The Importance of Big Data to Business Essay

Big data analytics can be used by company to make informed business decision by examining large amount of varied data to get customer preferences, market trends and other useful information. Company can use it to explore new revenue opportunities, improved operational efficiency, better customer service and competitive advantages over rivals.

Big data analysis is helpful in tracking things and can integrate brick and mortar shopping

Technology companies are using big data to analyze millions of voice samples to deliver more reliable and accurate voice interfaces. Banks are using big data techniques to im- prove fraud detection. Health care providers are leveraging more detailed data to im- prove patient treatment. Big data is being used by manufacturers to improve warranty management and equipment monitoring, as well as to optimize the logistics of getting their products to market. Retailers are harnessing a wide range of customer interactions, both online and offline, in order to provide more tailored recommendations and optimal pricing.96

Big data technology is used to help produce useful information out of the massive amount of data collected from retail stores. According to Dylan Love,

Savvas (2015) stated that the reasons why Marks and Spencers uses big data because it helps them to gain a better understanding of the customers of multichannels. It also helps them to understand more about the shopping habits of their customers, which in turn helps them to understand about inventory turnover. The higher the inventory turnover, the better their sales are. Marks and Spencer also uses big data because it helps them to answer key questions about IT support, even if they do not have any IT backgrounds, and at the same time, it helps empower their

In a fast paced, business ordinated technological world the overall welfare of a company is tied to the success or failure to make the tough decisions. On one instance a company’s CEO might be able to make the choices based on experience, advice, or simple gut instinct. However, this is not the only skill one needs. There is a great deal of information to be found in being able to see investments in data and analytics. These decisions are based off of big data. Big data is a catch-phrase, used to describe a massive volume of both structured and unstructured data that is too large to process using traditional database and software techniques. The volume of data is in most cases is too big, moves too fast or it exceed the processing capacity the company has. Despite these potential drawbacks, big data contains the potential to help companies by improving operations and making faster, more intelligent decisions. This can be broken into three key parts, knowledge, data, and information.

Business thrive when they have the most accurate, up-to-date, and relevant information at their disposal. This information can be used for a plethora of pertinent markers in small and large businesses, relating to accounting, investments, consumer activity, and much more. Big data is a term used to describe the extremely large amounts of data that floods a business every day. For decades, big data has been a growing field, facing controversy on many levels, but as of late, it has been a major innovator in the challenge of making businesses more sustainable. Big data is often scrutinized for its over-generalization and inability to display meaningful results at times. When applied correctly, data analysis can bring earth-altering information to the table.

Big data is buzzword in every field of business as well as research. Organizations have found its application across various sectors from Sports to Security, from Healthcare to e-Commerce.

As stated earlier, big data is imperative for a business to succeed. More data results in more accurate analysis. More accurate analysis results in better decision making. Better decisions result in more efficient operations, cost reductions, and diminished risk. More efficient operations, cost reductions, and diminished risk result in an increase in revenue and a more engaged audience. Let’s take a look at exactly how data can help a company.

The industry is inundated with articles on big data. Big data news is no longer confined to the technical web pages. You can read about big data in the mainstream business publications such as Forbes and The Economist. Each week the media reports on breakthroughs, startups, funding and customer use cases. No matter your source for information on big data, one thing they all have in common is that the amount of information an organization will manage is only going to increase; this is what’s driving the ‘big data’ movement.

Big Data in Marketing. Big data has an important role in marketing. Big data helps give marketers an advantage that has never been seen before. It helps marketers gather and sort through much larger quantities at even faster rates than ever before.

Today, data is a growing asset that various businesses are having difficulty converting into a powerful strategic tool. Companies need help turning this data into valuable insight, which can diminish risk and enhance returns on investments. Companies are struggling to make sense and obtain value from their big data. Superior and reliable

Big data analytics can help enterprises to better explore and understand the information contained within the data and will also help to recognize the data which becomes critical for future business decisions. Big data analysts basically depends on the knowledge of the analyzed data

Data is the most valuable tool in your business. Based on a Gartner survey, 73% of organizations have invested or plan to invest in big data within the next two years.

No matter if you are looking at data or big data, it is no value without analysis. So if managers really want to use big data to create