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How to Use Big Data Analytics For Decision Making
Big Data is being extensively used all over the world, especially in financial companies where employees are being encouraged to get data science certification. One question that most of the people ask is if big data helps companies to make sound business decisions? The answer to this question is yes, it does.
Large organizations know the value that big data has and are using it to its maximum potential. Here are some of the ways through which big data is helping companies out:
Getting Answers in Real Time
Big data has made it possible to decrease the time that decision making used to take. Since time is money, this faster decision making time is the key to success for all the organizations out there. When it comes to decision making, one important factor that should be taken into account is a customer’s reaction towards a product. Having answers in real time makes it possible for companies to understand a customer’s preferences. However, even if companies do get the answers they seek, how so they act in real time? This is only possible if big data is integrated with business intelligence. This would help to create an ecosystem that will give companies new insight.
Another advantage of getting answers in real time is that it helps with customer satisfaction. If earlier on, your answer time was a few minutes, you would be pleased to know that big data will reduce it to a few seconds. Since this will be convenient for your clients, it will help with customer retention.
Learning about the Big Data Ecosystem
By now you know that the key to having right answers is to have big data. A new data ecosystem will help companies to tackle new issues and come up with the most suitable solutions. If you have big data training, you would know that it makes data collection and integration extremely smooth. Not only will you get accurate answers but that too in real time. So, when a customer will send a query, you can be sure that they will have the answer within a few seconds.
Let’s have a look at all the steps that are followed to answer a business question:
- Make sure you thoroughly understand the question and what kind of answer is expected from you, as it will build your business case.
- The next step is to know what data you will be needed, so that you can plan out analysis approach.
- Learn how you are supposed to source the data.
- Clean and integrate the data.
- Analyze the data that you get.
- Work on validating the results.
- Get the answers and measure the results.
Most of the companies spend a huge chunk of time in learning about the source of data and then in integrating it. However, because of data analytics training, experts are learning of new ways to offer solutions.
Big data has high capacity and low cost, which makes it possible for organizations to load all the data from their system instead of choosing particular data to get an answer for the question asked. This helps get rid of unnecessary delays, as earlier companies used to write programs to get the data they needed and then had to go back to the source systems multiple times because new insights lead to new questions that needed answers. It used to be really expensive to build data marts and warehouses, but now open source offerings along with efficient grid systems has to lead to low costs and decreased query.
Aligning Big Data with Business Intelligence
In order to maximize your benefits, it is important that you define the relationship between business intelligence as well as big data. It is important you know that one very important aspect of success lies in the integration of traditional analytics and big data.
Professionals with data science certification generally work towards analytics as well as data control, but it is important they know that big data is an important part of data management as well. It is only when data control and management is alighted, that you can facilitate the response time. Big Dar allows experts to organize and integrate data while ignoring out dated fields and records that are not a part of the analysis. This is a great update from old data warehouses, where a lot of time, effort, and money was spent on data engineering in order to make sure that data engineering is up to the mark before it was released for the users.
Other Advantages of Big Data
Here are some of the other advantages of big data that you should know about:
- It helps companies to communicate better with customers.
- It helps them to redevelop their products and services as well as see the impact that these little changes have in terms of cost as well as demand.
- It helps them to perform risk analysis.
- It keeps data safe and allows companies to analyze internal threats, if there are any.
- It helps companies to find out new avenues to generate revenue.
- It allows companies to update their website in no time in order to accommodate the demographics as well as psychographics of the user visiting the website.
- It helps in reducing maintenance costs.
- It offers well planned out healthcare.
- It offers companywide insights with the help of data analysis.
- It helps companies to improve their pricing.
- It allows small companies to compete with large enterprises.
Today, you will see big data analysts wherever you go from the decision making process to the supply units of a company. In recent times, supply chains have started using big data to make calculated predictions about the future. This makes it possible for companies to alter their plans and strategy in a way that helps them to take the right steps towards success.