Rising Significance of Big Data Analytics for Exponential Growth

 


SGAnalytics_Blog_Rising Significance of Big Data Analytics for Exponential Growth
Published on Jan 20, 2023
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The advancements in big data technologies are unlocking a new treasure trove of insights for businesses globally. While earlier BI and analytics applications were limited to structured data in relational databases and data warehouses, today, there is a lot of potentially valuable data that does not fit the relational mold. 

Big data today has taken center stage as companies across a huge range of industries are beginning to understand the opportunities it brings along. Yet, there is a lack of understanding of the concept.  

Big data is far more than just a buzzword thrown into the conversation. It holds the potential to transform what we do and how we do it completely. With the big data and analytics market advancing at a faster pace, the sector is expected to grow up to $77 billion by 2023. 

Big data environments assist businesses in processing, managing, and analyzing different data types. The data sets now available to organizations contain customer databases and emails, along with other useful insights such as log files, images, social network posts, medical information, and much more. 

Companies are increasingly trying to take advantage of the available data to drive better business strategies and decisions. This data-driven culture is proving to be more resilient for businesses than those that do not comply with this mindset. 

Read more: Top Data Science Trends to Look Forward in 2023 

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Redefining Experiences with Big Data  

Due to its nature, big data is perceived to be a challenging process to manage and use. Big data environments are complex, as they incorporate multiple systems and tools to be able to derive well-orchestrated data and smooth work progression. The data is complex, as the data sets are large and varied and often involve streaming data. Some of the significant issues can be split into the following categories: 

  • technical challenges that involve the selection of the right big data tools and designing big data systems for them to scale as needed 

  • data management challenges, ranging from data processing and storing to cleansing, integrating, and governing 

  • analytics challenges, like ensuring that the data needs of the business are understood and analytics results generated are relevant to the organization's strategy 

  • program management challenges, such as keeping costs under control and employing workers with the required skills 

Hiring and retaining skilled employees is particularly difficult as key contributors like data scientists, data architects, and big data engineers are in demand due to the rising popularity of data integration in every framework. 

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The big data systems deployed by companies are used for a variety of stream processing applications, along with interactive machine learning and predictive modeling. Businesses can outline some common use cases for big data based on their industry. The use cases are as follows: 

  • devising a 360-degree view to gain customer insights to optimize marketing campaigns 

  • improving customer acquisition by gaining a better understanding of customer needs 

  • strengthening fraud prevention measures and cybersecurity protocols to identify security threats 

  • enhancing business forecasts and optimizing product pricing to increase efficiency 

  • designing personalization systems for corporate websites and streaming services 

  • analyzing data in the form of text, videos, images, and audio to understand customer sentiment and spot patterns 

  • facilitating preventive maintenance to minimize failures and downtime in manufacturing plants and other operations 

  • identifying and mitigating risks in financial management, supply chains, and logistics operations 

Read more: Data Analytics in Media & Entertainment Industry: 2023 Trends 

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Business Intelligence and Data-driven Insights  

Business data is not a revolutionary concept. Organizations have been generating and utilizing data for centuries to make informed decisions. Big data assists in ramping up their decision-making. It stems from the idea that businesses generate enormous amounts of data due to technological innovations. 


Read full article here: https://www.sganalytics.com/blog/importance-of-big-data-analytics-for-exponential-business-growth/

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