Big data Analytics for Business Growth

By CIOReview | Monday, January 15, 2018

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The adoption of big data analytics that was once heralded as the ‘next big thing’ is in an unsurpassed rate showing no signs of slowing down even now. Big data analytics which is driven by specialized systems and software, points the way to various business advantages, comprising novel revenue opportunities, efficacious marketing, better customer service, enhanced operational efficiency and competitive advantages over rivals.

This analytics application assists analytics professionals, predictive modelers, data scientists, and other statisticians to examine the escalating volumes of structured transaction data, in addition to the other forms of data that are untapped by traditional business intelligence (BI) and analytics programs. On a broad scale, big data allows a business organization to analyze data sets and draw conclusions to make informed business decisions, thereby helping them to profile customers in a far reaching way. As it is regarded as a form of advanced analytics, it enables business to engage in real time, one-on-one conversation with consumers.

One of the best ways to collect and use the feedback of customers is through big data, as it helps organizations to perceive the service practiced and products to be launched. Hence, with big data companies can make necessary changes and re-develop their products. On analyzing an unstructured social media text, it enables to find out the broad feedback from customers. With this, organizations can also fragment the result of the feedback in various geographical locations and demographic groups. More importantly, big data enables to test variations of high end computer-aided designs within seconds that raises the productivity and efficiency of various production processes.