Big Data Analytics for your business
Data and analytics capabilities have made a leap forward in recent years. The volume of available data has grown exponentially, more sophisticated algorithms have been developed, and computational power and storage have steadily improved. The convergence of these trends is fuelling rapid technology advances and business disruptions.
The importance of big data does not revolve around how much data a company has, but how a company utilises the collected data. Every company uses data in its own way; the more efficiently a company uses its data, the more potential it has to grow.
The Advantages of Real-Time Big Data Analytics
There are invaluable advantages of big data analytics when performed in a real-time. It helps a business to identify errors immediately. Real-time awareness of the errors benefits a business to respond swiftly, in order to alleviate the impact of an operational error. Eventually, it can secure the business operations from delays or complete failures and minimise the impact of the error on the end user which may otherwise result in losing a loyal consumer base.
Big data analytics can also unveil the latest strategies of your competitors. Benefits of big data analytics in real-time include staying a step ahead of the competition and get timely notifications when your direct business rival adopts a new strategy. Ultimately, it helps you to radically improve your products and overall services, leading to an increased conversion rate and a higher revenue stream.
The Advantages of Using Big Data Analytics Software
The improved accessibility to big data platforms and big data analytics software is contributing to businesses in a profitable way with the collection and analysis of data to mine useful business data and insights, which improves product and service offerings. The benefits of big data analytics software include efficient analysis of collected data and the development of predictive and prescriptive models to further enhance overall productivity and value of a business.
Information truly is power. If we look at a specific industry such as retail, we can identify that consumers’ around-the-clock access to abundant product information has revolutionised the retail sector, according to research developed by Intelligence Node, a retail analytics agency.
With the advancement of pervasive digital and mobile technology, shoppers make more informed decisions than ever, using online content and data to discover, research, compare and buy products from anywhere at any time.
For retailers and brands, information is also a game-changer. Retail data analytics can help companies stay ahead of shopper trends by applying customer analytics in retail to uncover, interpret and act on meaningful data insights, including in-store and online shopper patterns. In short, big data powered retail analytics software is changing the way retailers manage their business.
Lou Chan, Populous World.
The Populous World platform provides data sets and analysis tools in a cost-effective way, so that businesses of all magnitudes can access the vast array of publicly available data and present it in an easily digestible format to efficiently make decisions that will drive their business forward.
