Today, no business owner is unacquainted with ‘Big Data.’ In fact, most business owners know and even understand how insights driven by Big Data analytics can shape the success of businesses. This is why many industries make analytics training a part of their training process.
A study conducted by NewVantage Partners reported that today almost 85% of companies are investing or planning to invest in Big Data. This proves that Big Data is the need of the moment.
No matter what industry it is, retail or healthcare or even banking, Big Data has swept all of them! With an increasing number of competitors and ever-demanding customers, businesses have become necessary to fasten their demand-supply cycle using data from various sources.
Data analysis is essential for business success
Over time, enhancing customer’s experience has made its place as an organization’s primary goal. While reducing costs, managing inventories smoothly, boosting sales, marketing initiatives, and improved cash flow remains constant. This simply highlights that all these elements are equally crucial for the overall success of the business.
Techniques exercised to analyze data include machine learning, predictive analytics, data mining, text mining, statics, and Hadoop, among others. These methods help businesses to study raw and untouched data to obtain insights, fastening the decision-making processes.
Influence of Big Data on the business landscape
Studies suggest that by the end of 2025, Big Data analytics will become a $16 billion industry. The volume of data that our country provides in the market is enormous, and it can draw considerable opportunities for the growth of any business. This is why traditional business models are rapidly switching to digitally-enabled ones not to miss the opportunity. As a result, analytics training has become an essential part of the recruitment process.
The points in the following will help you understand how Big Data is impacting the business landscape in general:
- Optimization of operation processes
Did you know as of today, 2.7 Zettabytes of data exist solely in the digital universe? This means organizations are sitting on piles of transactional data. And by analyzing these materials, businesses can run controlled analyses to identify significant loopholes in the processes. And once these loopholes are fixed, the business operation becomes much smoother, helping it to grow at a much faster rate.
This shows how vital Big Data analytics is for the optimization and smooth functioning of the processes.
- Secures faster decision making
A recent Forbes article stated that 43% of organizations find it challenging to identify appropriate data required for the decision-making process. Resultantly, the business decision-making process is slowing down with time. And the only way to solve this problem is Big Data analytics.
The mechanism used for conducting these analyses permits the users to work with data without colliding with the complicated technical steps. This saves time and also fastens the decision-making process of the organization.
This also testifies that decisions aren’t absurd instead based on accurate data.
- Permits personalization
Big Data analytics empowers organizations with a higher degree of personalized engagement and an influential target audience assurance. It offers a blueprint of the different marketing messages that a business can convey to its prospective consumers to nurture them.
Targeted Big Data analytics can promote robust customer acquisition for any company. This helps you to build a lasting relationship with the end-users. Hence today, many businesses provide analytics training to their recruited employees.
- Helps you enhance the service quality
Usage of poor data can eat up to 20-30% of a business’s operating revenue, which hampers the ability of businesses to provide quality services. And also affects their relationships with the end-users.
Using analytics, businesses can study all the data instead of just the sample subsets. And by applying a more sophisticated intelligence to improve services, they can gradually improve their performance as a whole.
Competent usage of Big Data technology for business’s growth
Today, the question isn’t whether your business has employed Big Data analytics or not. Instead, it is how efficiently you are leveraging Big Data technology for your business’s growth purpose.
To make sure you are leveraging it properly, you need to examine the following points:
- Before trying your hands on it, make sure to outline the goals you wish to achieve through data analytics. This will help you know where you need to focus.
- Ensuring that you have accurate software to perform the analyses is economically beneficial and helps you get your work done.
- Make sure you are protecting your data and analyses from malware and other cyber threats.
- Make sure you are performing regular audits as per regulations. And also, be precise about the data source you are willing to capture most of your required information from.
- Ensure you are following the latest significant data management trends going on.
Furthermore, to ensure you are leveraging the Big Data technology efficiently, provide your employees, especially those working on it, are well trained and have proper certifications.
You can even mandate the requirement of online business analytics certified programs by IIM while forming a team for the same.
Over time, data and Big Data analytics have become the lifeblood of any successful business. Though getting the technology right is challenging, building the right team with the requisite skills to undertake data initiatives can be even more difficult.
And this challenge has raised the demand for Big Data and analytics skills and certification to a great extent.
These certifications measure your knowledge and skill about the industry and also vendor-specific benchmarks to prove to employers that you possess the right skillset. The requirement of data analytics training and certs is swelling rapidly.
If you’re looking to get an edge on a data analytics career, online business analytics certified programs by IIM are a great option to begin with.