How is Big Data Streamlining Business Operations
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Big Data has evolved over the years and transformed various forms of data; right from the industrial data to customer-centric behavioral data. Big Data models are changing the way companies operate and creating more streams of data insights. Big data models have been creating new opportunities for growth, harnessing the true potential of the products or services offered, streamlining business operations to meet customer needs, upscaling their internal process through efficient execution and creating a higher scope of profits and overall, happier customers. The size and the industry or the company become of less importance here, as every growing business needs data insights to capitalize on their strategies and drive better execution. It is estimated that Big Data would synthesize into a booming market by 2020, providing businesses to explore this space and experience peak growth. With a substantial decline in the data processing and storage costs, big data has witnessed indispensable growth in terms of adoption.
What makes big data a wholesome solution to the data thriving businesses is its scope to analyze heavy volumes of data that addresses user specific or business specific problems. Big data has undisputedly given more scope to the business intelligence teams. Two decades ago, who would have imagined the potential ‘Business Intelligence’ have and the difference they bring to the table through statistical insights! The following topics throw some light on the future of Big Data and how it is changing the Business Models:
Generating new business insights
Big Data has the ability to segment the data and channelize the insights by extracting more data from existing resources. New unexplored channels like Social Media will also play a major role in generating new business insights.
Improving operational processes
Financial companies use integrated analytics for tracking fraudulent transactions or use it for dynamically generated user suggestions for each user based on browsing history. Platform analytics also help in preventive maintenance. They’ll help predict downtimes based on timely analysis and take a preventive action. These measures play a crucial role in improving the overall operational processes in the company.
Gathers Customer Intelligence
Customer Intelligence is the booming field that’s grabbing attention from businesses. Businesses just do not want to meet customer needs. They are aspiring to create products and service experience that leads to catering to the modern day “intelligent” customer. Through Big Data, customer intelligence is likely to undergo a new revolutionary growth.
Growth in Data Volumes
As there’s an exponential growth in handheld and internet-connected devices, businesses will continue to generate larger volumes of data. What’s also interesting is that there will be new ways of analyzing the larger volumes of data. Businesses are going to shift from the standard SQL to more advanced models like Spark.
Tools to analyze business data
With new announcements from Microsoft and Salesforce, growth in new tools that’ll enable non-coders to create apps to view business data are more likely to emerge.
Inclusion of Prescriptive Intelligence in Business
By 2020, there will be the inclusion of prescriptive analytics, right in the business analytics software making the analysis more intelligent.
Real-Time Analysis is the future
Users will want to get access to real-time data that drive in better decision making through Kafka and Spark
Machine Learning in Data Analysis
Gartner predicts that Machine Learning is going to be a key ingredient in predictive analysis of business data by 2020
Algorithm Market will emerge
According to a report by Forrester, businesses will invest in purchasing algorithms, rather than programming them to add to their own data.
Cognitive Computing will rise
As per the current trend, Analytics and big data go hand in hand. Considering the changes in computing, the future will rely on the buzz word ‘Cognitive Computing’. Businesses will rely on Cognition to drive their business insights.
There’s abundant scope for Big Data in the coming decade and further beyond. Though businesses might experience a drift in the usage of Big Data, the crude component of operating business models through data-driven techniques will still rule. Big Data is more like a journey and not a destination, in the near future.