Big Data Analytics

It is a fact that the concept of big data is a new emerging field and the most of the organizations are working to understand and interpret their huge amount of business data so that they can analyze the same data in better way and can easily get its value. In past, i.e. in 1950s, organizations used to apply analytics on their data manually via spreadsheets to find out the trends.
When big data was started to be presented in forms of tables, the efficiency and speed for analyzing the big data is increased.

IMPORTANCE OF BIG DATA ANALYTICS:
It is observed that the analysis of Big data helps the organizations to tie their data so that new opportunities can be identified. It helps to run business in smarter ways, i.e. more efficiently, getting more profits and more satisfied customers. In his report Big Data in Big Companies, IIA Director of Research Tom Davenport interviewed more than 50 businesses to understand how they used big data. He found they got value in the following ways:

REDUCTION IN COST: When we store big data by using Cloud-based analytics and Hadoop (Big data technologies), we can reduce the significant cost. In addition, we can find out some other ways for doing business in more efficient ways.

SPEEDY AND BETTER DECISION MAKING: Organizations can now easily analyze the information very quickly, by analyzing the new data sources. And this is possible because of in-memory analytics and speed of Hadoop. It helps the business to make decisions through new learning.

NEW PRODUCTS AND SERVICES: It is easy for the organizations by big data analytics to create more efficient products to satisfy the customers’ needs.