Data lies at the foundation of almost every aspect of business today. From manufacturing processes to customer interaction, capturing and reporting critical data is a greater driver of revenue than introducing entirely new product lines was just a few decades ago.
The purpose of big data analytics is to extract actionable information from large sets of abstract data. Over the last three decades, this process has shifted from an art to a science, generating quantifiable results proven to be capable of escalating an organization up to another level.
Big data analytics solutions providers exist to empower organizations to make better decisions using their own data. These firms specialize in finding and highlighting hidden patterns, finding new correlations, and uncovering market trends. The information uncovered is often already there but requires data knowledge and expertise to uncover it.
Analytics consulting involves the use of complex tools such as predictive models and statistical algorithms, which extract information from data that would otherwise remain hidden. These tools are part of a larger arsenal that discards irrelevant information and highlights only what is essential to getting your organization on the right track.
The Difference Big Data Analytics Services Can Make
To the right business—one willing to implement change and act on intelligent information—big data analytics can make vast improvements in a very short time frame. Some of these improvements include:
- Better customer service in response to key customer metrics
- New revenue opportunities from avenues that may otherwise be missed
- More effective marketing utilizing an evidence-based approach
- More efficient operations built from improving previous practices
- A competitive advantage over late-to-adopt rivals
An intelligent organization should look to pivot, refocus, and even create new business on the back of evidence captured using big data analytics services. Often, the intelligence uncovered from an analytical approach has been present and visible for a long time. It occasionally takes big data expertise to highlight the connections and relationships that were previously being missed.
Sources of Big Data
It is common for big data analytics consulting to combine data from both internal and external sources to make the best business decisions possible. For example, internally captured consumer data may be combined with local and national demographic data to build a complete picture of an organization and its place in the market.
Some highly informative insights can be gathered by combining internal sales or supplier data with weather data purchased elsewhere. For many organizations, the relationships between these elements have a major impact on margins. Weather-affected sales and footfall is very often one of the major variables that businesses struggle to account for. In some instances, it can be a relationship the organization had been previously unaware of.
Potential Data Pitfalls
Some of the potential challenges of big data come from the high barrier of entry associated with complex analytics. Data scientists and data engineers are highly specialized and highly skilled professions that very few organizations maintain internally.
The high costs and long lead time associated with entering the field make big data analytics solution providers the most cost-effective and most impactful way to incorporate analytics into your organization.
The consistently falling price of data storage and data processing is giving birth to a golden era of big data. Organizations are able to generate more and more data themselves from any number of avenues. Providers can often work on-site or lean on cloud resources to construct solutions that satisfy any number of unique use cases.
The Future of Big Data Analytics Consulting
The term big data was first coined in the 1990s and brought into general use by the early 2000s. Since then the field has exploded, seeing use in everything from choosing sports teams and personnel, to manufacturing cars and selling natural resources.
Showing no signs that it will recede any time soon, big data as a presence in business is very likely here to stay. The field is expected to continue to expand as more and more firms come online to the idea of using intelligent analytics to find new revenue streams and save more cash flow.