Turning big data into meaningful insights
Businesses across industries face an unprecedented influx of data as they make their way through the digital era. Things like the Internet of Things (IoT), social media, digital marketing, etc., have considerably contributed to it. As a result, how we dealt with data in the past has changed drastically. The traditional database management systems aren’t equipped to deal with such vast volumes of data. By 2025, it’s estimated that a staggerring 463 exabytes of data will be created each day globally. Managing and deriving useful information from such massive amounts of data is a mammoth task.
No doubt, one of the most valuable resources for any company across the globe is data. Today, with great computing power, companies can process data much faster. The adaptation of cloud technology has cut down the cost even more. In addition, robust data analytics tools can provide in-depth data insights that change how businesses perform daily. All of this has been possible because of Big Data and data analytics. But, to fully take advantage of Big Data, companies need to shift to making data-driven decisions.
Data comes from all possible sources – social media, websites, apps, signals, sensors, and whatnot. Companies use this data to keep track of consumer behavior, likes, dislikes, interests, and so much more. With Big Data analytics, companies can gain insights into customer purchase patterns, preferences, and market trends. Technology giants like Google and Microsoft use Big Data analytics to customize their customer experience. Amazon and Netflix use these data insights to personalize their recommendation algorithms. In other words, many companies are taking advantage of data to grow their business. Hence, to remain competitive and accelerate business growth, adopting a data-driven approach to business decision-making is no longer a choice, but a necessity.
Why Big Data?
Big Data is a prominent trend across various industries. Its impact can be seen across all sectors and business functions –
- Risk management: Data insights can prepare companies for potential risks. Big Data can help develop effective risk management solutions to assist the business in avoiding unforeseen threats and events.
- Marketing solutions: There is a vast customer data available for companies to tap into. This enables companies to advance their marketing strategies and invest in targeted campaigns.
- Cutting costs: Dealing with huge volumes of data can seem like massive investment in resources. But, various Big Data tools available in the market provide a cost-effective solution to companies. Integrate these with the cloud; they can help companies store, process, and analyze large volumes of data in no time.
- Customer’s need: Amazon’s personalized shopping experience is an excellent example of the importance of customer’s need for a company. Every company faces enormous competition in the market, and unless they understand what their customers want, they might not be able to retain them.
- Make data-driven decisions: With Big Data, companies can make decisions based on facts instead of intuition. Everything can be optimized based on real data insights, from ideating a product to updating its features – with Big Data.
How can Big Data help your company?
Big Data is only advantageous to your company if you use it properly. Using data analytics tools, you can gain data insights that will help you make better business decisions. In this digital transformation era, only the companies that can uncover data insights can survive.
Artificial intelligence (AI) and machine learning (ML) have enormously contributed to making data analytics faster and more effective for companies. Investing in intelligent data architecture, analytics tools, and solutions is an excellent way to make Big Data work for your company.
Carvewing provides such a solution for companies. It can help your company make faster, better, and smarter data-driven decisions. Carvewing provides your company with advanced analytics tools on a scalable, AI-friendly platform. Your data is organized into data sets for better insights. The platform also supports unstructured data so you can make sense of all the noise. The platform easily integrates with the cloud and has an incredible AI fabric so your company can take advantage of all data types. Carvewing can help you grow your business by enabling you to make sense of data. Get in touch with us today!
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