What are the Benefits and Advantages of Big Data Analytics?
Large organizations often make data-driven decisions by using big data sets. Because analyzing both online and offline information provides feedback for decision makers. Big data refers to large amount of data that needs to be analyzed with the help of certain tools to understand human behavior and trends. In this article, we will discuss the benefits and advantages of using Big Data Analytics for organizations.
According to Gartner, the definition of Big Data is as follows; “Big Data are high volume, high velocity, or high-variety information assets that require new forms of processing to enable enhanced decision making, insight discovery, and process optimization.”
However, in a simpler term, it means a collection of vast amount of data sets that cannot be processed by normal computing techniques. This term refers both to the data and to the various frameworks, tools, and techniques. Technological developments, growth of the internet and the arrival of new social networking communication sites necessitate using new tools to handle the data generated eveyday.
In 2003, there were just five billion gigabytes of data. However, in 2011 the same amount of data was created over only two days while by 2013 this volume was formed every ten minutes.
Why Big Data Matters?
Together with the improvement and raise of apps, growth of internet, people and businesses moving online, there has been a dramatic increase in data. The big question is how this vast amount of data is taken care of, managed and stored. Big Data analytics has enhanced the field of IT and has added many benefits to companies. This includes the making use of analytics and new age technologies involving learning, mining, statistics and more. What is more, big data can allow organizations and teams to handle multiple operations on a single platform.
Sources of Big Data
Here below you can find the list of sources of Big Data
- Black Box Dat
- Social Media Data
- Stock Exchange Data
- Power Grid Data
- Transport Data
- Search Engine Data
Before to discuss the benefits and advantages of big data analytics, let’s go deeper into more sources of big data. Apart from these, a Big Data and Analytics expert, Bernard Marr, has shown this amazing list of 20 Big Data sources. These sources are freely available to everyone on the web. Some of them are summarized as follows;
- gov. is where all of the US Government’s data is freely accessible. This include information from climate to crime is available.
- For the UK Government’s portal, Data.gov.uk, is where you can find metadata on all of UK books and publications.
- The US Census Bureau has all the precious information such as population, geography, and other data. Likewise, European Union Open Data Portal includes the census data from European Union institutions.
- The Facebook Graph offers the application interface information (Graph API), after collecting all the data that are shared publicly by its users.
- In terms of health organizations, there are Healthdata.gov for US and NHS Health and Social Care Information Center for UK.
Other similar examples include Google Trends, Google Finance, Amazon Web Services public datasets. Taking these examples into account, it is obvious that the big data is not only about volumes but also a huge and fast range of data. You should know that the velocity at which data is streamed is remarkable. This makes it very hard to cope with. That is why, smart metering, sensors, and RFID tags are made to handle data torrents in almost real-time.
When compared to past years, today there are wide variety of data. What is more, data is categorized as structured data (relational data), semi-structured data (data in the form of XML sheets), and unstructured data (media logs and data in the form of PDF, Word, and Text files). There are other three essentials of data;
- Veracity: shows the quality of the data
- Variability: shows the inconsistency that data may display
- Complexity: appears when coping with large volumes of data from several different sources
What are the Benefits and Advantages of Big Data Analytics ?
- Nowadays, consumers are highly demanding. Before purchasing any goods or service, they want to look at several different options on social media. That is because each consumer wants to be behaved as an individual. Big data enables you to do this very practically so that you will be able to check a complaining customer’s profile in real-time. By this way, you will have the chance to get information on the product that the client is complaining about followed by doing a reputation management.
- You can re-develop the products and services you are selling thanks to big data. In product development, information about what others think about your products is very important, and this is done by using bug data.
- Testing different variations of computer-aided design (CAD) can be done by big data. By this way, you can identify how minor adjustments can influence your product.
- Predictive analysis is very important. This is done again by big data. It can manage this by for example scanning and analyzing social media feeds and newspaper reports. Moreover, big data also enable you to do health-tests on your customers, suppliers, and other stakeholders.
- Big data allows you to keep data safe and secure. By using big data tools, you can map the data landscape of your company. By this way, you can analyze the data for internal threats.
- Making use of big data enable you to expand your revenue streams.
- Analysis of big data allows you to personalize the look of your site so that it will suit every visitor relying on nationality and sex.
- What is more, big data enable you to identify any failures and thus, predict the time you need to fix them.
- In the healthcare industry, big data is very crucial. However, some industries still use old conventional system. For instance, if a patient is cancer, one therapy is applied to him/her, and if that therapy does not affect patient positively, then a doctor suggests another type of therapy. But in big data case, it allows a cancer patient to have medication that is created depending on the patient’s genes.
Big data is a new efficient tool that can provide you many benefits irrespective of the industry you are operating. One of the most important advantages of Big Data is that it uncovers new opportunities for organizations. Improved customer satisfaction and expanding revenue streams are just a few among the numerous benefits of Big Data.
Valencina has more than 25 years of experience as an IT consultant with a great focus on enterprise application UI/UX. She has experience working across multiple industries, acting both in an advisory role, as well as hands on in the technical build of solutions. Valencina is the co-founder and COO of Nitera Training Services.