What Is Big Data And Why Is It Important For You Company?
Every day we hear more people talking about what Big Data is and its possibilities for companies, regardless of their size. Managing the large amounts of data that companies generate or receive from their customers translates into new business forms or rethinking current ones. In addition, they also help to get to know customers better or save costs.
What is Big Data
Big Data is a large and complex set of data from which value is derived after collection, management, storage, analysis, and visualization. We say it is a “complex” set because the amount can grow over time. At the same time, it is complex because the package includes unstructured data that is difficult to process, manage or analyze.
What is Big Data Used For?
Big Data is used to identify business problems, opportunities or trends. By doing so, the business is more agile, which translates into happier or more productive employees and more satisfied customers, either because the company’s services or products have improved or because new ones have emerged that please them.
Big Data has numerous applications. The following are examples of Big Data in various industries and situations.
- Banking: The processing of this data can alert illicit practices such as money laundering, suspicious use of debit cards, or strange transactions.
- Marketing: Big Data collects the opinions of customers or brand followers. After managing and analyzing them, new promotional campaigns are developed or existing ones are modified. Social listening also serves to improve products and services.
- Leisure and entertainment: Netflix’s first original series, “House of Cards”, came about after the company analyzed the macro data of its viewership and discovered the success of the British series of the same name and of David Fincher’s films. With the American director, they created an adaptation that has been successful for several seasons. This is a famous example of how Big Data helps broadcasters and platforms to predict audience success or design content.
- Healthcare: Data can be used to train artificial intelligence models for disease diagnosis and clinical trials. In this way, an ailment can be slowed down or treated more effectively.
- Transportation: By analyzing users’ needs with big data, new public transport routes can be established or existing ones can be optimized to save fuel and emit less carbon into the atmosphere. Likewise, knowing accident data helps to work to prevent future accidents.
- Meteorology: With weather monitoring we obtain information to know the weather for the next day, prepare for a natural disaster or continue to fight the weather emergency.
At Plain Concepts, we have extensive experience transforming data into information of interest. We have helped collect data from numerous companies, as well as enhance the potential of analytics with Artificial Intelligence (AI) or Machine Learning.
In addition, our enterprise tool Sidra Data Platform, based on Databricks, automatically ingests, catalogs, administers, and manages data in Azure. In less than 24 hours, the platform adapts to numerous industries.
Among the advantages of Big Data are the reduction of costs for searching for new business models or problem solutions, as well as greater agility for decision making: in minutes you can obtain a data analysis report that opens up new objectives in the company. Therefore, changes are implemented in real-time.
Why Big Data Is Important For Companies
Data analytics reports make it possible to create those new targets we were talking about, and therefore to develop new business opportunities derived from them. But this is not the only reason why Big Data is important.
Big Data also makes it possible to create new relationships with consumers or customers. Thanks to the data on their consumption habits, more knowledge is generated, which leads to new strategies for building customer loyalty or attracting them.
From a company’s point of view, the importance of Big Data also lies in corporate cost savings. This can be seen from the reduction of the budget needed to develop a product or service (and therefore, in a faster market launch) to the optimization of spending on certain items (electricity, water, canteen…). And speaking of products, big data also helps to manage inventory according to demand.
In addition, as we said before, these processes can be executed in real-time, so the change is instantaneous: the actions that are believed to be most beneficial for the company are executed immediately to start testing them.
As we said before, at Plain Concepts we have extensive experience in data processing. We make sense of all that information you already collect and that has a huge value. Do you want to take full advantage of it?