What is Big Data Analytics and what it can offer an organization?

What is big data analytics?

In current scenario, data is produced in all sizes and forms faster than ever before. Big data analytics is nothing but capturing and combining these data for comprehensive insights and faster decisions. Analyzing a large volume of data to reveal unseen trends, unidentified correlation, customer preferences, current market trend and to predict scope for your products in the near future. It is one step further to that of traditional business intelligence, which deals with less volume of structured data compared to big data analytics.

What big data analytics can offer an organization?

  • Big data analytics primarily offers an information explosion; tons of information can be collected on a regular basis from your data from any sources.
  • It increases number of data savvy resources in any organization, thus companies that opt to use big data analytics, make right decisions five times faster than others.
  • Return on any your investments can be calculated easily from data on your previous investments.
  • No more time spent on creating any kind of reports. All the reports are generated within matter of seconds from big data analytics.
  • It can empower not only the managers, but also the employees to respond faster to customer queries.
  • Big data analytics offers a 360 degree view on all the information from every department an organization has.

Big data can play a very vital role in any part of your organization:

For Marketing –

  1. By analyzing marketing data you can get new insights like 360 degree view of your product users, thus gathering your customer preferences.
  2. Predicting a change in future market trend for you product.
  3. Numerous critical insights from customer surveys to make improvements on your product or services.
  4. Discover new ways to acquire customers by analyzing data using familiar excel.
  5. Empowering marketer with facts based insights.

For Finance –

  1. By analyzing financial data, you can get information like which product to concentrate more on, that gives you the highest returns, total number of units sold, discounts and profits before taxes etc.
  2.  Production cost and profit made out of product A, product B etc., can be viewed separately.
  3. Reduction in investment risks.
  4. Improves transparency with real time visibility into financial health, thus empowering everyone to make better financial decisions

For sales –

  1. Revenues and target by regions can be monitored round the clock.
  2. If any resource is about to miss his/her target, alarms will go off in dashboards, indicating that resource requires assistance to achieve his/her target.
  3. Sales person can get pricing data for customer in few seconds

There are many leading organization across the globe that have employed Big Data Analytics to become more successful. Twitter and Linkedin are the two social network giants in the current market who are using big data analytics to generate information.

Tags: Microsoft BI
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