In times of innovation, concepts such as big data and analytics are increasingly popular in the market, as they are fundamental ideas for companies that want to make better decisions. After all, this has a direct impact on practices and, consequently, on results. In this context of digital transformation and industry 4.0, the challenges related to information increase exponentially. For this reason, a series of methodologies have emerged that allow handling large volumes of data analytically and strategically. This is the role of big data analytics.
We will explain more in this text about the importance of the concept for companies, how it is part of the future, and the benefits of a good job in this field of knowledge. Read on!
What is Big Data Analytics?
Big Data Analytics is also known as the analysis of clusters of structured and unstructured data that are digitally generated at all times. Big Data Analytics aims to extract, store and analyze the data to assist in making the best decisions so that organizations can benefit, both in domestic issues such as analysis of the business, or external and customer behavior
The concept of Big Data emerged in the mid-90s, but it is only today that the generation of digital data has become more intense. In general, Big Data Analytics acts to help companies explore their data to create new opportunities. To get a better sense of their importance, the company International Data Corporation (IDC) published a report in which estimates that global revenues from Big Data and Business Analytics will surpass the 200 billion dollars in 2020 and with more forecast growth until 2022!
How do big data and analytics make a difference in the company?
One of the main benefits of big data analytics is to bring inputs that help in the success of strategic actions. The first advantage is that a good data analysis increases knowledge about its customers since the company can visualize the behavior of consumers (purchase times, average ticket, seasonal variations, etc.). With this, you can improve the customer experience and offer promotions, improve pages, or target offers.
At the same time, big data and analytics make it possible to forecast trends and needs. It is possible to analyze data related to interests, purchasing behaviors, and many others that make it possible to anticipate situations and make projections with more quality.
With the ability to measure customer needs and satisfaction through analytics comes the power to give customers what they want. With Big Data analytics, more companies are creating new products to meet customer needs.
Finally, if you want more agility and efficiency in operations, big data and analytics are great tools. The reports generated by the data analysis make a difference in defining strategies because they show bottlenecks and opportunities for action, either in real-time or after an established period of time.
Thus, now with the amount of data coming from different sources at a very high speed, it will cause a lot of problems for the company and the consumers, if the data is not correct. This is where companies must take the crucial step of processing and analyzing data to make sure it is correct. The process is vitally important even in the case of automated decision-making processes where humans are not involved.
It is important to ensure that both the information and the data analysis are correct. And, also it is vital to execute the correct Big Data strategy, and for the success and progress of your company.