Big revenues are gained from Big Data, Quote SAP
There is no doubt that the industries are going ablaze with the huge eruption of data. None of the sectors have remained untouched of this drastic change in a decade. Technology has crept inside each business arena and hence, it has become an essential part of every processing unit. Talking about IT industry specifically, software and automation are the bare essential terms and are used in each and every phase of a process cycle.
Businesses are focusing more on agility and innovation rather than stability and adopting the big data technologies help the companies achieve that in no time. Big data analytics has not only allowed the firms to stay updated with the changing dynamics but has also let them predict the future trends giving a competitive edge.
What is driving the widespread adoption of big data across the industries?
Let’s find out the reasons behind all the hype of big data-
Firms witnessing surprising growth
Needless to say that Big Data is taking the world by storm through its countless benefits. Big Data is allowing the leading firms like IBM, Amazon, to develop some of the cutting-edge technologies providing high-end services to their customers.
“Orchestrating Big Data, Cloud and Mobility strategies leads to 53% greater growth than peers not adopting these technologies.” – Forbes.
A survey conducted by Dell a surprising revealed that the companies which were using Big Data, Cloud and Mobility are way ahead, i.e., 53%, of the companies which are late adopters or the non-adopters.
Though Big Data is still in its nascent stage, but it is giving 50% more revenue to the companies who have integrated this concept into their processes. This clearly highlights that Big Data is acting as oil or coal for the staggering performance of today’s businesses.
Getting a hold on the dark data
A renowned consulting firm Gartner Inc. describes dark data as the information assets that organizations collect, process and store in the course of their regular business activity, but generally fail to use for other purposes.
However, the advent of Big Data systems has allowed the companies to put the untouched data into use and extract meaningful insights from it. Much to everyones amazement, the data which was left unrecognized or considered useless in the past has suddenly become a goldmine for the companies. The companies can accelerate their processes and thus reduce their operating costs at the end, all thanks to big data analytics.
Software is eating the world
We are currently in a data-driven economy where no organization can survive without analyzing the current and future trends. Whether it is a manufacturing firm or a retail chain, wrangling data has become a crucial job to be done before taking a single step further.
As customers hold the central point for any organization, it becomes highly imperative to address their needs on time. This could be possible only if the business strategies are backed by strong software to support and accelerate the business operations. This ultimately fuels the need for powerful big data technologies that can benefit the organizations in numerous ways possible.
Smarter and faster decision-making
In this era of fierce competition, everyone wants to stand out from the crowd. But the question is HOW??? How will the companies be perceived as unique despite having the same operations as others in the industry? The answer lies in the practices adopted by the firms. In order to perform better than the competitors, the ability to make good and intelligent decisions play a pivotal role in every step. The decisions should not only be the good ones, but should be made smartly and as quickly as possible to allow the companies to remain proactive in their approach instead of being reactive.
The practice of implementing Big Data analytics into the process sheds light on the unstructured data in such a way that helps the managers analyze their decisions in a systematic manner and take the alternative approach as and when needed.
Customer-centricity is the new policy
Now that customers have the opportunity to shop anywhere and anytime, it has turned into a challenge for the companies to make every interaction better than the previous one with the help of relevant information. But how will the companies do it on a continuous basis? The answer is Big Data. The customer dynamics are ever-changing and so should be the strategies of marketers accordingly. The companies can become more responsive by incorporating the past as well as the real-time data to assess the taste and preferences of the customers.
For example, Amazon has grown from a product-based company to a big market player comprising of 152 million customers by leveraging the abilities of powerful big data engines. Amazon aims to delight customers by tracking their buying trend and providing marketers all the related information they need instantly. Moreover, Amazon successfully fulfills the needs of its customers by monitoring 1.5 billion products across the world in real-time.
Value generation through leveraging data silos
The companies are getting bigger and hence different processes generate varied data. Many of the important information sulk in the data silos remain inaccessible. However companies have been able to dig this mountain with the weapon called big data analytics that has let the analysts and engineers drill deep and come out with fresh and informative insights.
After this discussion, one thing is for sure that this is just the beginning of a highly digitized and technology-driven era revolving around the powerful real-time big data analytics.
