Big Data Analytics: A phrase that increasingly makes sense in the market, especially with digital transformation , is: whoever has data has power.
Information has become increasingly essential for managers to be able to work on improving their business over time, achieving better results and better-informed decision-making.
With that, a growing trend is the use of Big Data Analytics. When well used, it is capable of providing several benefits for your business, both in the short and long term.
We will explain these concepts to you and answer your questions about the topic. Happy reading and enjoy!
What Is Big Data Analytics?
Big Data Analytics concerns a set of data, both structured and unstructured, generated at all times, and which are subsequently analyzed by the responsible managers.
What Are The Differences Between Data Science, Big Data And Data Analytics?
Despite being reasonably similar terms, these three concepts are not identical. To understand the differences, let’s talk about each of them separately.
Data Science
Data Science is a broader scientific field, which involves the procedures for cleaning, preparing and analyzing data, using specific techniques and sets of tools. From these analyses, it is possible to obtain significant insights that can be applied to the most different areas.
Big Data
As we said earlier, Big Data is an accumulation of information, generated over time, through various sources of information. Due to the high speed and volume, it requires the use of specific software and algorithms for its analysis, as well as machines with greater processing capacity.
Data Analytics
Data Analytics concerns the evaluation and examination of raw data obtained by organizations to obtain processed information that is useful for business. It concerns the tools used to analyze the information. It is not limited only to the business world but can also be applied in the academic area.
How Does Big Data Analytics Work?
Big Data analysis can be performed within three fundamental parameters:
Social Data: concerns user behavior in social media. For example, it can correspond to data generated on social networks;
Enterprise Data: concerns the information generated by business activities, such as financial operations, accounting data, and sales, among others;
Personal Data concerns the integration between devices using the internet as a medium.
Through automation tools, this data can be mined and analyzed in search of the generated patterns, offering managers subsidies to make better-informed decisions over time.
Big Data Analytics
Why are companies increasingly investing in Big Data Analytics? It is not for nothing. It benefits organizations, achieving better internal management results, as we will show below.
Faster And Better Decision Making
With processing done in real-time, it becomes easier to make decisions faster and more accurately over time. This can be highly significant for the company.
There is an abrupt drop in your e-commerce sales today. At the same time, your audience is moving on social networks. Analyzing these two points, it is immediately possible to identify what caused the crisis in the public environment, overcome the crisis, and to be able to resume the normalized sales rhythm.
Without Big Data Analytics, this pattern could take time to identify and lead to a longer response time for the issue.
Development Of Products And Services
Big Data Analytics allows you to observe the existing opportunity gaps, which your competitors are not taking advantage of, and which are being demanded by your customers. With this, your company can safely invest in innovation and have greater chances of success.
This can be done by a specific algorithm that recognizes certain patterns and rules for decision-making to invest in creating a particular product or service.
Competitor Analysis
As it is possible to analyze a large volume of data with real-time processing, it is possible to assess how the competition is acting in the market in which it operates, obtaining more agile data and responses and verifying how to generate competitive advantages over time.
The use of Big Data Analytics is essential for the growth of companies in a scenario where the pace of data generation is continuously increasing. It is also necessary to consider the increasing demand for understanding this information to obtain better results. So, if your company still needs to invest in this methodology, it’s time to review your concepts to bring more significant competitive advantages to your business.
Also Read: Big Data Is Primarily Intended To Improve Productivity
