Rick Delgado is a new technologies freelance writer. In this article he takes an objective view of Big Data and lays out 10 reasons why now is the time for Big Data. My observations are italicized below.
1. It will keep your data secure
Being able to completely map your data out in front of you will make you better at analyzing potential threats. You can easily ensure that the most sensitive data you have in your system has all of the necessary security features it needs to stay well protected and within any sort of regulations that your business has to adhere to.
Many BI tools have provided for this sitting on top of the data – however – the big data structure allows this to be mapped into the clusters where data lives.
2. It opens up brand new revenue sources
You will gather a ton of insight into your part of the market. This insight is valuable, and not just to you. Selling out non-personalized industry data about trends in the market can bring in a ton of money from any other businesses operating in the same portion of the industry that you are, making it a great way to bring in some more funds.
While this is not always possible for a CPG company, for example, to do when retailer-sourced data is in the mix there are other opportunities at the enterprise level.
3. It’ll give you an advantage
Businesses are built on tradition. Any industry is going to have years of tradition that believe that one way of doing things is the right way and if it isn’t broke, don’t fix it. One important value that big data has is that it lets you really examine and analyze preconceived notions about aspects of a business you may have never even considered. It will provide better data when it comes to experimenting and trying to innovate, meaning that you’ll be able to get a much better advantage over your competitors.
4. Better Visuals
Big data requires cutting edge data visualizing tools in order to translate all of those numbers and data points into something a bit more tangible. This will increase overall usability that can be utilized by people in the business themselves or their end users.
There are increasing numbers of tools available for the user to create insight from their data lake – Vortisieze prefers MicroStrategy but ultimately is agnostic toward the BI tool selected giving you maximum flexibility.
5. It’s very easy to set up
Big data used to be something that only big corporations could afford to get into. Luckily, there are alternatives that can bring the benefits of big data to a company of any size. Hadoop is a great open source framework that can handle large amounts of data. Hadoop works with Excel, which most businesses already use.
The entry point is such, especially with the ABC of business (Analytics, Big Data, Cloud Computing), that retailer sales/support offices can easily add this as a budget item without involving their IT division.
6. It helps your business evolve
One of the best things about big data is just how scalable it is. Getting the right tools means being able to convert not just number data, but also text, audio, and video files to find patterns that can give a business a ton of insight into the market. Investing in big data as a small company means you’ll be able to easily handle all the data easily that comes with growth.
You begin seeing your business as your customers (the ones buying your products from the retailer) see your business.
7. It can significantly cut back on maintenance
Businesses that rely on large pieces of equipment often spend tons of money when it comes to replacing and maintaining them using predetermined data that tries to predict how long they’re going to remain efficient. Big data allows you to get rid of rounded averages and replace them with specifics, allowing you to squeeze even more life out of machinery that still has plenty of use left.
And with cloud computing, also called data-as-a-service, there is no equipment involved to maintain.
8. It brings you closer with your customers
The customers of today are a lot different than in the past. The rise of the internet allows them to thoroughly and tirelessly research a product before buying and to communicate with tons of people about which brand they should do business with. Big data allows you to better profile these fickle consumers and figure out specifically what they want.
See comments to #6 above.
9. It’s easier to analyze risk
There’s more to business than running your own company effectively. Every business is just one in a large industry that must regularly compete and innovate in order to stay ahead of the rest. Utilizing big data to analyze things like news articles and social media will give you cutting edge information about the biggest and latest developments in your industry.
10. You’ll be able to improve your products
Big data is a key that’ll explain specifically what your consumers really think about your product. Big data is even being used in medical research for companies that do personalized medicine or companion diagnostics, and need to analyze large amounts of biological data. You’ll be able to use your insight to easily get a better picture of your customers based out of different geographic areas and belonging to different demographic groups. Once you’ve seen how the product is perceived, you can easily raise efficiencies in key areas along the product process.
These are extremely valuable insights to present to your retailer buyer – enabling your company to rise above the noise from your competition.