Big Data is being produced at a rate of over 2.8 zettabytes (ZB), or 2.8 trillion gigabytes each year each day. More than 2 million blogs are posted, 172 million users visit Facebook, 51 million minutes of video are uploaded, and 250 million digital photos are shared. It is estimated that about 294 billion emails will be generated each day, even though many consider email an outdated form of communication. It is expected to burst out to over 40 ZB per year by 2020; and to stay forward of the pack, business organisations need to begin tackling such issues today.
Investments are being made quicker than ever before to improve productivity, form value, stay competitive, advert new business trends, and to produce exciting analytic solutions. This is becoming a trademark of the start of the 21st century where IT is being consumed and used by more and more businesses.
For any business process, proper analytical decisions need to be made. For this to happen there are two things to be considered – first is how businesses can impact technology and then extract the data and the second being the arrangement of data and utilization of it to form proper methods to enhance the profits.
Businesses have been segmenting customer markets for decades. However, the era of big data is making breaking up of data more vital and even more refined. The challenge is not just to gather the information; rather it is a race to understand customers more closely.
It is commonly known that handling Big Data is both a precarious challenge and an opportunity for businesses. Having technologies designed to address the volatile growth of the capacity, variety and velocity of information are critical for their success. Luckily, today’s alternate hardware delivery models, cloud architectures and open source software bring processing within reach. Eventually, the big story behind may be very trivial – the capability to create and serve very small micro-segments of customers – with a meaningfully higher accuracy and achieving more with less.
There are presently four main strategies firms use to leverage technology to their advantage: performance management, decision science, social analytics and data exploration. Performance management is where all things start. By accepting the meaning of Big Data in enterprise databases using pre-determined queries, managers can ask questions such as where the most profitable market segments are. It can be extremely intricate and require a lot of resources. However, things are beginning to get easier. Most business intelligence tools today provide a dashboard capability.
With functional and easy to use dashboards, firms are starting to do more work with lesser efforts. However, we are yet to see a tool with a clean design with simple functionality which offers even greater insights than what is existing..
Data exploration is the next step of strategy that is at present in play by businesses. This strategy makes heavy use of statistics to research and gets answers to questions that managers might not have understood beforehand.
The next strategy firms’ use is leveraging social media sites such as Facebook, Twitter, Yelp, or Instagram. Social analytics measure the enormous amount of non-transactional information that exists today. Much of this data exists on social media platforms, such as discussions and reviews on Facebook, Twitter, and Yelp. Social analytics quantify three extensive categories: awareness, engagement, and word-of-mouth or reach.
The future of methods is hard to imagine based on how things are growing. Business firms are expecting that new types of technology, influenced with analytical systems with a prime focus on big data, will emerge.
Big Data is changing the way we live our lives, from running businesses to shopping at the grocery to buying movie tickets. Every piece of collected information is being segmented and used to analyze the way consumers think and behave.
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