Technology has always been the driving force behind business transformation. The business world has embraced emerging technologies and has used them to conquer new frontiers. In recent times, businesses adopted ultra-modern technologies like Artificial Intelligence, Cloud computing and Big Data. Arguably Big Data is the predominant technology as it is the fuel for AI and ML.
Big data is like the magic wand that changed the business landscape in the blink of an eye. Unlike before, now we can forecast customer behavior, change in demands and opportunities for innovation almost accurately. Thus entrepreneurs can transform the business model to make it more effective and profitable.
Maybe this is why modern business firms, irrespective of their size, are adopting it. According to a survey conducted by New Vantage on 60 Fortune 1000 companies, 97.2% conceded that they are investing in big data.
Big data, as the name indicates, is the enormous data generated by users around the world. Its variety, volume and velocity make it distinct. A scientific analysis of big data gives insights into all the relevant aspects, like consumer behavior, user experience, social psychology and much more. Hence big data is the new capital for any business.
But acquiring a vast amount of data is not enough. It has to be structured so that patterns can be recognized. This process of making sense of the available information is called analytics. The best organizations at once conduct the analysis and combine it to get desired results. Thus they will be able to predict customer behavior, forge innovative ideas and proactively deal with problems.
There are surely more uses for big data, many of which are still evolving. Already the business platform, and with it, the tactics, have transformed because of the introduction of the new technologies. Within a decade or less, the industries will undergo an enormous change in the way they operate. Hence those who invest in big data early will be more successful than others.