BIG DATA

The opportunities of Analytics in the era of Big Data

by | May 29, 2018 | Artificial Intelligence

Virginia Frías

Virginia Frías

Content & Social Media Manager

In a previous article – “Yes, Big Data is not only about Data” – we overviewed the concept of Big Data, its main characteristics and the three different categories of data sets we can find in this field: structured, semi-structured and unstructured.

This text ended up listing some of the most important advantages of using analytics in a business:

  1. Cost savings and time reduction.
  2. Faster and more effective decision-making processes.  
  3. Understanding the market conditions and anticipating needs.
  4. New product development, delivering the right products.
  5. Personalization and improvement of the Customer Experience.

We will discuss them in detail next, but we must introduce the concept of Big Data Analytics first.

According to towardsdatascience.com: 

Big Data analytics is the process of extracting useful information by analyzing different types of big data sets. Big Data analytics is used to discover hidden patterns, market trends, and consumer preferences, for the benefit of organizational decision-making.

When talking about Big Data, what is most important is the process through which companies can gain insights using analysis technologies. This is a cyclical process involving 6 steps we shouldn’t miss:

  1. Business Understanding. This stage involves understanding the business goals and requirements as a preliminary step for Data Mining.
  2. Data exploration. During this phase, all data is gathered and explored in order to verify its quality.
  3. Data Preparation. This third step involves building a dataset, in accordance with the requirements. Data is selected, cleaned and integrated into a common format.
  4. Data Modeling. Modeling techniques are selected and applied. The data model is tested to achieve the best results.
  5. Data Evaluation. The results obtained in the last step are assessed, based on the corresponding business goals.
  6. Deployment. The final step of this process is deployment, also known as reviewing the project.

How can Big Data Analytics tools help organizations?

According to Forrester: 98% of businesses benefit from investment in big data analytics, 69% have grown their top-line revenue and 62% have improved their performance and efficiency.

What kind of benefits are we talking about?

  1. Cost savings and time reduction. Big Data analytics tools can help businesses cut down on costs by identifying more efficient solutions that will also result in saving a huge amount of time in decision-making processes.
  2. Faster and more effective decision-making processes.  Faster decisions can be made based on a real-time analysis of the market trends and customer moves, allowing us to adapt our strategy in real time.
  3. Understanding the market conditions and anticipating needs. Contextualizing customer profiles, preferences, behavior and sentiment analysis can help us create an effective action plan.   
  4. New product development, delivering the right products. In relation to the previous point, understanding the market conditions and customer needs and satisfaction will allow us to create products that are actually required.
  5. Personalization and improvement of the Customer Experience. Finally, data analysis can help us create offers based on our customers’ purchasing habits, customize their experience, adding value to the relationship with them and improve their loyalty.

To sum up, the organizations capable of analyzing and exploiting information with a business vision will stand out from the rest, saving time and money while delivering the right products to their customers.

If you are thinking about implementing Big Data Analytics solutions in your business, please, do not hesitate to contact us!

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