 and more industries will start using it to thrive. If you haven’t already, this would be a good year to start acquainting yourself with big data, what it means to your business and to find out how you can start training your employees to better manage key business data.