Big Data, like the name implies, is referred to a huge volume and highly complex amount of data that is constantly growing at exponential rates.
However, the unique characteristics of Big Data are its volume (size), velocity (speed), variety (nature), value (worth), and veracity(accuracy), making it impossible for traditional data processing software to manage.
Organizations today require the accurate insights that are available from big data analytics for their businesses to thrive and several of them also invest heavily in Big Data technologies for the many benefits their businesses stand to gain from it.
A key benefit from Big data analytics is the customer insights available to organizations that enable them to deliver value to their various customer segments.
It so happens that over 88% of data is ignored and valuable customer/ market insights are lost. The following statistics highlight our top benefits of adopting Big Data Analytics in your organization.
• 8–10% – profit increase for businesses that use big data.
• 25% faster innovation cycles.
• 17% improved business efficiencies/higher productivity.
• 13% more effective R&D.
• 12% increase in product/service value offering From social media alone, over 100 terabytes of data are shared on Facebook daily.
Every minute, users send 31 million messages and view 2.7 million videos.
Companies that harness big data’s full power could increase their operating margins by up to 60% The numbers only keep increasing and the next decade will usher in the greatest expansion in the datasphere.
Organizations need to adopt a framework and business structure that integrates relevant internal and external datasets manages the data using the appropriate storage medium, and analyzes the data for appropriate action to be taken.