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How Does Big Data Help In Building A Successful Business?How Does Big Data Help In Building A Successful Business?

Data science is the new sexy. It is one of the most hyped concepts in the business world. Most businesses around us are mining data and deriving valuable insights to improve their productivity and profitability. Do you still think Big Data is an irrelevant term for your business?

Slowly but surely, Big Data is having an impact on the way business is run. No matter what kind of industry you represent, collection, analysis and interpretation of data is the key for grabbing the mind share of customers while keeping the organization profitable. Here’s how Big Data can help you in building a successful business:

  • Reduced Cost

Businesses avoided Big Data because of the high cost of data storage. But, several tools such as Hadoop, Cloudera, Hortonworks, Amazon Web Services, etc. are available in the market that help you to manage data efficiently. Big Data can even help you to reduce your cost overheads. Once you analyze the data, you will be able to identify errors in the process and ascertain opportunities for cost reduction. For example, Google Analytics allows you to understand customer behavior on your webpage and gives you an opportunity to make quick changes.

  • Better Decisions

Big Data allows you to access information in real time. You can assimilate data and gather valuable information quickly to take advantage of changing business environment. Also, with a vast quantity of data at your disposal, you will be able to understand the impact of past decisions. It enables you to improve business decisions such as prices, products and promotions and increases profits.

  • Improved Customer Relations

Today, consumers engage with brands more frequently than ever! Before hitting the “Buy” button, they like to talk to the business via multiple social media platforms. Big Data allows businesses to participate in one-on-one conversations seamlessly. For example, a telecommunications company can check a customer’s preferences by digging into his profile. It will enable the company to customize its products and services to suit the customer’s needs.

Your Business and Big Data: How to begin?

As a business, your job doesn’t end with investing in Big Data technology. Remember obtaining data from different vendors is easy but possessing the skills to leverage that information is difficult. If you don’t have the required analytical skills to organize and interpret the data, it will not profit your business. So, it is necessary to hire data scientists who can derive meaningful information from raw data. It will ensure that you get adequate time to focus on your core business and still enjoy the many benefits of Big Data.

Bottom line: Do not simply invest in Big Data technology. Instead, set up Big Data team in your organization and create a competitive edge over others.

by Kartik Patel
References and Bibliography
Need to build a Big Data team for your business? Work with Optimal Infosystems, to find the best IT professionals
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