10 January 2019

Why is Big Data so important for my Organization?

According to Gartner, the world generates daily 2.2 million terabytes and it is foreseen that in 2020, about 1.7 megabytes of new information will be generated per second, for each inhabitant. But what challenges do these numbers bring to companies? How can Organizations turn this data into insights? What reading can companies do in order to quickly and effectively respond to this in the Global World and uninterruptedly connected?

According to SNS Research, the Big Data market will reach US$ 72 billion in hardware, software and services by 2020. Given that companies investing in Big Data, also according to Gartner, are five times more likely to make faster decisions than the competition. The forecast is that, by 2020, there will be a total of 40 trillion gigabytes of data in the world.

 

What impact does Big Data have then?

Given that today we all generate and deal with data on a constant basis, what impact would these companies have, as a result of this flood of information, without a set of tools that would turn this huge amount of data into insights? The possibilities of Big Data are enormous, and this does not only mean companies getting to know their customers, but also reducing costs, optimizing processes, improving decision making, and countless other benefits. In fact, Big Data presents an endless number of possibilities to companies.

The term Big Data is used to define a set of tools that allow you to aggregate and analyse a set of structured and unstructured data in real time. Through this analysis, it is possible for managers and decision makers to be able to interpret and standardise, for example, behaviours or tendencies, thus having a much deeper knowledge of their client. Any Organisation can, therefore, foresee problems and prepare solutions in a timely manner.

With Big Data it is possible to accelerate decision making by managers and allow an alignment of the appropriate strategy, thus, for example, to anticipate consumer trends. It also allows an adjustment of the internal processes and the organizational structure according to the new reality. A reality based on permanent changes that can translate into opportunities or threats.

The reality is that only with effective strategic planning can companies anticipate and differentiate themselves from the competition. Basically, it is taking the knowledge that already exists within your Organisation and optimising it, turning it into insights.

Big Data allows a number of benefits to your Organization,  for instance:

 

But how would the world be like without Big Data today?

How would Organizations organise and interpret the amount of data that comes to them every day? What impact would it have on their business?

Companies that do not know that data is valuable only when they are gathered, stored and interpreted as the basis for better strategic decisions, lose competitiveness and have great difficult in surviving in a market where data is a very powerful asset.

The smart use of data allows to improve the product or service, to know which marketing strategies are most efficient, how costs can be optimised to make the business more efficient, how to deal with the competition or know the customer.

If business and strategic decisions can now be made based on realistic forecasts, without Big Data, decision-makers were primarily guided by intuition. Today, assumptions are replaced by data based on a real-time analysis of all the information available in the Organization.