big data impact

An introduction to big data and its impact over businesses

The computer systems of today have shown a remarkable evolution from their earlier applications of running simple programs for mathematical computation.

Over the course of a few decades, innovations in software technology have made possible the prediction of certain events based on analysis derived from a vast data repository.

This enormous amount of data is described by a term called ‘big data’, and it has now become a core element in almost every business decision.

Every business is now analyzing big data techniques that would give them maximum returns for their investments while fulfilling the business requirements.

One of the primary reasons why businesses benefit from big data is that they have incredible amounts of organisational data.

In its recent report published in April 2018, Deloitte has suggested that not only does big data have the potential of improving business value, but it also increases its overall effectiveness.

Be it big or small, businesses generate data whenever customer interaction takes place. When harnessed correctly, this data has the potential of giving businesses essential insights.

As a result, there is now a requirement of data analysts in almost every enterprise, most of whom hold big data certifications.

Companies now view big data as an asset which serves them a variety of functions across the domains of banking, manufacturing, retail, consulting, and in hiring:

Banking

When it comes to financial institutions like banking, big data has proven to be extremely effective. Not only does it aid them in predicting consumer behavior, but predictive analysis – which is the use of historical and present data for the prediction of trends – also allows them to deliver superior customer experience.

For example, if a corporate bank has an active social media or website and some of its customers get married, big data makes it possible for the bank to get the update instantly.

Banks can thus use this information to congratulate the newlyweds while also suggesting to the customers the benefits of getting a joint account.

In this regard, big data has not only enabled the bank to deliver a superior customer experience, but it has also helped them to take steps towards bringing in new business opportunities.

Manufacturing

Manufacturing is an exhaustive process which consists of many sub-processes, each of which requires extensive planning and supervision.

As it involves data organisation at every stage, big data has come up as a useful tool for refining the quality of products while also systemising the detection…
 
 
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