BIG DATA is a term used to describe huge amounts of information that can be difficult to process and analyze. And for businesses today, this can pose a problem because analyzing big data can take so much time, effort, and money.
History of Big Data
There is no clear etymology for the term that is used in different fields. Although, it seems like a simple combination of two basic words, its connotation can be interpreted in so many ways. Despite its application in all possible business functions, people are unanimous when it comes to what it’s all about: voluminous amounts of unstructured data a company produces.
Big Data trends such as machine data coming from consumer electronics, collaboration in marketing, and the increased focus tech R&D to enhance customer experience, business processes and products are still very much present and are still evolving.
Having vast amounts of information and knowing what to do with it can either make you or break you. It’s either you make use of it or just put it to waste. The key phrase here is business intelligence (BI). BI can only be built if the data a company produces and gathers are distilled into actionable decisions, regardless of the function. According to Edd Dumbill of O’Reilly Radar, the value of big data to an organization falls into 2 categories: analytical use and enabling new products. As big data requires technical expertise to analyze, it is easier to start with something that doesn’t require much cost and effort; with the use of social media platforms, you can use it as a market research tool when you engage with customers and announce updates on product features, product launch or new services. By gaining likes or favorites, comments or tweets from clients, it can help you excel in customer service that could impact your sales by utilizing the information gathered, thus, strengthening your customer relationship.
Big Data can radically change different processes in business today. Even the hiring process can change due to the information Human Resources accumulates and the need to manage such data can be overwhelming. There are numerous technologies to help a company manage Big Data, but it can be challenging to find a product that snugly fits with your needs. The important thing is to acknowledge how using big data effectively can create value and produce financial results down the line.
The bigger the company, the bigger the data it produces. However, even for a 50-man company, the amount of data that is built over time can become overwhelming. Most software products these days offer different kinds of analytics, from Google Analytics for website traffic to Sales force Analytics for sales performance. These tools help maintain information within your organization and help you breakdown the details and interpret results easily. And thanks to cloud computing, you can access and use these data anywhere the globe. This makes it easier and faster to make those important business decisions. In addition, with cloud computing, a business can increase its data storage and data capabilities in a scalable, cost-efficient manner. The combined power of cloud computing and big data analytics can be of great impact for businesses of all sizes and industries. By maximizing the benefits of big data, firms can position themselves to be at the forefront their respective sectors.
As your company strives to be smarter and more competitive, the sea of data that you manage can be more valuable and useful – if you let it be. Don’t drown in data: ride the wave by turning to technologies like Xamun to help you manage and share information seamlessly across your company. Xamun enables you to do just that: create, share, and manage data. These information are coming from the core business functions: sales (marketing communications, sales pipeline, and invoicing), service delivery (project management, helpdesk ticket management, and schedule management), and HR (personnel records, time-off management, deployment planning).