Big data refers to a large amount of structured and unstructured data; however, it is inefficient and impossible to process such large amounts of data through traditional data management tools. To understand big data, you must implement the devices that collect it today, such as barcode scanners, mobile cameras, CCTV cameras, motion sensors, smoke alarms, network analysis tools, CRM, and more. From the examples, you can see a large number of data types since the structured and unstructured parts of these device customizations. The absolute speed of data generation cannot be controlled and processed using traditional methods and tools.
However, the combination of the use of big data and big data analytics technology has made companies more competitive than their competitors.
Big data and small businesses
When terms such as big data and business intelligence are only relevant to large enterprises, this is only a thing of the past. Today, small businesses must use the data they collect to continue to compete. Over the years, cost has remained the main reason why small businesses do not adopt big data analytics, but it has changed. There are budget-friendly tools for small businesses to use the data they collect today. Some experts believe that small businesses can make better use of big data because they can make the necessary changes faster than large enterprises, that is, respond to the insights of existing data in real time.
According to a 2016 IDG study, 78% of large companies believe that big data strategies have the ability to change how companies operate. This shows that large companies embrace big data technologies and strategies and reinforce the fact that small businesses become irrelevant if they don't adopt the same strategy.
The benefits of big data analytics
A report by IIA Research Director Tom Davenport shows that big data and big companies can benefit from big data analytics, especially in improving products, making business decisions faster and reducing costs. Here are some ways small businesses can benefit from big data.
• save costs
The upfront cost of implementing big data tools and strategies is high, but the long-term benefits of doing so are unparalleled. The medical industry is a good example of how the use of big data can help companies reduce costs, regardless of their size. Using predictive analytics, Medicare and Medicaid Services prevented more than $210 million in medical fraud in just two years of using the above technology.
In addition to preventing fraud, small businesses can reduce costs by avoiding creating inventory that exceeds demand, including better partners in the supply chain.
• Improve decision making
This is the biggest benefit of big data. It allows companies to accelerate decision making by quickly processing data and providing insights in a timely manner. In the past, business decisions were retained for future strategies based on existing data and trends observed in them. Today, companies have a huge amount of data, so they can get more powerful insights.
These massive amounts of data require the use of modern big data hardware technology. Once the company has completed its work, they can better understand the customer, create products that better reflect the customer's needs, and develop the brand based on the most common values.
• elusive security
Today, companies are increasingly focusing on using big data to improve their core capabilities, but less attention to more serious issues, namely cyber threats and security vulnerabilities. Today almost every small, medium and large enterprise is connected to the Internet. In addition, the Internet of Things has expanded the security surface of corporate attacks, making it easier for cybercriminals to attack networks and penetrate corporate databases.
The biggest concern for modern businesses is that they must "respond" to cyber attacks that have already occurred, rather than preventing them from happening. The use of big data and big data analytics tools can be a game changer in the field, allowing businesses to prevent any security attacks before they are executed.
Key technologies help companies make the most of big data
As a small business, you must be familiar with a variety of technologies to help you store, analyze, and process big data. Here are some important things:
• Hadoop
It is a framework that supports the use of open source methods to add large amounts of data. Once the data is stored, Hadoop can use the "cluster hardware" to use various applications. Because of the commercial hardware cluster, companies can easily handle big data because of the increasing number.
• Data mining
This technology enables business owners to gain insights, patterns and trends from big data that traditional methods cannot. Data mining gives you insight into a large number of structured and unstructured data, understands all data and provides analytical insights to help companies make real-time and future decisions.
• Predictive analysis
Predictive analysis is parallel to data mining. Labor is at the heart of predictive analytics, enabling business owners to adjust existing strategies based on existing data to predict changes in business.
• Text analysis and mining
An important issue in modern commerce is the analysis of noise on various web platforms, such as forums, blogs, social networks, etc., to understand customer expectations for a particular brand. Understanding the brand mention and understanding the customer's impression of your brand can help you realign your marketing approach to customer loyalty. Text mining helps small to large businesses view text data via email, blog posts, social networks, etc., and listen to customers' "voices."
With the rise of smartphones, artificial intelligence and the Internet of Things [IoT], companies must now process large amounts of data and leverage big data analytics and processing technologies to gain a competitive advantage.
Orignal From: Small businesses should invest in big data and analysis
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