A survey conducted by NVP revealed that increased usage of Big Data Analytics to take decisions that are more informed has proved to be noticeably successful. More than 80% executives confirmed the big data investments to be profitable and almost half said that their organization could measure the benefits from their projects.
When it is difficult to find such extraordinary result and optimism in all business investments, Big Data Analytics has established how doing it in the right manner can being the glowing result for businesses. This post will enlighten you with how big data analytics is changing the way businesses take informed decisions. In addition, why companies are using big data and elaborated process to empower you to take more accurate and informed decisions for your business.
Why are Organizations harnessing the Power of Big Data to Achieve Their Goals?
There was a time when crucial business decisions were taken solely based on experience and intuition. However, in the technological era, the focus shifted to data, analytics and logistics. Today, while designing marketing strategies that engage customers and increase conversion, decision makers observe, analyze and conduct in depth research on customer behavior to get to the roots instead of following conventional methods wherein they highly depend on customer response.
Fusionex explains what is Big Data.
Being a disruptive technology Big Data Analytics has inspired and directed many enterprises to not only take informed decision but also help them with decoding information, identifying and understanding patterns, analytics, calculation, statistics and logistics. Utilizing to your advantage is as much art as it is science. Let us break down the complicated process into different stages for better understanding on Data Analytics.
Data gathering being one of the important steps requires full clarity on the objective and relevance of data with respect to the objectives. In order to make more informed decisions it is necessary that the gathered data is right and relevant. Bad Data can take you downhill and with no relevant report.
Understand the importance of 3 Vs
Volume, Variety and Velocity
The 3 Vs define the properties of Big Data. Volume indicates the amount of data gathered, variety means various types of data and velocity is the speed the data processes.
Define how much data is required to be measured
Identify relevant Data (For example, when you are designing a gaming app, you will have to categorize according to age, type of the game, medium)
Look at the data from customer perspective here: https://www.marketscreener.com/news/Fusionex-Wins-Contract-with-One-of-the-World-s-Largest-Logistics-Powerhouses–30394534/