Big data and analytics are on the horizon among IT companies, startups and other businesses as well all over the industries. Big Data Analytics is the process of collecting, organising, and then analysing vast amounts of data in a spreadsheet. It helps to get all the data related to various startups or big and small companies or businesses. Big data are widely used to unmask various patterns, correlations, trends and insights for getting momentous value from it. The capital benefit of having big data analysis is to get knowledge and to bring speed and proficiency in any kind of startups. Gathering information from various companies and to execute them for future amendments is compulsory for startups. It helps in taking on the spot decisions and to stay active in giving a cut-throat edge to an organisation.
In the modern era, big data is in high demand to identify new opportunities, to run a business smartly and efficiently with high-profit rates, to improve customer retention, and risk management. Big-data technologies like Hadoop and cloud-based analytics are used to store vast data to make it beneficial for cost reduction. It brings better analytics of various business purposes and helps to work according to the customer need and satisfaction. It also helps startups in launching new products for large profits.
Analysis of Big-Data from various companies:
Big data is a herculean task and can be performed using specialized software tools for data optimization, forecasting, predictive analysis, data and text mining. The massive data both structured and unstructured need to refine, to reduce its complexity and to access all the data in different forms in different places. It is a big challenge for the startups to change hind sight decisions to a foresight approach using various software methods.
- In November 2015, market research firm IDC came to know about a new prediction for the market. The firm said , “There will be approx 23.1% increase at a compound growth rate between 2014-2019 for the big data technology and services market with annual spending raising to $48.6 billion in 2019.”
- “The ever-increasing appetite of businesses to embrace emerging big data-related software and infrastructure technologies while keeping the implementation costs low has led to the creation of a rich ecosystem of new and incumbent suppliers,” said Ashish Nadkarni, IDC program director.
- According the NASSCOM report – the analytics market could be more than double from the recent $1 billion to $2.3 billion by the end of 2017-18 in India.
The big data can be defined under four V’s. It is based on facts but not on rough estimates. The size of data collected from various business transactions, sensors, machines and social media can be defined as the volume of big data. The latest technologies have made it easier through various softwares like hadoop and cloud. Velocity can be defined as the speed for handling the data using machines, RFID tags and smart metering devices, in a given time-period. The next definition will be variety of various data formats like numeric, documents, video, audio, email, multimedia, voice notes, audio transcriptions and all. The last is veracity which defines data as an unpredictable approach.
How Big-Data is used:
Big data changing the way of life and doing work drastically these days. It is used by National football league to track its fans and players. BMW is using this data for helping drivers about upcoming traffic. Uber is using this data for tracking their customers just after they are hiring their taxis and predict about the rider’s destination point. Big data have become affordable for the startups too for raising their customers and to improve their insights. According to the survey, Taradata found that about 59% of entrepreneurs are considering big data as the top five issues to achieve their profitable targets. 2/3rd of them are reporting big data as a significant issue for tracking their growth.
Big data are used by the startups for predicting the risk of losses, to capture raw data with clarity and direction, for both short and long term basis. Starting from a small sample of data, startups should try to analyze them for short term basis like for a month through social media. It will be much beneficial for them rather than analyzing the whole data at once. By using this strategy startups can easily scale their web-traffic and browsing tactics for targeting market campaigning.At the end, big data is very risky as it includes all information about user profile, address, contact numbers, credit or debit card information, transaction details etc. It is important to take care of its security using various security controls at every stage of analyzing process.
Author: Komal Mittal ([email protected])
Komal loves writing on different topics. She is keen on contributing to the readers’ world while learning something new with her every new writing.Tags: analytics, Big-data, companies, Craft Driven, Craft Driven Market Research, software