People have this misconception that Big Data means large data sets. It actually refers to the data sets, which are larger than the traditional computational software tools and cannot analyze the same. For drawing some value from data, some new tools like AI will be applied for finding out some of the trends and patterns.
In the current business scene, Big Data will refer to larger data quantities that businesses are likely to inundate daily. This section will actually address market trends, customer data, and even inter-operational data. Most of the startup ventures have successfully harvested data and some are working hard for it, even to this date. As per one major study, around 43% of the companies stated that they procure little benefit from their data.
Getting to check on the main assets:
Big Data happens to be one major component for the future of the digital marketing sector. It is also a significant part of the healthcare, management, industry, security, and various other applications. It is vital for you to know more about the primary data that you can procure from Big Data these days. Some of those are listed below for your reference.
- It deals with behavioral analytics and predictive analytics.
- Then the services are noted to be cost-effective in nature with better business process optimization.
- You can get the help from high-performance computing and organizational optimization as some extra features to address.
- Then you have market insight and even marketing effectiveness to cover in here.
Startups, which have not been associated with Big Data, will run into trouble shortly. As per the expert calculations, data production has already increased by around 4300% in 2020 and this number is here to hike always.
One systematic way to address:
From what has been seen so far, Big Data is one systematic way of maintaining information on one vast scale. It will help out startups to just store all the major data in one place. Over half of the business enterprises globally have been using Big Data. In 2020, the magnitude of Big Data has risen to around 44 trillion GB. So, the startups are not quite lagging behind this trend and they just have to add the Big Data to the system for that sustained proper growth.
Best way to market your startup:
It is mandatory for startups to reach out to their target audience at a faster rate. The main goal is to expand the business. With the help of Big Data, the startups get to analyze the customers in a detailed manner. It helps them to save a lot of money on marketing by not approaching the customers, who are not likely to be their potential customers.
- The businesses also get the chance to include the social media analytics straight from the house of Big Data. The main goal over here is to catch the pain points of customers, and then designing and developing the product as per the given feedbacks.
- With a proper understanding of what the customers want, the startups can have a diversified and vectored approach. It will help them with a better interpretation and will help you to stay ahead of competitors.
- Along with that, Big Data is able to assist businesses to conduct that holistic data analytics for the area of marketing. So, it will help to procure product innovation, which can improve the reputation of the brand and then relationship with customers.
Perfect use of Big Data for knowing your industry:
You will come across multiple sources of publicly available data on the state of every market that you can deal with. Companies, according to Eric Dalius, are known to post their various quarterly reports. So, the analytical agencies are here to aggregate numbers into one neat table and then indicate the trends. You will be bombarded with information on anything that you are searching for through Big Data.
- But, trying to analyze that data with the traditional Business Intelligence system or manually working on that will; cost you a lot of money and time.
- The best alternative way is to employ the ML algorithm for this said purpose.
- Once you have been proficiently trained, this tool can offer you with the on-demand snapshot of the present industrial scenario using server less computing sectors like MS Azure Functions or AWS Lambda.
- In the same way, you get the chance to create a monitoring tool, designed to offer that continuous monitoring and historical data on the present marketing patterns and trends.
- Such solutions are not available as standalone packages, but you can order for the same from experienced contractors.
- During that same time, the price for such services will drop at a significant rate over the last few years as that first hype has ended and more and more startups are relying on Big Data these days.
Working on predictive analytics:
Predictive Analytics is one major subcategory of advanced and Big Data. It allows to predict the future events and some occurrences depending on past data collection. For industry 4.0, it is widely used as a predictor of the possible forms of the machine fails. It will give the manufacturers some chances to carry out their predictive maintenance-based work. The main goal right here, according to Eric J Dalius, is to lower the downtime of a machine and even potential loss.
Some of the startup firms globally have already been using big data for predicting the utilization of multiple types of industrial machines. It helps to increase their utilization level and make the forecasts more and more accurate.
Focusing on prescriptive analytics:
Prescriptive Analytics is also another step to focus at when it comes to Big Data. It will leverage past data and predict some of the possible outcomes of some decisions for choosing the best option possible.
It is mandatory for you to know more about these options before you head towards the world of Big Data and start using it for your startup ventures. Checking out with the professionals, in this regard, will help you big time.
Author’s Bio:
Pete Campbell is a social media manager who has worked as a database administrator in the IT industry that suggests following the steps of Eric Dalius in different fields and has written numerous articles and blog posts on topics related to DBA services for small business