Big Data allows organizations to leverage it for business growth. The concept has been around for years, but businesses are just now beginning to realize that if they capture multiple streams of data, they can apply tools for robust analysis, which helps in real-time and effective decision-making.
Businesses have always relied on analytics and insight to understand consumer preferences and get a competitive edge in a tougher economic environment. The introduction and evolution of Big Data have made that process much easier. We’re seeing companies invest heavily in creating robust Big Data infrastructure and hiring external consulting services for powerful decision-making.
However, expert consultants can be hard to find because Big Data requires special skills and expertise. Vates provides some of the best Big Data analytics consulting services for businesses across the globe.
We have set up offices in Buenos Aires, Cordoba, and Santiago De Chile that enable us to provide onshore, offshore, and nearshore Big Data services to customers. We have written this guide to explain the different aspects of Big Data analytics and why it is important nowadays.
Understanding Big Data Analytics
Big Data analytics means extracting meaningful insights from a large set of data. Analytics could include hidden patterns, market trends, consumer preferences, and even hidden patterns. Big Data analytics has become a huge part of the business decision-making process. It also helps prevent fraudulent activities, streamlines processes, and enhances workplace productivity. Let’s look at the types of Big Data analytics in greater detail below.
Types of Big Data Analytics
There are four types of Big Data analytics:
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
Descriptive analytics involves summarizing past data into a form that’s easy to read and comprehend. Descriptive analytics is widely used to create important financial reports, which helps businesses understand their revenue structure, sales, and profitability. Companies also use it to organize social media metrics. Descriptive analytics is used almost in every major business and industry. Companies actively use this technique to improve process efficiency and identify underutilized resources.
Diagnostic analytics identify a particular problem and understands its root cause. Techniques such as data mining and recovery are popular examples of the diagnostic analytics process. The technique provides an in-depth analysis and insight into a particular problem, and businesses can use it to create quality solutions to mitigate such issues.
Predictive analytics come into play when businesses seek to create future strategies by deep diving into past and present data. The technique uses data mining, artificial intelligence, and machine learning to provide a robust analysis of current data and make future predictions. Predictive analytics is widely used when creating marketing campaigns through a comprehensive analysis of market trends and consumer preferences.
Prescriptive analytics presents a viable solution to a particular problem. The technique works in conjunction with both descriptive and predictive analytics. You need a strong AI mechanism and machine learning tools to get the best out of prescriptive analytics. Prescriptive analytics can be a powerful tool because it can help provide out-of-the-box solutions that impact your business revenue and profitability.
Big Data Analytics Industry Applications
Various industries and sectors use Big Data analytics to help them make effective decisions. E-commerce is one industry that comes to mind when discussing Big Data analytics. Businesses in the e-commerce sector use Big Data to predict customer trends and optimize their price points to provide better products and services.
Big Data analytics is used extensively in marketing to create personalized advertising campaigns that bring high ROI. Companies across the globe are now realizing the true potential of data analytics in marketing and are incorporating such infrastructure to aid in their overall decision-making process.
Education and healthcare industries have also seen a rise in the usage of Big Data analytics. Educational institutions use data, market trends, and student preferences to refine their existing courses or introduce new ones. Healthcare is in the middle of a drastic transformation in the aftermath of the pandemic. Big Data analytics is used to predict the likelihood of future diseases, which helps pharmaceutical companies in medicinal development.
The financial industry is perhaps one of the biggest beneficiaries of Big Data and robust analytics. Big Data analytics is helping these institutions understand consumer preferences and analyze customer income and spending patterns which helps them create better financial products. Financial inclusivity has grown over the years, and Big Data has played an important role in the growth of the fin-tech industry.
If you’re looking to integrate Big Data analytics into your business, Vates can help. We provide some of the best Big Data analytics to organizations across the globe. Get in touch with us today to learn more about the world of Big Data analytics.
Benefits of Big Data Analytics
Big Data provides a lot of benefits. Businesses use it to identify new opportunities, make smarter decisions, and optimize operations that lead to higher profits and satisfied customers. Big Data technologies such as cloud computing result in reduced costs. You can store and analyze large quantities of data without investing heavily in physical infrastructure. Big Data helps you find more efficient ways of doing business, reducing operational costs and increasing workflow efficiency.
Big Data analytics can also help you make faster and better decisions. The speed of data collection, sorting, and analysis has enabled businesses to gather real-time insights and information that helps them with efficient decision-making.
Big Data analytics also plays a significant role in developing new products and services. Data helps businesses understand changing consumer preferences and helps them adapt to evolving market conditions. Businesses can use this data to develop better products, leading to more satisfied customers.
Big Data Analytics with Vates
If you’re looking for a Big Data consulting company to help you with in-depth analytics, check out the services provided by Vates. We can help you use proper analytical tools to use data. We adopt a flexible and scalable approach to implement modern tools and technology to help your business grow.
Our Big Data consultants will create a comprehensive road map and framework to help you build a stronger, more profitable, and resilient business. Visit our website to learn more about our services or contact us for more information.