Why it become important now ?
Big data analysis is better cost reductions. Furthermore, those organizations able to quantify their gains from analyzing big data reported an average 8% increase in revenues and a 10% reduction in costs.
Determining root causes of failures, issues and defects in near-real time. Generating coupons at the point of sale based on the customer’s buying habits. Recalculating entire risk portfolios in minutes.
Big data innovation is to share ideas and concepts on how to efficiently extract the knowledge & insights from data that we hold as organizations; big data scientific inquiry requires less reliance on existing knowledge.
Topping the list of benefits realized from big data analysis are better strategic decisions (69%), improved control of operational processes (54%), better understanding of customers (52%).
Why big data matters?
Big Data is all around us. It’s generating every moment at staggering volumes and changing the way finance, marketing, social media, and other companies interact with users. Big Data’s impact on our lives will continue to increase as analytical methods improve and businesses are able to harness more of the customer information they’re gathering.