The importance of big data in the business world

importance of big data in the business world

The term big data is nothing we haven’t heard before. In actual fact, both large and small companies are beginning to utilize big data and the analysis behind it, in order to gain insight and information to better support their company and cater to the needs of their customers.

To put into perspective the data used today, a study estimated that by 2025, the enterprise servers in the world, if compiled into books, would reach more than 4.37 lightyears away. That is plenty of data to gather, let alone analyse.

The use of Big Data is becoming a crucial way for leading companies to outperform competition. In most industries, established competitors and new entrants alike will leverage data-driven strategies to innovate, compete, and capture value.

Getting the Right Information for Your Business

Lots of data is collected by IT, which shares data that’s important to the customer or business, and together they use that data to gain an advantage and be successful in the marketplace. Businesses gather information as and when they need it. They are looking for the 1% of data that becomes problematic, it is this data that drives businesses to make a decision based on this narrow sample of data to steer clear of problems that may occur later.

So, with all Big Data being invested in by companies worldwide, it doesn’t matter what field you operate in or the size of your business; as data collection, analysis, and interpretation become more readily accessible, they will have an impact on every business in several important ways.

  1. Data will play a key part in every business.

Even the smallest businesses generate data these days.  If the business has a website, a social media presence or even a one-person shop, it has data it can collect on its customers, its user experience, web traffic, and more. This means companies of all sizes need a strategy for big data and a plan of how to collect, use, and protect it.

  1. Big data will enable companies to collect better market intelligence.

Whether you are aware of this or not, but companies have data about you. They know your buying habits, where you like to shop, where you live and this information is increasing every day. As we are living in the digital age, companies will be receiving better insights into what their customers want, when they want it and how they will purchase it.

  1. Big data + mobile means new business processes

As companies are becoming more data driven, generation X’s are moving into the peak of their career, using this data and putting this into business strategies. With smartphones allowing businesses to contact customers at all points throughout the day, this results in immediate decision making and intelligence n your mobile phone. It is this process that will change how business is done.

Adding mobility to big data means enabling frontline employees with real-time insights, when and where they need them. Those insights will come from blending data in motion, with data at rest.

At Eminence, our digital marketing agency will make a commitment to analyse your data, providing significant information for the sustainability of your company.Take a look at our Web Intelligence and Big Data Management and see how we can help you make sense of your data.