The amount of data that is created and stored every day across every industry is almost incomprehensible. Especially, with the universal adoption of smartphones, IoT and cloud technologies have increased the means to data from various digital channels. Enterprises are scrambling to find a way to handle these data streams and generate greater business value for this data. This is where big data comes in.
Here are some interesting trends that showcase the rising demand for Big Data:
Big Data is high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of processing for enhanced insight and decision making.”
- Gartner
There are a plethora of reasons Big Data is quite useful. Big Data can provide answers to hundreds of questions that companies didn’t even know they had to begin with. A study by Forbes reveals that 79 percent of enterprise leaders state that not adopting Big Data will result in market loss.
The information you can collect with Big Data is capable of being used and tested in any way the company sees fit. Because of this, businesses are now able to find trends in data as well as pinpoint any issues they may have. Being able to collect large subsets of data allows the company to detect and eliminate problem areas before they become unmanageable.
Basically, Big Data gives much more control over strategic decision making and another benefit Big Data can bring is the ability to track progress on multiple projects by multiple employees and provide constructive feedback via online performance-based tools.
It has been noted that if an employee is able to review their performance metrics online, they are more likely to respond and make efforts to improve, versus having a one-on-one with their superior. It also removes the “human” element from the equation, giving the employees a much more direct and accurate result versus the potential bias that may occur with a manager.
Across the company, nearly every industry can use the information they collect with Big Data for cost savings. The travel industry uses Big Data to track pricing for various airlines and lodging. Shipping companies can determine the best routes to save time and fuel. Healthcare companies are able to investigate different types of symptoms for hundreds of ailments and correctly diagnose patients faster. The best thing that Big Data does is it evaluates and provides a detailed outlook and analytics info into the huge list of enterprise resources, thereby enabling business leaders to optimize resources intelligently to deliver better business value.