Big Data is being generated at all the time. Every digital process and social media exchange produces it. Systems, sensors and mobile devices transmit it. Much of this data is coming to us in an unstructured form, making it difficult to put into structured tables with rows and columns.
Why is big data analytics important?
Big data analytics helps organizations harness their data and use it to identify new opportunities. That, in turn, leads to smarter business moves, more efficient operations, higher profits and happier customers. These are value in the following ways:
- 1. Cost reduction.Big data technologies such as Hadoop and cloud-based analytics bring significant cost advantages when it comes to storing large amounts of data.
- 2. Faster, better decision making.With the speed of Hadoop and in-memory analytics, combined with the ability to analyze new sources of data, businesses are able to analyze information immediately – and make decisions based on what they’ve learned.
New products and services. With the ability to gauge customer needs and satisfaction through analytics comes the power to give customers what they want. Davenport points out that with big data analytics, more companies are creating new products to meet customers’ needs.