This is a digital era where information is stored and transferred by digital devices in shortest time possible between people and machines in different parts of world even in real time. In this age, information technology drives innovation of new products and services easily. There is convergence of media & computing technologies can together create an interactive multimedia which is one platform on which world is dependent today. This new digital economy will be world of analytics, big data, next generations, IOT (internet of things), sentiment mining, information and data overload, web 2.0 and interactive/social media.
Big Data and Analytics:
It is the revolution of web 2.0 where there are terms as big data that helps us to leverage the meaning of data and generate insights. Digital data is doubling in size every two years. Information through internet and data are useful to generate value for the business. It helps to develop conversational relationship with data i.e. using data for gaining meaningful insights. Big data analytics is better over Business intelligence as it works faster than BI tools.
Big Data Analytics works in a way that answers to business problems are reached and answers are reached out i.e. insights are gained. From the insights comes more intelligent questions that allows probing and thus analysis and findings are done.It helps in uncovering hidden patterns, unknown correlations, market trends, customer preferences and other useful business information.
Big data is different not only because of the huge size and its storage issue but also due to technologies, skills and expertise required to store, manage and gain insights from the data. Big data can be classified through 3V’s traditionally but one more V adds to it that is Volume, Variety, Velocity and Veracity. Big data has lots of volumes of data from various sources and the data is constantly and speedily generated and collected and needs to be managed. Veracity means the trustworthy data that can be useful in fetching some meaning.
This huge amount of data is generated by various sources through business tracking of their marketing programs and other actions, content generated by purchasers of the company’s product, warranty data . This data is stored, managed and processed to gain insights and help in providing 360 degree view of customers, product information and business operations.
Big data analytics is all about gaining valuable insights from the big data i.e. probing and querying to the database and getting useful insights in real time unlike BI tools and then generating further questions to probe into insights and getting more insightful answers. Thus the processes, technologies and skills needed to do the same are together called big data analytics.
Big data analytics can be used by businesses to
- Experiment with the programs and marketing promotions to examine the changes and values they provide.
- Identify key buying patterns as through clicks, registrations etc. to track customer buying behavior.
- To know the brand perception and market reaction about product or service.
- Customization is possible after gaining insights about the users.
- Results can be predicted with the help of skills and technologies used to analyse big data.
The analytical findings can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, competitive advantages over rival organizations and other business benefits.