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The Role of Big Data Analytics in Business
In the functioning of businesses, big data analytics has a crucial role to play. The high-power computing systems when coupled with big data analytics, numerous business benefits such as effective marketing, better consumer service, new revenue opportunities, improved operational efficiency can be expected. Big data analytics operations require vast computing resources, human talent, and technological infrastructure. With the rise of cloud computing and other technologies, big data analytics tools are easily available than ever before.
Big data analytics helps in analyzing the volumes of structured transaction data. It also helps in analyzing a mix of structured and unstructured data. The combination of these data includes internet clickstream data, social media content, web server logs, and survey responses. It also includes mobile phone records, text from customer emails and machine data captured by sensors connected to IoT (Internet of Things).
Big data analytics also helps in determining what is the probability of an event if it were to happen based on past experiences. The 4 Vs of big data is known as a catalyst where the cloud acts as an infrastructure for businesses to grow effectively. The 4 Vs include Volume, Variety, Velocity and Value in the business networks. Big data analytics help businesses to derive insights giving them the ability to identify new opportunities. Big data analytics helps in the decision-making process. Subsequently, businesses can reduce the cost of operation and deliver new products and services much faster.
With such benefits, big data analytics is ruling in many industries globally such as retail, government agencies, healthcare, manufacturing, banking, life sciences and so on. The speed, efficiency, and productivity are increased with the use of big data analytics in business.