As you know, big data, otherwise known as Megadata or massive data, appeared in 1997 and is a concept that allows to store an incalculable amount of information on a digital basis, about 2.5 trillion bytes per day.
It gathers a set of data such as transactions, geolocation, social media, messages etc.. the benefits of big data are too many to make better decisions based on its customers and its market.
What are the characteristics of big data?
The use of big data has a number of characteristics, the 5 V’s:
- The speed, which is very important, for data transmission.
- The volume, i.e. the size of the data whose origin can be very diverse.
- Variety, it can be different types of data (structured, semi-structured and unstructured data).
- Variability, referring to the different ways in which big data can be used and formatted.
- The value that this data adds to your business.
What are the benefits of big data in Businesses ?
As mentioned earlier, big data enables businesses and other organizations to make more effective and intelligent decisions. In addition, the benefits of big data are:
- Cost optimization:
One of the biggest benefits of big data for businesses is the reduction in the cost of storing, processing and analyzing massive data. It also help identify efficient and more cost-effective ways to do business.
- Greater efficiency:
Big data applications significantly improve day-to-day efficiency. By interacting with customers and getting their valuable feedback, data tools can accumulate a large amount of useful data.This data can then be analyzed and interpreted to define meaningful patterns which allow companies to design customized products and services.
- More competitive prices:
The use of data by companies facilitates real-time monitoring of markets, competing companies and seeing what strategies they are adopting.
Data analytics tools allow us to extract valuable information that can be transformed into strategies and business decisions that are fundamental to innovation. It allows us to find many innovative solutions to make your brand reach ever further.
Last but not least, the benefit of data is that it can analyze the local market, to offer insights to determine local trends.
- Online reputation:
Monitoring and improving the online reputation of businesses is crucial and can affect how potential customers perceive brands.
The benefits of big data are numerous since it can define a personalized business and marketing strategy with respect to the customers.
And that’s how Netrivals will help you to increase their turnover and make smarter decisions regarding your business since Netrivals’ solution combines different sources to provide complete, detailed data on the status of products in the online marketplace.