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What is Big data and how it benefits consumers and businesses?

August 21, 2017 By 56 Comments

You must have heard about a term known as “Big Data” in the field of IT in the recent times. And a question must have popped up in your mind about what it is, it benefits, uses and more. Why not discuss it today in this article so that you can have a bit of idea about it and how it is influencing our lives. Let’s go straight to the point and find out what is it.

What is big data?

As the name suggests it is a huge volume of structured and unstructured data. It is so vast that it becomes quite difficult to process big data by the use of both ways that include conventional database and other one is software techniques. Mostly in enterprises the capacity of the data is so large that it exceeds the storage capacity of it.

Why it matters?

It mostly swamps a business or enterprise on daily basis. One thing to remember that the amount of data isn’t important, the important thing is what is done by this data. Businesses can analyse this data that can help them in taking better decisions and makes moves that are strategically stable.

How innovative is it?

Businesses and companies can benefit from big data in a way that it allows them to innovate, improve and make faster decisions. In short it allows businesses to be more intelligent. All the emails, mobile devices, databases, apps and servers combine to compile this data. And when all this data is formatted, manipulated, combined, analysed and stored can benefit a company big time. It allows the business insight about what new can be done and what can be left in order to increase revenue, improve operations and most importantly retain revenues.

Advantages

The advantage of big data is that it is making human lives better. It is not only helping companies but also the consumers are getting their full share of this manipulation of data.
Below are some of the ways that describe how businesses and sectors are benefiting and helping their consumers and making their lives better. In return, the business sector is automatically booming.

Health care

As a matter of fact, more and more people are showing interest in health and fitness. Through trackers people know how they’ve been doing all day long. Also, the they can easily measure their pulse rates and heartbeats that help them keep a check on their vital signs. Healthcare industry is benefitting from big data not by itself but also keeping the clients educated.

Big data is also helping patients in their treatment and also it is providing full assistance in finding new treatment techniques and the organizations are also finding more ways in developing personalized care. Credit goes to big data that the healthcare is so much improved nowadays that even the complex injuries and diseases are handled easily.

Consumer products

This data is also coming handy when it comes to deals on consumer products. It allows the consumers to come up with a combined list of products that range from electronics to kitchen products, from gardening to house cleaning items. Browsing the web and finding a desired product from a number of related ones gives customers more choice and purchasing power and also helps to cut their budget.

Better products and services

This point will make you understand it a lot better. All the leading companies and businesses dig deep into bid data to search for the trends, likes, dislikes and behavior etc of the consumers to come up with more effective and attractive deals for them. Big data plays its part in helping the businesses know the buying behavior of the customer and for consumers they are presented with what they are in search of. They get better products and services as compared to what they used to have.

Travelling and logistics

Travel and logistics packages are shaped to suit consumers and come in various sizes according to money, distance and time etc. With big data consumers can now easily get cheap accommodations, flights, rental cars, hotels and entertainment etc. how does it happen? There is a huge data compilation and digging from the service provider just to provide ease to the customer and in return increase the profit and earnings.

As a consumer now find cheap travel and logistics option at your fingertips whenever you want to.

Insight of an area

Consumers and property business owners also take advantage from big data when it comes to real estate sector. The analyzation of the average property owners and in a specific area can help the buyers realize the perks of buying property or house in an area. This analyzation can also assist the interested parties in giving them insights into how the property may rise vertically with the passage of time.

Time to pay attention to Big Data

In the last decade, the trend of relying on the big data has increased a lot. The collection, analyzation and mining of the data has played a major role in benefiting the customers but also the businesses. A survey conducted concerning big data and its effects on the business in view of gaining advantage and providing ease to customers showed a clear boost in the effectiveness of the marketing.
Those businesses that aren’t yet aware of it or are not using big data to their advantage are still lagging behind those companies that have used it. Is fact is emphasized by the following facts.

Facts and figures

More than 60 percent of the companies that used big data in at least half of their marketing easily exceeded their goals. Those companies that used the data in less than half of their marketing campaign, only one in three succeeded in achieving their goals.

More than 90 percent of the companies which used big data sufficiently easily achieved their goals or surpassed them. On the other hand, only about 5 percent who did the same couldn’t achieve their goals due to various reasons involved.

Of Those which used big data, more than 75 percent said that they rightly pin pointed their audience in their media and marketing campaigns.



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