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The process of analyzing huge amounts of data to discover hidden patterns, current trends and insights is referred to as Big Data Analytics. With the emergence of technology, the effort needed for performing data analytics has been reduced significantly. <br>
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Data Analytics – A Way to Unlock Business Potential The process of analyzing huge amounts of data to discover hidden patterns, current trends and insights is referred to as Big Data Analytics. With the emergence of technology, the effort needed for performing data analytics has been reduced significantly. In recent years, data has evolved dramatically – in terms of type, volume, and velocity. Data has become the key entity for a business organization. Further increase in data and streamlining the collected data would help in transformation and growth of an organization. Big data has become prominent within business operations as a tool that helps employees to work efficiently. It also helps in streamlining the collection and distribution of information in an organization. Data analytics companies play a major role in helping organizations streamline their huge amounts of data. With the emergence of technology and the need for utilizing the data, business organizations have started investing in big data analytics.
Big Data - Real Power is in Analysis Big data is present in almost every industry sector. Right from agriculture to IT sector, big data is said to be the key ingredient that has the potential to change the routine business practices in any industry. The real power lies in the insights and analysis provided by the big data analysts. Big data companies play a key role in exploring the hidden insights present in big data. Big data and big data analytics go together with digital transformations. Without analytics, the big data cannot be utilized in a proper way. Analytics helps in creating new values and gaining insights in big datasets. Interpretation of big data in right way can help organizations to identify current trends, unveil hidden patterns, and in better decision-making. To perform data analytics, organizations require new technologies and skills to analyze the flow of data and draw conclusions from it. Key Characteristics of Big Data Big data can be described with the help of following characteristics: Volume – It refers to the quantity of data that is generated and stored. Based on the size of data, it can be determined whether it is a big data or not. Velocity – It is the speed at which the data is generated and processed to meet the demands and challenges. Variety – It defines the type/data format and nature of the data. This helps the data analysts to analyze effectively. Variability – It refers to the inconsistency in data that can hinder processes to handle and manage data.
Veracity – The quality of the captured data varies greatly and this in turn could affect the accuracy of analysis. Importance of Big Data Analytics Data analytics companies help organizations harness their collected data, process and use it to discover new opportunities. This in turn leads to identification hidden patterns, current business trends, more clear and efficient operations, higher profits, and eventually happier customers. Benefits of Big Data Analytics The major benefits of big data analytics include: Cost Reduction – Cloud-based big data analytics helps organizations in reducing significant amount of costs and helps in identifying more efficient ways of doing a business. Better Decision-Making - Big data analytics companies help organizations to analyze their data immediately and make decisions based on the derived information. New Products and Services - Identifying the current business trends using analytics help organizations to gauge customer needs and deliver what they want. Based on the insights derived, companies create new products to meet the requirements of the customers. Future of Big Data Analytics As the number of industries are increasing day by day, the data generated is also growing rapidly. Data has not only become the key entity for an organization but is also growing exponentially. Today, the data generated by an organization is several
times bigger than the data that was generated few years ago. Investing in data could help organizations in multiple ways. Big data analytics will help organizations to get better idea about the current trends and help break their productivity records. According to statistics, currently there are more than six million people working with big data analytics. What’s even more surprising is that big data analytics is just getting started and will see a rush in the number of applications being developed for big data in upcoming years.