Big Data, a term used for defining extraordinarily large data sets responsible for identifying Business Trends, Market Patterns and Analyzing Human Behaviour and Interactions in the industry. Enterprises can use this Big Data for their benefit; achieving their goals by dominating the market with accurate decision making. Therefore, enhanced profit margins and insight into the market are the ultimate products of Big Data.
In the past:
Big data is a term that had been active in the business industry since the 60s. But as the technology was not so advanced in the past, data used to be processed manually and took a lot of time to give results. This method was obviously not very helpful.
In the present age, with the introduction of Artificial Intelligence and Automation, Big Data has gained momentum. Now the extremely large data sets of different companies can be analyzed within seconds to provide immediate decisions. Moreover, faster speed of work and agility has given a competitive edge to the organizations that they didn’t even have before.
Industries and Businesses using Big Data Analytics:
Almost every kind of Businesses are using Big Data Analytics in their spheres. These industries include
- Government and Private Services Sectors.
Big Data working with Key Technologies:
Text mining is a process that helps you in processing and analyzing text data that is present on websites, comment fields, books, blogs, articles, surveys, reviews, newsfeeds, and other text-based sources to discover new topics for you. All of this is done with the help of either Machine Learning or Natural Language Processing. Text mining helps Big Data by providing you with the insights that can guarantee better services of your company in the market.
Machine learning is a further classification of AI in which algorithms are written in such a way that they enable the machine to process large data sets, analyze them and give more accurate results faster. These results are then used by different organizations to predict the trends of the market.
Data management is the most important and tough challenge that a company can face. With millions of data sets being accessed and processed at a time, data needs to be well organized first. So Big data helps companies in this regard.
How the Big data is changing the face of Technology Companies?
Detailed customer Insight:
Big Data helps companies in finding their potential customers. Once the best clients are identified, it can be used to improve their customer experience in order to enhance brand loyalty.
Enhanced Operational Efficiency:
Big Data maximizes the operational efficiency and productivity of a company by making their advertisement and services specifically for those customers who are actually interested in using them.
Big data has great application in Business intelligence. With the help of data collected through surveys, the company enhances its user experiences and interactions through chatbots and virtual assistants. All of this is only possible through effective Big Data techniques.