In the current environment of data abundance and frequent overload of information, the ability to discover a unique insight enables organizations to improve decision-making. Big data analytics is the ability to seize opportunities, minimize risks and control costs. It means extracting the value of the real-time business data.
Because big data analytics is not just managing more data, but attempts to launch new questions and formulate new hypotheses. It’s all about exploring and discovering, about making decisions based on data and eliminating subjectivity.
“Big data analytics is the application of advanced techniques for analyzing large data sets.”
According to the report prepared by TDWI, the business reality is that:
- 57% of businesses interact with big data.
- The major problems associated with big data are the lack of skills in 40% of cases and complexity of integration by 30%.
The Challenge of the Big Data
One of the most important information challenges that currently big corporations have to manage is the increasing number of sources and devices that generate data. It is very easy to get lost in this amount of data and very difficult to understand which of them are really worthy for the company.
We have to know which is the objective of storing all this information and establish a clear data strategy. Not only to store the relevant data but also to analyze the determinants assets for the company and provide business value.
Other challenges that corporations have to face are data collection and processing speed: 22% of companies are facing the need of analyzing large volumes of information, while 6% need to change the real-time analysis. This usually depends on the type of industry in which the company operates.
Decision making is the key for the success of a company; unfortunately many companies do not have the necessary information. It is possible to eliminate this problem with the analytics, as it helps to improve analysis and new approaches, which will bring benefits on costs, reduce investment in software and hardware, the operating efficiency and even customer service.
The challenge of the big companies is to have a skilled group of Masters of Science in Business Analytics to extract all the benefits that data analysis can provide, with appropriate skills and tools for analyzing and drawing conclusions in order to add value to the company.
Benefits of Big Data in Corporations
Through business analysis, manufacturing or retail companies can determine the profile of their customers through their consumption patterns and get a 360 ° view of them.
“You can have a great product, but if you don’t make a proper analysis on the optimal place in which it is going to be distributed, profits will be directly affected. Using analytics can benefit most business areas.”
Data management is a trend that it’s increasing every day, making a difference on the skills required to decrease the time spent to transform the data and focus on further analysis and innovation.
The big data has just begun and will, for sure, provide many opportunities in the future.