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.
There was five Exabyte of information created between the dawn of civilization through 2003 which has tremendously increased to generation of 2.5 quintillion bytes data every day. That is a huge amount of data at disposal for CIOs and CMOs. They can utilize the data to gather, learn, and understand Customer Behavior along with many other factors before taking important decisions. Data analytics surely leads to take the most accurate decisions and highly predictable results. According to Forbes, 53% of companies are using data analytics today, up from 17% in 2015. It ensures prediction of future trends, success of the marketing strategies, positive customer response, and increase in conversion and much more.
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Various stages of Big Data Analytics
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.
Before stepping into data analytics, the very first step all businesses must take is identify objectives. Once the goal is clear, it is easier to plan especially for the data science teams. Initiating from the data gathering stage, the whole process requires performance indicators or performance evaluation metrics that could measure the steps time to time that will stop the issue at an early stage. This will not only ensure clarity in the remaining process but also increase the chances of success.
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.