Big data has been around for many years, most companies know that if they capture the data that is produced in their business then they can apply data analytics and get produce a lot of value from it. Even in the 50's businesses were using basic data analytics to uncover insights and trends.
The benefits that big data analytics brings to the table are speed and efficiency, years ago businesses would have gathered information, ran analytics and found information to be used for future decisions, today businesses can gain insights which can be used to make immediate decisions. Companies can work faster and stay agile giving them a competitive edge. Data analytics helps organizations harness their data to use in exploring new business opportunities, smarter business decisions, a more efficient organisation, bigger profits, happier customers.
Through data analytics, companies found cost reductions through big data technologies like Hadoop and cloud-based analytics, they bring cost advantages when storing large amounts of data and they can identify more efficient ways of running the business. Quicker, better decision making, using Hadoop and in-memory analytics with the ability to analyse new sources of data, businesses can analyse information quickly.
Companies using data analytics have the ability to gauge customer needs and also give customers what they want. With big data analytics, companies are creating new products to meet customers’ needs.
For data analytics to work, data needs to be high quality and well-governed so it can be analysed. With data coming in and out of a company, once good repeatable processes are built and standards maintained for data quality. Once data is sound, companies can establish a master data management programme.
Data mining technology allows you to examine large amounts of data to discover patterns in the data – this can be analysed to further help answer complex business questions. With data mining software, you can sort the noise in data, find out what’s relevant and use the information to assess likely outcomes, and quickly make business decisions. Hadoop, the open source software framework, can store data and run applications on clusters of commodity hardware. Hadoop has become a key technology for companies due to the constant increase of data volume; its distributed computing model processes big data fast. Another feature is that Hadoop's open source framework is free and uses commodity hardware to store large quantities of data.
By analysing data from system memory, you can get immediate insights from your data and act on them quickly. System memory can remove data preparation so companies can test new scenarios and create models. It’s an easy way for organizations to stay agile and make good business decisions. Predictive analytics technology uses data analytics, statistical algorithms and machine-learning techniques to look for future outcomes.
It's all about making educated decisions and predicting what will happen in the future, so organizations can strategise from a business sense and make the best possible business decision. Popular predictive analytics applications include fraud detection, risk, operations and marketing. With text mining technology, businesses can analyze text data from the web and all other text-based sources to find business insights. Text mining uses machine learning or natural language processing technology to search through documents such as emails, blogs, Twitter feeds, surveys. Data analytics helps you analyze large amounts of information and discover new relationships.