Modern businesses have laid their foundation upon the latest technological evolution this era has to offer. The merging of organizational data on each and every level means that the quantity of the data dealt across industries will grow to a humongous level.
Traditional structured data analysis tools are not going to help industries in fetching quick and quality business insights based on such a huge data pool. In this article, we will talk about the trends that will be followed in the field of Big Data.
The Big Data Trends For 2018
Before we explain the ways how big data helps your business we would like to explain how the latest big data trends are influencing the way big data is being used.
Explosion of Big Data
The volume of big data has seen an upsurge in its number hence pushing the need of having better means of faster data analyzation for providing quick and valuable insights for the expansion of businesses.
Precisely predict future behaviors and events to improve the organization’s profitability. Make a leap towards improving fraud detection for minimizing the revenue risk and improve the business operations.
Big data will be used for predicting precise future behaviors and events that would be used for improving the organization’s profitability and big data tools will help companies take a leap towards quicker fraud detection to minimize the revenue risk and improve the business operations.
BI with Data Visualization
Data virtualization is used to get the crucial information that is hidden within various datasets. With the help of graphic data visualization, organizations can retrieve all the information required for the successful functioning of their business process on the go.
Adoption of Hadoop
Adoption of Hadoop and other big data stores will see a boom in their number and vendors will be introducing better and innovative Hadoop solutions. Crunching those large amounts of data will get simple with the use of advanced analytics and all this valuable information will be beneficial while taking profitable decisions.
Cloud-Based Data Analytics
Working with cloud-based data analytics accelerates adoption within an organization and employees can work with the latest features for turning crude data into actionable insights.
Cost saving occurs while maintaining and operating cloud-based data analytics.
Big Data In Business
Now that we have given a brief insight into the trends that are helping the boom of big data for the organizations let’s move ahead with explaining how you can implement big data into your business and use it in favor of your business.
You will be surprised to know that around 80% of unstructured data in organizations have the information hidden inside them that can be used for fulfilling customer requirements, improve sales figures, enhance the marketing strategies, create rigid risk management function, and oversee fraudulence activities. And all this can be done by deploying big data analysis in your organization.
Deploying big data with proper sources can help you store and process the data from various sources and help you gain the insight that can help you manage the business and all of its processes smoothly.
A well governed and implemented Big Data analytics strategy creates smarter and efficient organizations which bring enhanced revenue. Enterprises must ensure standard and exhaustive capturing of data with data sharing with in-built securities with accurate levels and functions of the organization.
The same method or common sense deployed in the criminal justice to healthcare and real estate with big data must be deployed within your organization to make it a smarter one.
New Data Architecture
Today the data storage platforms are not constrained to one particular data model. With both structured and unstructured data being used in the business these data model or systems can help you with:
- Correct and smart decision making
- Enhance customer relations by giving enriched insight into customer profiles
- Providing better services based on the customer requirements
Global payments technology company using big data analytics have noticed 130% improvement in identifying fraud and 175% improvement in credit card transactions. All thanks to the improvements in the field of big data analytics it has become easier for collecting the scattered data and help to provide quick data insights that help organizations in making business-related decisions.
Cloud-based data analysis service providers help business in getting accurate insights from big data sets with better computing power. These varied and fast cloud storages help organizations analyze large sets of data without any huge financial investment in hardware.
Deploying big data over cloud helps your organization gain the capacity, speed and scalability required in this modern business scenario. With such low-cost investments, businesses have been providing numerous services to other businesses and that too in a short span of time.
Many advertising agencies are using the help of weather forecasting agencies who inform them about various weather conditions around the globe that helps them plan the pattern of advertisement for their clients, saving cost on billboards, radio ads and television advertisements. For example, if the advertisement agency plans to advertise their clients’ ad on a billboard in a weather where heavy snowfall and rainfall minimizes the visibility than the advertisement fails to attract an audience.
There are many other such examples that are based on the benefits of business application of big data analysis in business.
Improved Business Opportunities
Location-based applications offer GPS based advertisements that help retail firms reach out to a new client base within their store’s radius by focusing the offers of products and services and discounts on them.
Today, organizations use Big Data to look for new prospects, better business opportunities and acquire new products & services. Although this trend has prevailed within online firms, off late brick and mortar firms have shown their keen interest in the potential of big data and they have been investing in latest service models using big data analytics.
Real-Time Website Data
Understanding and finding out the requirements of your customers is a necessary step for every business and website before they start providing their product and services to the customers. Because this type of data helps you onto the path of winning the clients over the competitor.
Big data analytics helps businesses understand what customers want and it helps businesses to customize their websites and all the services that they require to be on the good books of the customers and maintain their position amongst the competition.
Secure and Accurate Data
Security of Data
Security of the data has always been the most asked question and it has been the most pondered over topic during big board meetings. The menace created by data hackers has not provided any respite to the businesses either.
Big data analysis tools come with inbuilt features that analyze the enterprise’s data and secure them by taking the businesses interest into account.
AI will be playing a major part in the field of cybersecurity, major improvements in the AI technology is predicted for the year 2018. The application of reinforcement learning to problems will help the AI understand and map the human psychology in a better way.
Accuracy of Data
The real problem with such enormous data pool is that businesses struggle to determine the accuracy of the relevant data that is valuable to your business. Big data has various tools that help you get accurate insights of these data pools and help you take better decisions.
Customers always look for high-quality products and services for the amount they are paying. And no one likes to get cheap quality when they are being charged premium amount. Big data tools help businesses to set the standard they need to keep their customers happy as far as quality of the products and services is concerned. If you know what quality the customer prefers you will never lose him.
Business opportunities don’t come and knock on your door, you have to go out and look for them and the world is too big even with the internet. Big data helps you crunch all those numbers and displays the picture in front of your eyes which you can use to derive the best business opportunities. The year 2018 will see big data become trendier with its application taking place in various fields and the other advancements.
Rapidops specializes in big data analysis and we offer various other services but that’s a story that we will discuss some other time. We at Rapidops work towards one thing and that is creating a digital world which can help each and every one. Our expertise in various financial, retail and medical industry is the apt one for your venture. To know more about what we can achieve together connect with us.
Recommended Reading: Self-Service BI – A New Dawn of Data Analytics