Big Data Analytics Instrumental for Business Growth

By CIOReview | Monday, June 18, 2018

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The adoption of big data analytics is growing wide and deep, with increasing number of use cases across industry verticals. Big data analytics, driven by specialized systems and software, leads to various business advantages that include novel revenue opportunities, efficacious marketing, better customer service, enhanced operational efficiency and competitive advantages over rivals.

Big data analytics application assists analytics professionals, predictive modelers, data scientists, and 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. Regarded as a form of advanced analytics, it enables business to engage in a 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 gain insights into the performance of their services and solutions. Hence, with big data, companies can make necessary changes and tailor their products. Analyzing unstructured social media text enables companies to comprehend the feedback from customers. With this, organizations can also fragment the result of the feedback according to 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.