If you are well-versed with technology matters, you will at one point have come across the term ‘Big Data’. As storage in data platforms improves, the opportunities to uncover valuable information from this data also increase. Big Data is most times confused with Business Intelligence, but there is a difference between the two. It is essential to understand the differences as analyzing large volumes of data is becoming necessary for many organizations.
Differences between Big Data and Business Intelligence
Big Data refers to sets of data that are too large to process using traditional processing apps. This data is vital since it enables you to grow your business by improving processes, extending customer engagement, making better decisions, and preventing illegal operations. With big data, your business can explore market trends, factors, and behavior that influence buying actions, among other factors.
You can use this information to identify the target market and what influences their decision-making, thus improving business efficiency. It is important to remember that big data is just unstructured data and proper analysis of the same is what makes it valuable.
Big Data is an entity, but on the other hand, Business Intelligence is a process. BI engages with big or standard data to extract useful and meaningful information through the use of technology. The process can involve various methodologies, applications, and tools.
It will enable data collection from internal and external sources, organization of this data for analysis, developing and running queries, and creating reports and data visualizations. Subsequently, Big Data experts will present the results in an easily understandable format.
Who is Big Data for?
Big Data is vital in every industry in the economy. It is used for retail, manufacturing, the healthcare industry, courier services, education, and government.
How can your business benefit from big data?
Big Data tools offer your business a cost advantage for storing, processing, and analyzing a data lake with enormous data. Apart from that, these tools can identify cost-savvy and efficient ways of conducting business.
2.Fosters competitive pricing
Big Data Analytics enables you to monitor the market as well as your competitors in real-time. You can track your competitors’ past actions and also see their current strategies. The insights you obtain from Big Data allow you to calculate and assess the impact of price changes, competitively position yourself to maximize profits, boost sales, and retain customer loyalty. Lastly, you will be able to automate your business’ pricing process.
Big Data tools can help you improve your operational efficiency significantly. When you interact with your clients and gain their feedback, they amass large volumes of customer data. You can then use this useful data to extract meaningful hidden patterns, allowing you to tailor your products and services to suit your customers’ needs.
4.For online reputation-management
As businesses are shifting to online domains, it is becoming increasingly vital to monitor, check, and improve your online presence. What your customers say about you online might affect how potential clients view your brand.
Big Data has become a powerful tool for businesses of all sizes. This tool’s most crucial benefit is that it opens up new opportunities and a drive for innovation. There are still many untapped benefits of Big Data.