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Big Data - The Foundation of Business Growth
By Utilities Tech Outlook | Saturday, December 15, 2018
Data is ubiquitous in every sector and function of the global economy and most of the modern economic activities would crash in the absence of data. Organizations across the globe need Big Data to gather, curate, analyze, and find patterns to make better decisions to improve productivity. Furthermore, this technology can provide significant value to the world economy by reducing waste and improving overall quality of the products and services as well.
Past IT trends in innovation and investment certainly suggest that Big Data will be a game changer and has the ability to transform the business. These historical trends have laid the groundwork for Big Data to entirely change the business landscape. Companies must consider the potential of Big Data to create value and outperform their competitors. New entrants are using this technology to innovate, create value, and compete.
Healthcare sector is gathering insights and analyzing the risks and the benefits of several prescribed medicines that weren’t visible during the limited clinical trials. Manufacturing industry, especially the early adopters are using the data collected from embedded sensors in the products to identify how their products are used. This know-how can help companies innovate products. New businesses can sprout with Big Data and majority of them will have the essential information regarding the product, services, consumer preferences and intent that can be captured and analyzed effortlessly. Market experts incline towards the aggressive use of Big Data.
How to Leverage Big Data
Old ways of storing information such as on paper is not easily searchable and accessible through networks. Searching and transferring the data from one location to another requires significant effort. This method is inefficient. Big Data can help make the information more transparent and mobile app development companies can create more secure apps with this transparency.
Companies can smartly gather detailed and accurate performance information from goods inventory to employee sick days to boost productivity. Power players in their respected fields are using Big Data to conduct controlled experiments to boost managerial functions. Narrower customer segmentation for tailored latest generation of products and services will emerge and sophisticated analytics will help managers in improving decision making. Additionally, the data collected from sensor embedded products will help companies with after-sales services.
Adoption of Big Data is not as straightforward as it sounds. Various legacy systems, incompatible standards and formats are hampering the adoption of Big Data. Utilization of large digital assets will require an assembly of latest technology stack from computing as well as storage via analytical software applications and visualization.