Originally published on Tapscape.com
There has been a veritable explosion in the amount of data in recent years. The amount of data generated in a single day is more than the amount generated in the first several thousand years of human civilization, and the numbers continue to ramp up day by day.
From the smallest startup to the largest multinational corporations, businesses are drowning in information like never before. Yet much of that information is wasted, left unanalyzed and unused. While businesses embark on expensive market research projects, they fail to take advantage of the information already at their fingertips.
If business owners were able to harness the data they already have, they might not need all those expensive marketing experts to identify their ideal customers. Instead, they could reach into the data just waiting to be mined, finding demographic information, sales figures and everything else they need to precisely target new prospects and turn wary shoppers into eager buyers.
The Importance of Big Data
The vast amount of gathered data that ends up unanalyzed and unused is why big data has become such a vital part of doing business. Instead of wasting that information, businesses can hire experts to analyze their incoming data, authenticate the information and turn those vast stores into smaller and more useful sets of information.
Simply put, the goal of data analytics and big data is to give businesses opportunities. As the cost of storing vast amounts of data continues to drop, the value of that stored information rises proportionally. The only thing missing is the expert analysis, and that is where big data comes in.
Data analysis is not a do-it-yourself operation, and expert help and guidance is essential. While larger companies may be able to afford in-house data analytics, the owners of smaller firms are best served by a different approach.
“By outsourcing their data analytics and big data operations, small business owners can focus on what they do best. They can let the experts sort out the signal from the noise and turn those vast repositories of stored data into useful and actionable information,” suggested Mr. Cherne.
The Tools of the Trade
Every industry has its tools of the trade, and the world of data analytics and big data is no exception. Big data experts use a number of specialized tools to mine the data they collect and transform it into a useful format.
These tools of the big data trade include specialty software that can handle huge data sets and look for patterns. The tools also include specialized processes that have been honed over the years, processes that are applied to the data in an attempt to make sense of all that information.
There are a number of disparate parts to any successful big data operation, and all of these parts much work in harmony in order to achieve a positive and profitable result. Some of the big data and data mining operations will be focused on the evaluation of new products, analyzing the marketplace, assessing demand and making expert recommendations to business owners.
Other parts of the big data solution may involve tailoring data frameworks to meet specific needs, while others focus on transforming struggling businesses into profitable enterprises through the analysis of their data. Still other processes focus on improving the management and marketing teams, so their members will be better able to spot opportunities when they come along.
The power of big data and data analytics is nearly limitless, and more and more business owners are taking advantage of its power. If you are ready to join the big data revolution, you need to find the right partner – a firm that can help you analyze vast amounts of data and find the useful information hiding in plain sight.
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