With every action we take, we generate information, which is recorded, stored, classified, analyzed and utilized. Due to its sheer volume, this data is beyond any humans comprehension. Big Data transforms this data into useable changes for industries, governments and humanity. It manages to uncover long sought after truths in health care, politics, commerce, and science.
Research shows that worldwide retailers only capture up to 40% of data and analytics value
Big Data is not just a buzzword. Big Data gives medicine a chance to discover drugs which potentiate each other in a harmful way; connect long-term symptoms to fatal diseases and, accurately predict the success-rate of treatment. Big Data analysis can revolutionize social science. Imagine a world where you pay a personalized amount of taxes, which are optimized for your benefit – your healthcare, your local infrastructure and your children’s education.
Now imagine what Big Data can do for your business.
Why rely on data?
Data is available
Your data footprint cannot be avoided. Filling in an online form is more than the content you provide. It is the time and place in which you do it. It is how long it takes you and how much you share. All of these things are accepted by the user, as the data stores grow, the price of access is lowered also.
Data shows you patterns
High-volume structured data is fascinating. It shows connections between variables you wouldn’t ordinarily notice or predict with the same perfection. Do you know the time of day best for sales solicitation? Okay, but, can you predict which products your customers are most interested in based on how often they contact your support? Data can.
Data is reliable
Data will not lie to you. It will help you every step of the way. It will tell you what defines your success. It will tell you where you are losing out. You can study the numbers and use them to set goals. Data is self-correcting. It will tell you if you have the right strategy and how to improve until you have a smoothly running machine. Introduce changes to your organization and see how those graphs start working for you!
Data is worth it
Data-driven decision making is a necessity of today. Market leaders such as Uber, Airbnb and Netflix have proven that data-driven business models can minimize investment in unnecessary assets. Breaking into the data analysis world requires investment – collecting and documenting data; attracting analytical talent and introducing organizational change, these companies have implemented just that.