The buzz around Big Data as with any emerging and potentially disruptive technology is only growing and enterprises are as usual wondering how to make sense of all the hype surrounding it. |
What is Big Data and why is it so critical? In today's connected world, there is a surfeit of data being churned out from multiple sources, both structured and unstructured such as information from enterprise applications, social media, Internet and mobile. And the pace at which this is happening is only accelerating - it is said that the available data globally today is doubling every 12 months and is expected to only increase further.
The scale of this data has led to the apt coining of the term 'Big data.' The sheer volume and variety of data often running can be overwhelming for enterprises, which are under pressure more than ever to take informed decisions and respond in quick time. So, how can enterprises wrap their arms around this behemoth? This is where Big Data analytics steps in.
Big Data Analytics Across Industries
It is evident that enterprises need to maximize the information and knowledge that they can access to stay relevant in today's hyper-competitive environment. And here's how Big Data analytics can help across diverse scenarios. A common example is that of a retailer being able to sift through tonnes of consumer data to derive insights on shopping preferences and direct targeted campaigns. It can be used for a dramatic reduction in processing time when comparing product information, which resides across multiple data sources. Analyzing data allows a retailer to make intelligent decisions and helps gain a competitive edge.
The analytics can also help determine what additional services are likely to find favor with subscribers and offer them appropriately. This also provides opportunities to offer value-added services such as location-based services leading to better customer service.
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