Big data analytics is the process of examining large and varied data sets to uncover hidden patterns, unknown correlations, customer preferences and other useful insights that can help organizations with important business decisions. Complex and massive data sets that cannot be managed using traditional database systems and software tools is called big data.
History of Big Data Analytics
The concept of big data has been around for years; back in the 19th century, before anyone coined the term “big data,” businesses were using basic analytics with the help of numbers in a spreadsheet that was manually examined to uncover insights and trends. Most organizations now understand that if they capture all the data about their customers or users, they can apply analytics and get significant value from it that can help with improving your business.
Big data analytics offers greater benefits like speed and efficiency. Thus the time required by a business to gather information and analyze them is reduced. Today business can identify the insights for immediate decisions with big data analytics. It has provided the ability to work faster and stay agile which gives organizations a competitive edge.
Importance of Big Data Analytics
Big data analytics helps organizations get benefited from their data and use it to identify new opportunities. It leads to better business decisions that can higher profits and happier customers. Big data can be beneficial for a big business or organization in the following ways.
Big data technologies such as Hadoop and cloud-based analytics, reduce the cost of storing large amounts of data. Also, they are used to identify more efficient ways of doing and growing your business.
Businesses are able to analyze information almost immediately with the speed of Hadoop and in-memory analytics. They offer the ability to analyze new sources of data in just a fraction of time, helping business to make better decisions based on what they’ve learned.
Meeting the Customer Needs
Having the ability to identify customer needs and satisfaction through analytics is helpful in providing the customers with what they want.