Big Data: Helming Businesses of Today

By CIOReview | Wednesday, May 2, 2018

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One of the most prominent next-gen technologies, big data analytics is transforming the way businesses perform, innovate, and compete in today’s technological world. Insights gleaned from big data analytics are empowering business executives to put forth informed decisions more efficiently and faster than ever before. While organizations have massive volumes of data at their disposal, it is imperative to ensure that they don’t get bogged down by it and rather utilize it in streamlining decision making. Today, enterprises are leveraging data-driven business processes and strategies to capitalize on opportunities, significantly increasing their revenue generation. To deal with the sheer volume of data, businesses need to effectively optimize their operations and functions and not delve into the huge pool of data endlessly. Business leaders must refrain from meaningless details and focus on important trends that are unique and have the ability to modify the way the present market or products operate.

The primary step to building a compelling business model is by identifying, aggregating, and utilizing the right data. Often the biggest challenge for marketing teams is to capture the required online data through email, videos, and web visits. Although these platforms help to a great extent, they are not always the best means of marketing success. Emerging online data points such as geospatial data, sentiment data analysis, and much more becoming readily available and businesses must harness the power of these data to deliver value-added marketing decisions. On capturing the requisite data, data analysis specialists must identify and suggest the appropriate statistical or machine-learning methods for evaluating the data and offer valuable insights.