Big Data and Data Analytics for Big Companies

Google CEO then Eric Schmidt back in 2010 said that humanity has been creating information every two days that can rival the information made from the dawn of civilization up to 2003. This information can be clearly equated to big data and all its possibilities.

Big Data has become a name in big industries for the use of data gathering for purpose of strengthening consumer analytics and even product diagnostics. Lately though, Big Data has become even more popular since it has been the reason of Snowden’s demise against his government—the PRISM that stored huge amount of database information is a Big Data.

No matter how deliberately wrong the Snowden’s scenario is, it can be perceived that big data has a very big impact in every organizations and businesses. Data Analytics, when used morally and ethically right, can be a company’s springboard to gain more customers, market more products and predict future troubles in the trade.

Big Data Example in Layman’s Term

Now let’s say for example there is a CEO. He sits in his office and doesn’t work in the field. Anything that happens in his company with many other branches can’t be accounted without him contacting people under him and people under his employees will have to contact more people. This data collection is rudimentary, it’s analog.

Big Data and all its data gathering capacity through tools and software can take data from different sources, local and international. It will then be converted into a visualized data report, minus the troubling numbers to read though it can be available at hand. The performance of his team and company can then be viewed in a minute. Thus, production or lack of it can be sped up or lessened in matter of minutes after the data has been returned to the CEO.

Big Data has proved endless possibilities for many companies. It keeps work easier compared to analog data gathering and analysis in the past which has been wasting lots of data too.

Big Data and Data Analytics Benefits

In a study conducted by Forbes Market Insights and sponsored by Rocket Fuel with subjects that are in no less bigwigs, three in five has succeeded in their goals after the use of big data. And more than 9 in 10 companies that are surveyed said that they had made use of the big data and it has met their goals.

On the other hand, in a different study conducted by Bain, it has been found out that those that have the best and advanced analytics capabilities are surpassing their contender companies by big edge and margins.

Those who have big data are mostly and twice likely to be in the top quartile in terms of financial performance basing in their industries statistics. Here are other benefits for companies who have the most superior data analytics:

1. Much faster decision making than business competitors
2. More likely to execute decisions as projected
3. More likely to use data recurrently in making their company decisions

More than other people, many IT personnel and IT professionals believe in the investments in big data to be likely successful.

Further Big Data Studies

As big data is still under the duress of many studies, there can still be a lot to know about it. Prior studies can give evidences about big data’s credibility and usability but industries and companies should still exhibit caution over it. Never plunge headfirst into the technology if you haven’t still planned your data analytics and gathering structure nor you have experts to run it for your organization.

Still there will be much bigger things coming for big data and data analytics for use of small, medium and big enterprise.