What are the Facts You Never Knew About Big Data Solutions

What are the Facts You Never Knew About Big Data Solutions

Big data solutions will be one of the fastest-growing markets in the coming years. Big data is the next Intel. You can have data without information, but you can never have information without data in any business. The utility extracted from big data is crucial to any business. Most businesses today have no option but to integrate big data into their day-to-day operations.

Below are some of the big facts that you didn't know about big data solutions;

1. Data Is A Valuable Asset

In the past years, companies have collected data for their benefit. However, in recent years, big data has been used to raise revenue for the business. Most businesses generate revenue through the sale of;

• Data
• Metrics
• Insights as a service to third parties.

2. Cloud Storage Will Replace On replacing the On-Premise Solutions.

Cloud storage offers several cost-reduction benefits and efficient security features regarding data solutions.
According to most analysts, We expect an upward trend in cloud analytics in the next years. Most on-premise solutions will not even be an option in the coming future.

3. Big Data Solutions Needs a Diverse Culture

You are more likely to benefit from big data solutions when you turn your firm into an information-centered organization. The culture shift will enable your staff to make quick and reliable decisions for your business. A culture in which employees are encouraged to use collected and stored data to make business decisions and solve business problems is necessary.

4. The Real Drivers Of Data Are People Within The Organization

A shift in organizational culture is necessary to ensure a successful big data strategy. Managers and executives must be aware of the uses of data for the success of big data strategy in any business or organization.

5. Big Data Exists Everywhere

Previously, you couldn't expect data to flow from certain areas. But now, data is like oil, it is more valuable, and you can literary get it from anywhere by connecting any device to the internet. Your business will likely grow fast when you understand the use of big data flowing from different areas for your benefit.

6. Big Data Is Available In Real Time

Big data is produced more continuously compared to small data. The frequency of generation, handling, recording, and publishing is high in any big data.

7. There Is A Possibility Of a Shortage Of Big Data Engineers And Technicians

We predict the number of skilled prominent data engineers and technicians will soon be scarce. As a business that values the use of big data, you should prepare for such shortcomings by acquiring these professionals now than later. You can also consider training your unskilled employees to ensure that their skills match the future market expectations and need.

Where Is Big Data Used?

Most industries use big data solutions for the safety of their data. These solutions can be used by any size of business, big, mid-sized, or small. The following chart shows where big data solution is used mostly in various business segments and industries:

What are the Benefits of Using Big Data Solutions

Big data solutions will greatly benefit your business, whether you are a small or big business. Some of its benefits are; 

1. Cost reduction 

Reducing costs is one of the significant benefits of big data solutions. You will have a lot of data flowing in from different departments. The cost of storing the data might worry you when you keep it in small quantities.  
The cost of storing, processing, and analyzing large volumes of data is cheap and efficient compared to traditional data storage. The fee is distributed across many customers sharing the cloud storage.

2. It helps to understand the market conditions.

When you examine and analyze big data collected, you are most likely as a business to get a better understanding of the market trends and consumer behavior.

• For example, analytics from big data allows media companies to monitor the time duration viewers take to watch videos on various platforms like YouTube and their responses.
• These analytics have enabled media companies to target viewers and adverts at certain times and in specific videos that the viewers enjoy watching the most.
• In turn, targeted campaigns boost sales and efficient customer satisfaction.

3. Better decision-making

The use of analytics can boost decision-making in a business to a more considerable extent;

• Instead of making irrational decisions, models are used to decide and make significant decisions in a business.
• Banks use analytics to predict customer trends and interest in various products offered by the banks.  
• Banks also use big data in analyzing the financial behaviors of customers.
• Suppose a customer has little savings in their account or has a poor credit score. In that case, banks can use the analytics collected to evaluate the customer's creditworthiness, preventing the bank from risks like a client failing to pay a loan.
• The bank is, therefore, able to asses its risks before deciding on loans to customers.

4. To improve customer experience.

We improve customer experience by checking the feedback left behind by customers. We also check the reaction of customers towards certain goods. It enables the business to understand customer needs by analyzing the input, leading to better service delivery. It's done by tailoring the goods and services according to customer needs and specifications.

5. It helps the business to detect fraud.

When banks study the analytics of their customer accounts, they can detect irregular activities on customer accounts. Through analytics;

• They can flag any unrecognized activities on the accounts detected as irregular until verified and confirmed by the account owners.
•  In return, the bank is protected from unnecessary compensations to their customers and protects them from being defrauded.  

6. Focused and targeted campaigns

The analytics collected from various platforms, like Google, can tailor ads and target customers according to their searches and clicks. The business can use the amount of time spent watching YouTube videos by customers to target customers appropriately according to tastes, age, and preferences at the right time according to their needs.

7. Customer Acquisition and retention

Customer patterns are observed through the analytics provided by big data. The designs enable the business to tailor goods and services according to customer specifications and needs, which leads to customer satisfaction.
Pop-ups of goods and services already bought by customers in the E-Commerce business help build trust among new customers that whatever they order will be delivered and of good quality.

Conclusion

The benefits of big data outweigh its disadvantages. Big data can be critical to any business in cutting costs, understanding market conditions, improving customer experience, detecting fraud, and improving target campaigns.

A high-quality link to big data in real-time can give you the upper hand compared to your competitors. Big data remains a powerful tool, and businesses should strive to use it to their advantage. By contacting Guru solutions, you will be able to get all Big data solutions services, all done by top experts.