How can Big Data benefit your company?
Big data benefits for companies are multiple. Nowadays, enterprises collect large volumes of different type of data that come from diverse sources. All of this, it’s also happening at an increasing speed.
Having the right storage, doing the right analysis and correctly using the company’s information can help you gain a competitive advantage and become the leader in the sector.
That’s why is not enough to have data, it’s really important the subsequent analysis and the use of this data.
Big Data Definition
Even though big data is commonly used in our society, do we really know what is big data?
Big data refers to enormous volumes of data which possesses high variety and that are created at a high velocity. This is known as the 3 Vs that differentiate them from the traditional data sets: high volume, high velocity, and high variety.
Also, data – that can be structured and unstructured – is usually collected from different sources and it can require real-time analysis and action. So, for the organizations, these data sets are more complex to capture, manage and process than traditional data sets.
However, now it is also cheaper and easier than ever to store data in a more accessible way.
“Big data refers to enormous volumes of data which possesses high variety and that are created at a high velocity“.
5 Benefits of Big Data
Data have great value for companies. However, to develop its full potential it’s necessary their correct treatment and analysis. In addition, it’s important to ask the right questions and it can also be crucial the ability of the analyst.
Hence, we should focus not on how much data we have since they have no value by itself, but rather on to what is done with the data.
Big data presents many benefits for consumers and for the business. Some of the benefits that big data can bring to your company are:
1. Big data allows companies to learn more about consumer preferences. This can help companies to develop and offer new services and products that better fit their customer’s needs. In addition, they are able to offer more personalized solutions.
2. Another advantage of big data is that it allows to carry out more effective marketing actions as well as to improve the user experience, increase customer acquisition, and retention.
3. Analysis of big data can give you new insights that can lead to more strategic business models and to new opportunities.
4. Big data combined with high-powered analytics can help you tackle problems from a different perspective. Detecting in near-real time the origin of the problems of failures and allowing you to act rapidly.
5. Definitely, big data allows business users, analysts and researchers to make better, faster and more accurate decisions, which in the end will turn out in more revenues for the company.
Big Data in Real Life
The use of big data is present in our daily life.
An example of how the use of big data can bring benefits to companies is the case of H&M.
The clothing brand H&M wanted to take advantage of the benefits of big data so, they launched a collection based on the searches made on the Internet.
Therefore, the collection was designed from the data obtained from user searches in a city of Germany, specifically Berlin.
They achieved this goal thanks to the famous cookies and the use of geolocation, among other actions.
As we could see, the use of Big Data can report multiple benefits as mentioned above. Specifically, for the Swedish clothing chain, some of the benefits were the reduction of the cost of transport and storage, due to the clothing collection was produced on demand. This implies also that it is focused exclusively on the tastes and tendencies of the consumer in a specific area.
So, with this action, big data can also benefit society by helping brands being more socially and environmentally friendly, avoiding unnecessary waste or consuming more natural resources.
Big Data Solutions
The amount of data that exists is growing every second and this is a trend that is going up.
This situation can create certain problems when it comes to data storage and processing, as well as presenting some security risks. That’s why it’s also important to know about where are the limits of the Big Data.
However, it can also bring great value to organizations, as we have already seen, as well as the creation of new jobs and an increase in demand for data scientists and chief data officers.
If you are looking to implement an Big Data project at your company, at Koukio Solutions we can help you. We have more than 12 years of experience providing services for companies all over Europe. Our team of experts can help you to develop your idea and turn it into reality.
Contact us to get professional advice on how can Big Data be executed in your business.
Make the most of your investment.