Big data, bigger profits
Imagine yourself in a world where your shopping moods are pampered with personalized offers, when a random YouTube click creates a queue of multiple songs you might like and when you don’t have to carry your complete health file to the clinic for a simple OPD session.
Wait, does it seem much like the reality?
Welcome to the age of big data!
This term has been in the buzz for years now. But, the employability of the Global big data market products has been controversial.
A bad understanding of the concept has prevented it from being adopted by established and small businesses equally. However, over the time, the end-users have been educated about it and many companies are now adopting it as mainstream. Why did it take about a decade for a technology so profitable to gain acceptance?
Diving into the pool of data
Technology market research reports claim that it took time for people to understand that big data doesn’t necessarily need a big company. Let’s understand this. A person shops from an online store today. Maybe not from some popular site like Amazon, but a small website that has recently opened its gateways to people. The person is satisfied with his experience and rates you well.
The person would have browsed through a number of products. He might not have bought it at one go. There might have been a particular time at which he often visited the website. And there might have been multiple products in his final shopping cart. This is enough data to judge a person’s liking especially if he visits the website a number of times.
Now, there is not just one customer who visits the site every day. There may be plenty of viewers and a decent number of shoppers even in the initial phases. Now, what can you do with all that data?
There is no purpose for a huge collection if a customer cannot find what he wants. With the data that had been previously collected, you can pitch very specific products to the customer all based on his previous shopping trails. So, now it is easy to understand that although established companies can benefit by maintaining their client base, every small company can take-up big data as an aid to their growth.
Considering the volume of data curated by the global big data market and the velocity at which this volume is increasing, every data set can be highly unstructured and complex. Computer programming languages developed especially for these are evolving to help companies realize the befits of big data. While data collection has been normalized, gaining insights from the data and then implementing strategies based on it can still be a challenge.
What happens once you overcome the challenges
Big data is capable of revolutionizing the way you think about for your business as witnessed by a number of market research reports.
The beginning of every financial year is marked by intense planning. It’s usual to proclaim and predict trends for the upcoming months. Numbers and complex data don’t incite awe. But to utilize it for the company’s profit isn’t deemed easy. Irrespective of the field you work in, big data is sure to help.
Having proper tools to examine and analyze the collected data can mean big profits.
· If you work as a healthcare professional, you have decision support in the form of a patient’s previous diagnostic data. You can also use it to identify useful correlations and patterns that can be extrapolated.
· Have a virtually placed business? Understand your customer emotion dynamics better! Design a model to detect a customer’s level of satisfaction and employ the data derived for better relationships with them
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