The Importance of Big Data in the World of Business

//The Importance of Big Data in the World of Business

The Importance of Big Data in the World of Business

2020-01-07T09:12:25+00:00January 3rd, 2020|Blog|

Data. The most indispensable asset in the world of business and technology today. Big Data is a structured and unstructured volume of information that allows a business to function on a day-to-day basis. The actual quantity of the data is not that important, the way it is used though, really is. Business are given the option to analyse data for insights into their market; use it to their benefit or simply ignore the data and lose out on strategic moves that could push their company to a whole new level.

It’s clear to say that most powerful companies make use of Big Data in the best ways possible, allowing them to have that edge over their competition and a true connection with the consumer market that makes them a more desirable participator in the industry.

Some big players in the world’s markets that benefit greatly from Big Data and its advancements include:

  • The banking industry: real-time accounting and transaction details are made far easier with Big Data insight
  • The healthcare industry: files on patients, doctors, drugs and other necessary points of access are boosted by Big Data technologies
  • The energy industry: consumption of energy is a major talking point and will only become more apparent in the next coming year; Big Data can help track such usage
  • The technology industry: the world’s fastest growing industry that’s fuelled by AI and other technologies such as blockchain and fintech to name a few – pumped with Big Data stats
  • The consumer industry: hands down the most important market to keep track of if you’re looking to make an impact in your marketing techniques and product development improvements; Big Data technology is the portal to this success
  • The manufacturing industry: learning how to create ‘must-have’ products in the manufacturing industry is something Big Data can guide you towards

This revolutionary field in Information Technology is one that is improved every year to say the least. It is the gateway to a thriving B2C system that improves Perspective Analysis, Predictive Analysis and even Descriptive Analysis.

  1. Perspective Analysis is the examination of a person’s point of view on a topic, market or product. With surveys, polls, focus groups and other forms of feedback, a user’s perspective can greatly help to point any business in the right direction.
  2. Predictive Analysis is a gathering of statistical techniques from data mining to machine learning that allows companies to take massive leaps in their ecosystem to infiltrate the market in an effective and efficient way.
  3. Descriptive Analysis is a summary of the quantitative summaries used to analyse statistics. With such analysis; the core of every pain point can be targeted and hopefully translated into a seamless manner of delivery to a vast market.

These three methods of analysis can better the potential in industries like Data Science, Business, Real-time Usability and even the Job Market. Your business may be doing extremely well, it may be on the rise and ready to take the next step, by means of additional tools, improved marketing strategies and other innovative practices available on the market. But how can you improve that? Big Data is your answer.

Finding ways to make Big Data work for your company can be a challenge, new technologies such as AI, geo-analytics, SEO and SEM are some of the tools that Big Data pushes to the limits. There are tonnes of methods to try out and the experts at 4Sight can guide your company in the right direction; book a meeting to give 2020 that well-deserved boost your business needs.