Do you own a business and want to know how you can use data to your advantage?

Or maybe you work in data analysis industry and want to develop your skills?

In whichever of the two categories you belong to, today we will analyze:

 What is big data

 Why is big data important

 What are the benefits of big data

Let's start with the basics.

 What is Big Data?

Big data is the process of collecting, examining and analyzing large amounts of data in order to discover new trends and patterns in the market.

Why is this useful to us?

Because this way companies can have more and more reliable data to make better decisions about their development, compared to the time when the only data management solution was Microsoft Excel.

In addition, the information provided by this data is available quickly and efficiently, as a result of which companies have flexibility in their strategy and maintain their competitive advantage.

 Why is Big Data Important?

In the times we live in, the platforms we use and the tools contain a huge amount of information, which is constantly growing.

This happens because the users of these in some cases are too many and because the platforms themselves generate new data constantly.

​For example, the "recommended" section we see on some platforms we use, such as YouTube, comes from this very process.

​Beyond the technical part, their importance also lies in the fact that they have rapidly optimized data management, thereby helping businesses to identify market opportunities faster and create better workflows.

All this leads to more satisfied customers, thus more profits for the company.

What is the difference between a Data Analyst and a Data Scientist? Read here.

 What are the benefits of Big Data?

   Benefit #1: Low Cost

The main reason why Big Data is important is because it leads to cost reduction.

This is because they essentially store all of the business's data in one place.

Additionally, big data increases team efficiency and effectiveness, thus producing better results with the same amount of work.

   Benefit #2: Better Product

Big Data also help in the better development of the company's product.

This is because production, as well as product promotion, is now based on customer-sourced data.

   Benefit #3: Strategic Decisions

Continuous analysis of data clearly leads to better business decisions, as opposed to other situations where data may be collected and analyzed at the time a decision is to be made.

   Benefit #4: Risk Management

Big data gives to bussiness the opportunity to identify risks, before they appear.

This is of particular importance because a company can properly prepare its strategy and be prepared for what is to come, in every way.

   Benefit #5: Customer Experience

Through big data, a company can for example collect data from customer reviews on social media.

That way, a company knows exactly what made the most customers unhappy and can take the necessary actions to fix it.

 In a Few Words 

Big data has radically changed the way businesses operate and the perspectives they now have.

We may not see it yet, but gradually big data will become an integral part of every company.

Start your training today with our Data Analytics Bootcamp !