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Why Is Big Data Important for Your Business?

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Why Is Big Data Important for Your Business?

 
It is the era of data today. Everything we do depends on data. We share data, receive, upload, download, tweet, post or even view or read; all this is done over the data. As of Dec 2019, there were 4.54 billion users on the internet, out of which there are 3.725 billion users who are active on social media, as per a report. Over 91% of retail brands have 2 or more social media channels. Another report says that people across the globe spend around 6 hours on the Internet. Can you imagine the huge lump of data that is produced while people spend their time on Facebook, Twitter, YouTube or WhatsApp, and other apps? The continuous creation of data through business applications, social media, streaming videos, and other domains has resulted in the formation of Big Data.
 
Big Data exists everywhere. Big Data is important today because it lets you find ways to reduce cost and time consumption significantly. It lets you make smart decisions regarding your business and develop new products along with optimization of offers on existing ones. No doubt, professionals today are taking up data engineering courses and diving deep into this field.
 
Now let us read about what actually Big Data is.
 

What is Big Data?

 
The term ‘Big Data’ is defined as the data that is so complex, large and fast that is otherwise impossible to process with traditional methods. The definition of Big Data is articulated in the form of three V’s. 
 
• Volume: A large amount of data is collected by organizations including smart IoT devices, business transactions, social media, videos and more. The data is stored in data lakes like Hadoop and the storage of data is eased.
 
• Velocity: the growth of the Internet of Things(IoT), has given the velocity to data streams into businesses and needs to be handled periodically.
 
• Variety: data comes in the variety of formats from structured, numeric to unstructured documents, texts, emails, audios, videos, and financial transactions.
 
To be clear and simple, Big Data is a blend of tools and processes that are meant to utilize and manage large data sets. The evolution of Big Data happened with the need to understand the patterns and trends in the enormous database generated with the people’s activities over the Internet.
 
Big Data can help organizations figure out their most valuable customers by using analytics. Additionally, it helps businesses to create new products, services and eventually new experiences.
 
One of the most recent applications of Big Data can be seen while the whole world is fighting with the Corona pandemic. The stats related to new corona patients, the number who have recovered and the suspects along with the location wise statistics are available with updates anytime. How do you think it is possible? Yes! It is Big Data.
 

Importance of Big Data in Business

 
The usage of Big Data has become crucial for many organizations in order to outperform the competition. There are many industries where the existing competitors and new entrants use the strategies that are data-driven to capture, compete and innovate. This is the reason why Big Data techniques are used in every sector from information technology to healthcare. Big Data is used in both the private and public sectors. Let us read about the advantages of Big Data.
 
• Communication With Customers
 
In the end, customers are responsible for the success or failure of a business. There are different channels via which consumers communicate with their businesses. Before buying anything, they compare it with the substitutes or options available. Big data allows businesses to engage their potential customers through one-on-one communication. In this way, you can come across the requirements and desires of your customers and act accordingly.
 
• Improvement of Products
 
The best way of collecting and using feedback from consumers is Big Data. It helps you go through the perception of your products and services. This lets you modify or change the products or services and improve them. Big Data lets you test a number of variations of high-end computer-aided designs very quickly.
 
• Risk Analysis
 
There are various factors that determine the success of a company which may include economic and social factors that are crucial for your accomplishments. Big Data allows you to go through and analyze social media feeds and the reports published in the newspapers eventually giving you predictive analysis. This shows you the areas that are with the least risk and high risks and you can decide the course of action consistently.
 
• Understanding Market Conditions
 
Big Data analysis can help you understand the current condition of the market. You can analyze what products/services of your company are people satisfied with, and how many of them need to be improved. Thus it can help you in improving your performance significantly.
 
• Data Safety
 
The safety of your data is the foremost priority of any company. With Big Data tools, you can map the complete data across the company. Along with this, you can analyze all the internal threats and hence keep the sensitive data safe from the threats. Thereafter, it is stored under regulatory requirements.
 
Most industries focus on Big Data in order to ensure the safety and protection of their data. Financial organizations find Big Data crucial because of data safety features; because they need to safeguard credit card, debit card and account details of their customers.
 
• Significant Cost Reduction
 
Implementation of Big Data tools in your organization can help you save a lot of money that you would otherwise spend in hiring IT staff, storage and management of huge chunks of data and reducing the risk of inaccurate data.
 

A Career in Big Data

 
Today, you can find Big Data everywhere. It is important to collect and conserve the data that is being generated. You have read about the advantages of Big Data and you know how crucial it has become to implement Big Data tools to your business regardless of its size. Since the organizations are finding ways for exploiting Big Data, there is a high demand for tech professionals who are experienced in Big Data Analytics and implementation of Big Data tools.
 
There are numerous choices if you wish to make a career in Big Data, the different titles are:
 
• Big Data Analytics Business Consultant
 
• Big Data Analyst
 
• Big Data Engineer
 
• Big Data Solution Architect
 
• Big Data Analytics Architect
 
• Analytics Associate
 
• Metrics and Analytics Specialist
 
• Business Intelligence and Analytics Consultant
 

Conclusion

 
If some technology has so many advantages and is powered with powerful features, you would obviously wish to make a career in the same. Some accredited online training providers make it easy for you to find out the process of getting into it and train you to launch your career in Big Data by preparing for the certifications.



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