During one of his keynotes, Microsoft’s CEO Satya Nadella once spoke about data as today’s ‘electricity’ meaning it is the thing that drives innovation forwards, just like it was with steam, electrical power, and digital tech in the past three industrial revolutions.
There’s probably not a single business out there that does not recognize the value of data in general. However the usage of data has long passed the simple record-keeping threshold, it is literary so much more: much more complicated, with much higher velocity, variety, veracity and yes, much bigger volume. We live in the era of Big data.
Just in case you are stumbling upon this term for the first time, though we doubt that, Big data is about collecting and analyzing internal and external data to create actionable insights and improve decision making in an organisation.
Because of Big Data, companies are in a position of growing ability to target, collect and store information, then analyze it in order to create new revenue streams and even predict market trends and customer preferences. They can also use it to streamline their products, services and business processes.
Big Data matters since it is very often considered as the most vital and powerful asset of any existing enterprise. Understanding of data and how it can be used in the best possible way is crucial especially for the small and medium businesses which are constantly facing an increasingly competitive market. An investment in Big Data always pays off when the data gathered is (1) being analyzed in order to be able to take measures and (2) act purposefully on the received data i.e. create insights. Big Data helps gaining more complete answers on varoius matters and very often reveals “hidden” but otherwise valuble information. Having enough information means you are becoming more confident in decision making and therefore could lead to a completely different approach for tackling business problems.
While it is true that the best Big Data solution for your organization is the one that is comprised according to your needs, there are some benefits in general that apply to pretty much all businesses. Companies may utilize Big Data to also achieve other great business results and we put some of them in the below infographic, so let’s check it out:
Indeed, there’s a lot that Big data can do for a business. But then again, has everyone already started using it then? Well, the answer is no. That’s because there are certain challenges to be considered when talking about actual company use cases and implementation of a Big data strategy in a given business.
We will talk about that in one of our next posts so stay tuned.
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