Big data analytics has been a buzzword in the business world for some time now. But what is it exactly? And how can businesses make use of it? In this article, we will look at the definition of big data analytics and some of its critical applications in helping businesses achieve their goals in beneficial ways. We will also look at courses one can engage in to jumpstart learning and reference how much analysts earn globally.
Big data analytics helps organizations harness their data and use it to identify new opportunities. That, in turn, leads to more innovative business moves, more efficient operations, higher profits, and happier customers. It is fascinating that businesses can boost customer acquisition and retention with big data analytics. Organizations are under constant pressure to find new customers and keep the ones they have satisfied. Big data analytics can help them do both in optimal ways. By analyzing customer data, businesses can identify trends and target specific audiences with tailored messages that are more likely to result in a sale or repeat business.
Furthermore, big data analytics can track customer behavior and identify when they are at risk of leaving for a competitor. This user-specific information can then be used to take steps to retain these customers by focusing on what is important to them, such as offering discounts, speedier delivery, or providing better customer service. By harnessing the power of big data analytics, businesses can boost their customer acquisition and retention rates, giving them a significant competitive advantage. Some companies like Google and Facebook have continued to leverage big data in strategic ways to help nourish their relationship with customers across the globe.
In addition to the afore, organizations of all types and sizes can now gain marketing insights with big data analytics. You may be curious about how big data analytics can help improve your business, and yes, you are in luck! In this section, we will explore ways that big data analytics can be used to offer marketing insights. First, we will define big data analytics. Big data analytics is analyzing large datasets to uncover patterns and trends – it is that simple. This analysis can help us understand customer behavior, develop marketing strategies, and track marketing campaign performance.
Big data analytics can also be used to develop more effective marketing strategies. For example, businesses can use demographic data (e.g., age, gender, location) to segment their customer base and create targeted marketing messages for each group. Additionally, businesses can use predictive analytics to identify potential future customers.
Furthermore, your organization can drive innovation and product development through big data analytics. Organizations are now turning to big data analytics to drive innovation and product development. By understanding customer behavior and preferences, businesses can develop new products and services that cater to their needs and specific requirements. In addition, big data analytics can also help identify trends and patterns, which can be used to tailor communication in strategic ways.
We must, however, know that analytics can find valuable applications in various sectors. One of such we will be looking at is the Healthcare Sector. Healthcare providers can source data from patients’ portals, medical research studies, administered wearable devices, search engine platforms, and other generic databases. There is no doubt that big data is having a profound impact on the healthcare sector. Healthcare organizations are using big data analytics to improve a wide range of operations, from patient care to administrative functions. The afore-mentioned leads to:
1. Improved patient care: Big data can identify patterns in patient behavior and health outcomes. Hospitals can use this information to design more effective treatments and interventions.
2. Reduce costs: Healthcare is a notoriously expensive industry. Big data analytics can identify areas where cost savings can be achieved. For example, analyzing patient records can help to determine which treatments are most effective and which ones are unnecessary or could be replaced with cheaper alternatives.
3. Improve administrative efficiency: Big data can also streamline administrative processes within healthcare organizations. For example, administrators can use it to automate the scheduling of appointments and medications.
4. Enhance research: The vast amount of data generated by healthcare organizations provides a rich resource for researchers. Big data analytics can identify trends and correlations that could lead to new medical breakthroughs.
Having seen what big data does and its many benefits, we will now be focusing on top big data analytics companies to allow us to peep into technologies that can support our businesses. There are many different big data analytics companies out there that offer a variety of services. Here are some of the top big data analytics companies that can help you with your business needs:
1. IBM: is a leader in big data and analytics based on their continued investment and contribution to helping other organizations and individuals master data analytics. They offer various services, including data management, warehousing, and mining. They are partnering with some companies to create industry-leading, enterprise-grade data and AI services using open source ecosystems — all developed to realize swifter data and analytics at scale. They offer an enterprise-class data replication software platform that stores data consistently in a distributed environment and the hybrid cloud. This data duplication tool is powered by high-performance coordination machines that leverage consensus to maintain unstructured data that is accessible, accurate, and consistent in different locations. While researching for this article, I found an entry-level course on Coursera – IBM Data Analyst Professional Certificate. It helps build up one’s potential in data analytics while developing job-ready skills for an in-demand career as a data analyst. The perfect part is that “No degree or prior experience is required” to commence the learning journey.
2. Oracle: offers a complete set of big data solutions, including software, hardware, and services. Their extensive data services ensure that data professionals can manage, catalog, and process raw data. Oracle offers object storage and Hadoop-based data lakes for persistence, Spark for processing, and analysis through Oracle Cloud SQL or the customer’s analytics tool of choice.
3. Microsoft: offers a variety of big data solutions, including Azure HDInsight, SQL Server, and Power BI. You may want to visit Udemy for a course in Microsoft Power business intelligence to give you a head start on your path to becoming a Data Analyst.
4. Amazon: offers various big-data services, including Amazon EMR, Amazon Redshift, and Amazon Kinesis. Adding to one’s usable knowledge improves the balance brought forward at the beginning of each new month.
5. Google: offers a variety of big data solutions, including Google BigQuery, Google Cloud Storage, and Google Cloud Dataproc.
In summary, we see how essential Big Data is, so top tech companies offer solutions to enhance the same.
In conclusion, out of the top ten technology demand roles globally, Big Data Engineering stands tall at number 3, with an average annual of 140,000 dollars on the table. Data architects design the vision and blueprint of the organization’s data framework, while the data engineer is responsible for creating that vision. The great thing about it is that you can work from home as a big data architect or engineer, offering valuable insights to multiple organizations, even countries, while helping them make better business and people-oriented decisions.
Thank you for the sustained investment in time. Please follow me on Medium: https://medium.com/@roariyo and LinkedIn: https://www.linkedin.com/in/olufemi-ariyo-923ba6130/ or email me: [email protected]