The Big Data Evolution is Here
Nearly 30 years ago, when Sam Walton‘s Retail Link gathered consumer info using product bar codes, the big data pronounced its advancement in the digital world. Now when Walmart, Amazon, Facebook, and Twitter are all relying on data aggregation and analysis to uplift their business strategies, we know that big data has a lot of unleashed potential and advantages in business contexts. Analyzing and then translating the big data into actionable insights, companies are more able to optimize promotional campaigns and predict their next moves.
So that the maximum benefits be gained, most reputed companies have initiated their in-house campaigns to capture the essential big data insights. Thanks to the affordable and accessible big data solutions, every company can bank upon big data and Business Analytics. Now it’s no more about big data; the game has turned in terms of how to apply the big data in business contexts to maximize the returns.
Business Analytics and Intelligence has emerged as one of the most powerful tools in enterprise intelligence system. Whether it’s data governance or dealing with customer analytics, this section of social intelligence tracks the data units so accurately that a larger picture can be derived out of it. We have technological solutions that permit us access browser-based analytics to answer the ad hoc business questions in real time. Business houses have the competitive advantage here because solving issues on a real-time basis will reduce time constraints.
The world has evolved to an age where more than 400 million tweets per day and over 1 million transactions per hour (WalMart) dictates the market’s behavior. On an average, 12+ TB of tweet data, 25+ TB of log data from Facebook surrounds us every day, we are creating the big data for our consumption. The complexity is such that to extract any meaningful insight, we need to aggregate all types of data from text data (web) to graph data (social networking and Semantic web), and big public data such as finance and weather reports etc. Every individual is today interlinked with so many data-producing and data-collecting platforms that being customer-centric has become the top priority.
Customers not just act, they also express their opinions and preferences on various forums. Also, the exchange of information has been largely facilitated by online sharing platforms like Youtube and Quora. These expressions display the purchasing behavior and general interests of an individual, apart from highlighting the influence that they command on their peer group, both online and offline.
The fast generation of data has compelled business houses to process the data on a real time basis. Even a slight delay in interpreting the data insights can result in a huge loss to a company. For example, when monitoring data related to healthcare, you will need to judge accurately all the physiological measurements to immediately respond to the situation. Similarly, while running an E-Promotional campaign, you will want to access all the real-time data about the customer’s current location, purchase history, and general preferences. Only then you will be able to send appropriate promotional banners/links matching the customer’s profile.
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