Big Data - The Next Big Thing!

If the last decade was about startups, then the upcoming one will be about “Big Data – business analytics”. If you are having an ear in the IT marketing industry, you are bound to get the feelers that this is the next big thing? There is a lot of noise about it, but what is Big Data in the first place?

According to "Big data is high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making."

What does it mean for Business owners?

This seem as the natural progression of startups as the owners would look to get better insights about their industry and business in general. Better insights or information will help them make better decisions in key aspects of their business.

We are currently living in an age where resting on one's laurels can be detrimental, and one always has to be sharp, keep learning and improving so that customers stay loyal to the products. According to a study done by ‘Accenture big data study’ big data business analytics initiatives are rated as “extremely important” or important to all companies over 250$ million.

Leveraging on Big Data analytics solution scan help one unlock an ocean of information related to:

  • Understand where, when and why your customers buy
  • Protect your client base with specific loyalty programs
  • Seize cross selling and upselling opportunities
  • Provide targeted promotional information to your prospects and existing clients
  • Optimize Workforce planning and operations
  • Improve inefficiencies in your supply chain
  • Predict market trends and future needs
  • Become more innovative and competitive
  • Discover new sources of revenue

Way forward!

Once the start up excitement has matured from the initial euphoria into a plateau, it will turn fierce with businesses using the best analytics tactics to gain supreme strengths over their rivals in a level playing field. It is here that technology tools like ‘Big Data’ will make a big differences as they will provide key specific information which one can use to better his/her business.