What is big data analytics?
Big data analytics enables data scientists to examine large and complex varieties of data using predictive modeling, statistics and other analytics to uncover hidden patterns, market trends, customer preferences, unknown correlations and other useful information to help organizations improve their decision-making process, enabling more well-informed business decisions. It is the primary driving force behind the growing innovation and experimentation culture across organizations and vital for their digital transformation journey.
What are the business benefits of big data analytics?
Big data analytics is driven by specialized software and systems that provide business benefits like new revenue opportunities, better customer service, more effective marketing, improved operational efficiency and real competitive advantages. This helps businesses:
- Make better decisions. Inform decisions to improve accuracy, efficiency and response time.
- Track against goals. Track current and past performance against key performance indicators (KPIs) and goals.
- Monitor trends. Track customer behavior and market shifts and adapt to changes quickly and cost-effectively.
- Adapt on the fly. Pinpoint and correct process or performance breakdowns or performance in near-real time.