Many professionals in the digital world have become familiar with the hype cycle. A new technology enters the tech world amid great expectations. Undoubtedly, dismay sets in and retrenchment stage starts, practice and process catch up to assumptions and the new value is untied.Also, read about different types of big data here.
Currently, there is apparently no topic more hyped than big data and there is already no deficit of self-proclaimed pundits. Yet nearly 55% of big data projects fail and there is an increasing divide between enterprises that are benefiting from its use and those who are not. However, qualified data scientists, great integration across departments, and the ability to manage expectations all play a part in making big data work for your organization.
It is often said that an organization’s future is dependent on the decisions it takes. Since most of the business decisions are backed by data available at hand. The accurate the information, the better they are for the business. Gone are the days when data was only used as an aid in better decision making. But now, with big data, it has actually become a part of all business decisions. For quite some time now, big data has been changing the way business operations are managed, how they collect data and turn it into useful and accurate information in real-time. Today, let’s take a look at solving real-life enterprise problems with big data.
Predictive Analysis
Let’s assume that you have a solid knowledge of the emerging trends and technologies in the market or when your infrastructure needs good maintenance. With huge amounts of data, you can easily predict trends and your future needs for the business. This sort of knowledge gives you an edge over your peers in this competitive world.
Enhancing Market Research
Regardless of the business vertical, market research is an essential part of business operations. With the ever-changing needs and aspirations of your customers, businesses need to find ways to get into the mind of customers with better and improved products and services. In such scenarios, having large volumes of data in hand will let you carry out detailed market research and thus enhancing your products and services.
Streamlining Business Process
For any enterprise, streamlining the business process is a crucial link to keeping the business sustainable and lucrative. Some effective modifications here and there can benefit you in the long run by cutting down the operational costs. Big data can be utilized to overhaul your whole business process right from raw material procurement to maintaining the supply chain.
Data Access Centralization
It is an inevitable fact that the decentralized data has its own advantages and one of the main restrictions arises from the fact that it can build data silos. Large enterprises with global presence frequently encounter such challenges. Centralizing conventional data often posed a challenge and blocked the complete enterprise from working as one team. But big data has entirely solved this problem, offering visibility of the data throughout the organization.
How are you navigating the implications of all that data within your enterprise? Have you deployed big data in your enterprise and solved real-life enterprise problems? Then we would love to know your experiences. Do let us by commenting in the section below.
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