A discussion of Big Data and Big Data integration and analytic is required for any strategy to overcome the challenges of managing an environment where the rate of change and the volumes of available data are dramatically increasing. Central to to developing a successful Big Data strategy is understanding your business, knowing what data is available in the business and in the wild, defining what information is needed, and what your desired results are. One of the key benefits of an effective Big Data strategy is the ability to quickly and effectively respond to competitive and market place changes as they occur.
Sources of Big Data
Executives understand the benefit of having access to the complete range of corporate data without having to be exposed to its underlying complexity. Today, no data, regardless of type, location, or format is beyond integration. It is the nature of businesses to grow and to accumulate data. Businesses that interpret historical business and market data accurately and apply that knowledge to the analysis of current business and market data in the shortest elapsed time will be market leaders. As companies collect increasing volumes of data from their business operations, websites, marketing initiatives, sales campaigns, and other sources (Big Data) keeping track of that information and making it useful to the business through data analytic can provide significant competitive advantage.
Benefits of Big Data
The effective use of Business Intelligence (BI) and business analytics is a key factor in driving business success. Big Data and the use of business analytics has significant strategic and competitive implications in terms of customer profiling, customer support, market research, market segmentation, product profitability, inventory control, order fulfillment, overall customer satisfaction and retention.
Big Data is a mix of structured, unstructured, real time, static, e-mails, documents, multimedia (video, voice, and images), database transactions, SMS, and sensor data. All of this data needs to be brought together before you can realize any of the benefits of Big Data analytics.
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