Big Data seems to be the hot topic surrounding the future of business and IT. As a large growth market, Big Data is on the cusp of changing the business structure from the top to the bottom. It is common knowledge that the IT team does not receive much recognition for business value, but new methods in determining strategic business decisions have shown that business and IT can work together to bring business value from data. The technological growth and innovation is spectacular, but the business importance of data has been the key to Big Data’s success.
Data engineered business decisions will now become the norm. These bold business decisions that have changed landscapes of companies can now be done with more insight into what the end result could be. Risk is limited in this manner, and businesses can succeed by being able to finally ask “What if we do this?” before actually implementing the decision. This allows companies to have more insight in what each decisions potential may be, thereby, letting companies see what was previously unknown.
Companies strive to accumulate data to make informed decisions. Google, Facebook, Amazon, and others use data as the major factor towards their growth as companies. Data is fact. Yes, it can be manipulated to form different conclusions, but the numbers themselves do not lie, and organizations that can harness business truths can make better informed decisions and create a competitive advantage for themselves.
That is why this revolution has taken over so quickly. To fall behind in data analytics and business intelligence could be the downfall of a company. Others who take the first step will be making better informed decisions, accumulating more data, and responding faster to improve their customers’ needs. The inefficiencies that exist can now be eliminated as organizational changes are analyzed. Furthermore, the targeted customer can have a more personalized feel once more data is accumulated, allowing the brand name of a company that uses Big Data to increase in value.
Big Data is nowhere near its peak nor is it close to solving all of the problems the business world has. However, it is a step towards increasing the efficiencies of the present business with an eye towards the structure and strategic decisions of the future. And that is what Big Data is here to change.
Benesh Chudasama (Business Development)