Big Data is a term increasingly used in companies around the world and is nothing more than the constant search for the improvement of business processes and the acquisition of important insights about market trends and consumer behavior. When a company is able to gain valuable insight into the environment in which it operates, it becomes much easier to make good decisions for the future of the business. In today’s article we talk about Big Data Analytics!
Big Data is the term that describes the immeasurable volume of data (structured or otherwise) that has a daily business impact. More important than the amount of data, is what companies can effectively do with this data. Big Data is associated with 3 V’s: data volume, data variety, and data speed. Big Data relates to huge amounts of data produced by human interaction with technology, plus the information that is generated by communication between machines. The variety of data relates to the multiple sources of information that companies deal with daily (posts on social networks, financial information, marketing information, among many others). The speed with which data is produced is increasing and companies need to use tools such as Multipeers that allow them to analyze in real time what is going on in the business.
Big Data Types
Structured data vs. unstructured data: the former can be used in their original format and are usually organized in rows and columns, as in an Excel sheet. An example of structured data is the financial information of a company organized in an Excel table. Unstructured data doesn’t follow any rules or have a defined structure and images and publications on social networks are good examples of unstructured data.
Advantages of Big Data Analytics
Analyze the business in real time
Information is growing at a very fast pace, which makes its analysis increasingly difficult. The solution is to analyze the data in real time to get the most out of the information. Products like Multipeers allow you to analyze every second what is going on with the business. In this way, you can make the most of the data to make the best decisions for the business. Allying the large amount of data generated in companies to a real-time analysis allows you to gain essential insights for business success.
Better data collection
The data come from the most diverse channels and through Big Data it is possible to centralize them and group them by affinities. It is possible to be closer to the customer through the collection of data through questionnaires, applications, loyalty cards, among other instruments. The data collected is essential for assertive planning of marketing and communication actions.
Greater effectiveness of the business
More than knowing the market, companies are able, through Big Data, to use the data to change the business and increase the return on investment. Using analytical expertise allows companies to create new business indicators and analyze them more comprehensively and objectively. In this way, they will achieve better levels of income that will be reflected in the success of the business.