Big Data refers to massive, varied and dynamic data that is quite difficult to process, manage, explore and analyze. Nowadays Data is changing our world and the way we live in it at an unprecedented rate. Many firms find that Big Data is hard to shape and work with, therefore many analytics tools have been Introduced to resolve the issue and produce a set of useful Data that will help businesses to make clear decisions in a short period of time.
This article is introduced to highlight the major benefits of Big Data that will help companies and firms to enhance their efficiency and productivity level, increase profit and reduce cost, time and effort.
- New products/services
Henry Ford once said, “If I asked people what they want, they would have said: Faster Horses”. So, through data mining companies will have the ability to gauge customer needs and satisfaction by creating new products and services that connect with them the most. These firms still can predict the performance of a product in the market both pre-launch and post-launch in near-real-time, determine the optimal distribution chains and optimize marketing strategies to gain more customers at the lowest cost.
- Better decision making
In the era of big data leaders and companies headquarters have the power to take the right decisions at the right time with the help of powerful and fast tools and utilities called APT’s (applied predictive technologies) like Hadoop* who mine, process and extract useful information from massive data flows which will guide decision-makers on the right path and help them to make the smart choice based on what they have learned.
- Reducing Costs:
Big data technologies and the cloud-based analytics’ tools bring significant cost cuts when storing large volumes of data – which is used to identify more efficient ways of doing business for many farms operational arms and allowing them to make big savings.
According to GRTcorp, most businesses do a poor job of cost-cutting. Buildings, equipment, and services are often viewed as ‘fixed costs’ that can’t be helped; there is often little thought given to how they can be reduced. There are only two ways for a company to build a strong balance sheet. Earn as much as possible while reducing costs to the minimum acceptable level, that’s why Big data and analytics can be employed productively to really help cut the latter while protecting the former.
*Hadoop is a collection of software utilities that facilitate the solving process of problems involving massive amounts of data and computation
R&D : Research and development
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