In the past, there was heavy reliant on the traditional methods of data analysis. The rise of big data has created a revolutionary impact in the information technology field, with specific focus in business world. These developments in big data and technology call for organizations to embrace it and devise new effective solutions so as to keep up with the fast-growing world.
During the 2016 Data Summit, the big data and analysis director at SAS, Matt Ludato stated that in the future, there will be a great focus on weather forecasts visualizations. Moreover, he said that the computing industry should be focused more on the bias of large scale so as to establish a clear idea of the possibilities in the future. The use algorithms will enable invention of unimaginable solutions.
One major use of big data analytics has been the use by organizations to create new opportunities from the data they already hold. As a result, there will be higher profits, smarter business decisions, satisfied customers as well as efficient operations. Tom Daveport, the director of the International Research Institute conducted a research in 50 companies to find out how they used big data in their organizations. He learned that all these organizations benefited in the following ways from big data:
- Improved customer relationships. This was enabled by the ability to accurately determine the customers’ needs hence satisfying them fully. This information was strategically derived from the existing data in the company. Moreover, the organizations were able to come up with new product and services that match their customer’s needs.
- Cost reduction. These organizations were able to significantly reduce their costs by devising more efficient ways of carrying out their business as well as storing their data well.
- Better implementation of strategies. This involved fast analysis of data hence fast decision making processes. As a result, this led to fast and effective implementation of the laid down strategies.
The future of data analytics is heavily reliant on the benefits it can offer individuals and institutions. By making business process shorter, efficient and cost-effective, the adoption and use of big data is unlimited. Since every business’s goal is to maximize their profits, the use of bid data is deemed inevitable to achieve this success.
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I think data analytics is our presence and future.
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