Today, organisations have to deal with increasing data velocity, increasingly diverse data and increasing data volume. These are the characteristics of big data which is simply defined as big datasets that can be computationally analysed to reveal trends, patterns, and associations in human interactions and behaviour. Some key concepts around big data are data collection, data storage, data retrieval, and analysis. Organisations deal with a variety of data including audio, video, geospatial data, 3D data, unstructured data, data from social media and log files. Using big data has the following benefits:
1) Using Big Data reduces costs
Using big Data helps to eliminate errors such as invoice processing errors. It also automates schedules. As a result, less expense is incurred by the business. For instance, Twiddy & Company Realtors were able to cut their costs by up to 15% through the application of big data.
2) Using Big Data Helps Increase Efficiency
Using Big Data tools helps increase the efficiency of a business. Some of the most applicable tools are google maps, google earth and social media with which you can perform many functions from your office without the need to travel. Consequently, you will save both time and money.
3) Use of Big Data Improves Pricing
This applies where you use business intelligence tools to evaluate your finances. Big data enables businesses people get a clear picture of where their business stands. This helps them in the pricing of their products.
4) Helps your Business to Compete Favourably
The use of Big Data is becoming an important way for leading businesses to outshine their peers. In most sectors, new entrants and established competitors are leveraging data-driven tactics to innovate, compete, and capture value.
5) Using Big Data enables you to Focus on Local Preferences
For new businesses, it’s important to start with your local market if applicable. Using big data allows you to zoom in on your clients’ preferences. You can then focus on these preferences.
6) Helps to Increase Sales and Loyalty
Big data enables a business to establish customer shopping preferences and beliefs among others. This information is critical as it enables a business to tailor its products to exactly what the customers want. By browsing the internet or posting on social media, a customer leaves behind digital footprints which can be harnessed through the application of big data for the prosperity of your business.
7) Ensures that you Hire the Right Staff
With big data, it is possible to scan candidates on LinkedIn to get those that best suit the position sought to be filled. The hiring process does not have to depend on what the candidate says or what is written in their CV. Much more information can be obtained from the web.
8) Accurate Advanced Experimentation
There are data modelling tools that allow advanced experimentation with data while still maintaining accuracy. You can to explore different uses of big data and allow streamlining of lab activities. This is possible because big data software is able to handle very complex and demanding tasks.
9) Ease of Data governance
There are data modelling tools that help in data governance. Some of them have centralized metadata repositories, a feature that allows effective centralization and aggregation of metadata from a variety of sources for easier comparison.
10) Sequential Processing of Data
Data governance tools use pipelining technology that enables sequential processing of data. As a result, the output from one process becomes the input in the subsequent process. The pipelines are usually linear or dynamic thus allowing great flexibility in data governance.