Until a few years ago, storing too much data was a big problem for organizations. Today however the digitization of data and the increase of storage capacity have made data easily available. The storage costs have also come down and that allows companies to make use of both their structured & unstructured data to make better business decisions. Using data to predict, forecast and optimize various aspects of the business fall into a specialized branch of statistics known commonly as business analytics. It uses various specialized tools like Big Data, SAS, R, etc. to help business improve their functioning and optimize their chances of success.
Analytics has also turned into a very good career option in present times. The number of people joining a Big Data training program in India has nearly tripled in the past three years and it is set to grow much more. This is because most analytics & big data courses offer them some of the coolest jobs in the entire world and help them in solving many real-life problems. Since more than 90% of the data available to analysts is unstructured, specialized tools like Big Data become extremely beneficial to them, which helps in organizing & managing. Here are a few advantages of Big Data that help companies immensely:
- To understand changing customer preference and use data to state facts before them that may influence their buying behavior. Thus you can both save your business from losses and your reputation.
- In developing better products that meet the expectations & demands of users.
- A big data certification course can also help you determine how minor changes in manufacturing can affect buying behavior.
- One can also stay much ahead of their competition with the help of Big data. It can reduce the chances of investors, suppliers or shareholders from defaulting and predict outcomes of certain decisions. This can boost your returns, help in making better & quicker decisions apart from improving their execution.
- It helps you manage organizational secrecy and reduce internal threats as well.
- It can multiply your revenue streams and help find new ways to reduce costs & increase profit margin.
There are also countless advanced applications of Big Data in all sectors ranging from Healthcare, marketing & scientific research that are being explored today.