BIG DATA and analytics
have been around for years, and in the digital era, all enterprises have
realized how crucial it is to capture all the data generated by their business.
Valuable insights derived
from the analysis helps the companies – ranging from ICT providers to
healthcare vendors – to develop innovative solutions and create new services
and product for their consumers.
Further, as more data is
being generated, a new category of business that curate, analyze and aggregate
industry data on a daily basis is emerging- as more data, instant analysis is
required.
Some vendors such as
Google and Facebook are already offering analytical and insights an as
additional feature to their services.
With increased data and
subsequent analysis, businesses will have more and more power to predict the
future, not to mention put two opposing theories to test in real-time.
Here are some of the ways
big data is going to impact enterprises of all sizes and nature;
# 1 | Data is a company’s
most valuable asset
Adopting digital
technologies allows for every business to collect data at an unprecedented
scale and speed.
Websites, social media,
electronic payments terminals, and electronic communications are all source of
data that could provide insights, into customer behavior, tendencies, and
preferences.
With this newfound
knowledge, companies can further improve their services and give reward loyal
customers with something extra.
Some companies are
already using these insights to offer tailor-made personalized services to
their customers at record speed.
# 2 | Makes sense of the
market signals
Thanks to new technology,
enterprises everywhere could trawl the internet and publicly available data to
get the sense of the market to determine the latest trends and needs.
Numerous software and
services are currently in the market to track social media chatter and search
engine buzzwords that indicate what are the hottest items or services in the
market for them to develop and tap into.
In some cases, this data
could also be used to detect a void or need in the market, which would then
allow for companies to swoop in and offer that service to that particular
marketplace or scale up and expand into a different market.
# 3 | Decisions based on
empirical data
With the increased pace
of data analytics, coupled with AI technology which allows for the automation
of repetitive processes, data can be translated into insights right away.
Beyond that, AI’s
predictive capability will enable companies to make more informed business
decisions, minimizing guessing; may it be in regards to new investments, or
discontinuing a service or project.
With all the risks and
benefits made more obvious on a dashboard, intuition and luck can be taken out
of the decision making process altogether.
So, in conclusion, big
data is not only for big companies with a limitless of resources. In the
digital age, smaller businesses could also tap into the opportunity big data to
enjoy the immense business benefit it unlocks.
Source: https://techwireasia.com/2018/12/how-small-businesses-can-tap-into-big-data/
ABOUT US
With 21 years in providing R&D services for leading companies worldwide, TMA Solutions (http://www.tmasolutions.com) has intensive experience and capabilities to bring your products and solutions to a new level by embracing new technologies (big data & analytics, AI, IoT, mobile, cloud, etc.).
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