Update: This article was last updated on 18th March 2020 to reflect the accuracy and up-to-date information on the page.
Big Data, not a new word for many, has almost changed the corporate scenario in recent times. Being the outburst of the digitized world, Big Data can be defined as the large volume of day-to-day company data that can be both structured as well as unstructured. Therefore, Big data can be described using three V’s consist-
Big Data is providing a solution to business problems. It gives the company a more economical way of dealing with machines and the people, as now the World Wide Web is being over flooded with extreme use of data each day, which results in the fact that the companies can’t anyhow blindly follow the obsolete method. Companies that realize the importance of Big Data and understand what Big Data and its potential have a competitive edge in the market.
As per the prediction by International Data Corporation (IDC), the Big Data market is set to grow from $189.1 billion in 2019 to $274.3 billion in 2022 at a compound annual growth rate of 13.2%. This further implies that the need for Big Data tools and methodologies is increasing at a fast pace.
Here are three ways Big Data can help businesses in overcoming their major challenges:
1. Multiple Governance Processes
Companies that use Big Data automatically elevate their productivity and profit rates than the rest and make their recipe are a success. In Big Data analytics, there are multiple governance processes that are active simultaneously, rather than one central governance system in the traditional method. Each process is made to act as a solution to a specific business area, which adds efficiency and effectiveness to the whole management system.
Not only this, but the traditional supply chain application also doesn’t help today because of high volumes of data being generated now and then; it only helps in leveraging the transactional data.
2. Transformation in Customer Experiences
Just the price and the product do not differentiate a company today, but the customer satisfaction rate does. Irrespective of the price, the foremost priority of a company in this hyper-competitive world is a customer. With the help of Big Data, we can transform this customer experience and make it reach further heights. Content is increasing every second, and with this increase in content, it needs to be managed appropriately and formatted.
The present content management system can handle data formats but that to be on a low scale and gives the limited capability to content discovery. It leads to a need for Big Data, which not only enriches content discovery and development but also manages the content with the help of data visualization tools such as Tableau.
3. Quality Assurance
Big Data offers quality assurance and is an approach to overcome the quality challenges in the present scenario faced by many. 80% of data generated is unstructured that does not fit into any database format and considered of no use to the organization. Still, with Big Data coming to picture, the so-called unstructured data is being organized in a way it benefits the company. It stores every type of data, be it structured, unstructured, or semi-structured and makes use out of it.
Moreover, with real-time access to the information, the identification of any possible threats and monitoring of the workflow can be achieved conveniently.
One can very easily imply that Big Data will bring huge changes in the lives of people and also the business, solving the major issues of day-to-day lives. Therefore, it’s high time to adopt Big Data technology for the growth of the business.
How has Big Data changed the process of your business? Do let us know in the comment section below.
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