Big Data. If I had a penny for every time I’ve heard, seen, read, smelled (ok, maybe not smelled) those two words over the last several weeks and months, well, I’d have a lot of pennies. And, I’d need a new penny jar.
In case you need a refresher, Big Data is the collecting and analyzing of huge volumes of data to reveal business patterns or trends.
Big data may sound like just another buzzword, but it offers numerous benefits for every company, from the local business to the large enterprise. You can keep a finger on the pulse of your brand’s health, monitor customer’s behavioral trends and mine for golden nuggets of information.
I know, I know. You have enough on your plate without adding Big Data analytics to the cloud/technology/OMG I need a vacation mix. Upgrades, patches, backup solutions, data security…does the list ever end?
But, hear me out. Big Data is worth every penny (back to pennies again). With a wealth of information at your disposal, Big Data is instrumental to your business’s ongoing success.
And, if you didn’t care about Big Data before, you definitely should now that it’s surpassed $46 billion in revenue.
Also, a new report from SNS Research predicts that companies will spend more than $72 billion on Big Data hardware, software and professional services by 2020. Holy smokes; that’s a lot of moolah.
So, why all the fuss? Why does everyone have Big Data on the mind? Read on to discover 3 reasons why Big Data analytics matter:
1) Drive Profitable Decision-Making
When used with a strategic mindset, Big Data can be the driving force behind better, faster decision-making.
Think of Big Data as a treasure trove of information at your fingertips. Companies can gain a better understanding of their customers, pain points, success stories, etc. and use all of this information to inform future business decisions and improve customer experience.
You could analyze spending patterns or customer demographics. This data can help you shape future product offerings or determine the best time to promote offers. It’s a win-win situation – you’ll increase revenue AND customer satisfaction.
For example, Amazon uses Big Data to decide what offers to recommend to their customers. How’s that going for them? Pretty well, considering more than 35% of their website sales originate from these product recommendations. Not too shabby.
2) Tap Into Cost Savings Potential
Companies can use Big Data analytics to lower overhead expenses. Because Big Data technology lives in the cloud, businesses can realize the benefits of a feature-rich, future-proof and scalable infrastructure minus the maintenance costs and upgrades associated with an onsite data center.
Big Data isn’t only for the big kahunas. All businesses can benefit from Big Data. Smaller businesses with a tight IT budget or no IT team can jump on the Big Data bandwagon through affordable solutions like data science as a service (DSaaS) providers or third-party providers.
3) Fuel Operational Efficiency
Big Data analytics can offer real-time insights into company performance, allowing companies to drive operational efficiencies and mitigate risk.
For example, analytics-backed solutions can alert airline staff when a part is needed, eliminating unnecessary maintenance and costly downtime. Or, businesses of all shapes and sizes can monitor energy consumption and identify opportunities for reducing operating costs and creating a more energy-efficient office.
What it all boils down: Big Data can drive BIG action. By harnessing the power of Big Data analytics, you can gain invaluable insight into how your business is running, improve business decision-making and generate new and significant revenue streams.
Ready to embrace Big Data but not sure where to start? Our team of experts can help you design and implement a Big Data solution that works for you. Get all the details here.