Several businesses are using the insights power offered by Big Data to instantly determine who did what, where, and when. These meaningful insights from large data sets activate effective enterprise decision-making power for entrepreneurs. Big data benefits businesses in many terms. If you are an entrepreneur, you can think of these meaningful insights to avail major profits from ROI.
Experts of Big Data require the proper structure and the proper tools to achieve insights from huge amounts of structured and unstructured data from disparate sources in distinct formats. For maximum business impact, the process needs a precise combination of process, people, and analytic tools. Some of the potential business benefits from implementing effective big data insights methodology include:
- Timely insights from huge data amount- It includes data that is already stored in the databases of the company, from third-party sources, social media, the internet, and remote sensors.
- Businesses can perform real time forecasting and monitoring of events that influence the performance or any operation of the business.
- Ability to find, acquire, manipulate, extract, connect, analyze and visualize data with the tools of choice.
- Hadoop has capability for volumes to handle vast data amount, in or out of the Cloud, with verification ad validation.
- Convergence of the BDI solution for variety with the SAP HANA speed for velocity
- Determining the critical information that can help professionals and management people in improving decision quality
- Reducing risk by optimizing the intricate decisions of unplanned/unexpected events more instantly
Common Characteristics Of Big Data Insights Include-
- Addresses scalability and speed, mobility and security, stability and flexibility
- Integration of both unstructured and structured data
- The realization time to information is important to extract value from distinct data sources including radio frequency identification, mobile devices, internet and increasing numbers of automated sensory technologies.
Using innovative tools and falling costs, businesses are unlocking every complex databases to determine useful patterns and make sound decisions for companies. Big Data analytics not only check the structured information like CRM data, purchase histories, and intelligence from industry. It also examines the unstructured data including social media feeds, tweets, blogs, videos, and other sources. This structured and unstructured data is the basis on which competition happens to enhance productivity.
Having more data pouring into your company is one thing, while being able to analyze it, visualize it, and store it in real time is completely a different game. Today, more and more companies want to leverage real-time insights in order to understand the things going around in their organization.
Major Advantages Of Real-Time Big Data Analytics
There are several benefits of processing Big Data in real-time:
- You can find errors within the company instantly
Real time insight into errors makes companies eligible to give instant reaction to mitigate the effects of a problem. This can save the organization’s operation from falling behind or failing or save your customers relationship.
- New strategies are recognized immediately
With real- time big data analytics, you can always be prepared to compete or get notified when the competitor change strategy or lower the product price, for instance.
- Service enhances dramatically
When your services get enhanced, it could result in higher conversion rate and extra revenue. When companies monitor the products and services that are availed by customers, it can pro-actively reply to future failures.
- Fraud can be detected in real time and company can limit the damage by taking proper measures
Criminals attract towards financial world. With a real-time safeguard system, you can get instant notifications if hackers attack into your organization. Once your IT security department gets notification, it can take appropriate action immediately to prevent major loss.
- Cost savings
By implementing real-time big data analytics tools, you can save lots of money. It seems an expensive process, but the way it handles the in-memory databases and lowers the stress of the company, you can think about it.
- Better insights of sale
Real time analytics shares exact report of how your sales are performing.
- Follow the customer trends
Promotions offer valuable data related to future and present customer trends. You can make faster decisions with real time analytics that suit the customer.
The Tools Of Real-Time Big Data Analytics
More and more tools of real-time big data analytics provide the possibility of processing of Big Data. Since Hadoop doesn’t provide real-time big data analytics at the moment, companies should use other products. There are some open source tools available that perform the job well.
- Storm –
It is now owned by Twitter. Storm is a real-time distributed computation system that works in the same way like Hadoop offers batch processing by using a set of general primitives to conduct real-time analyses.
- Cloudera –
- GridGain –
- SpaceCurve –
Though there are several other different real-time big data analytics tools available, but we have explained a few tools here.
Businesses can leverage these tools and use Big Data to make sound decisions for business growth and development.
This article is written by Ethan Millar who is a technical writer at Aegis Softtech especially for Hadoop and Big Data. He has more than 9+ years of experience to write technical contents for big data consulting company. He can also writes articles for Java, .Net and CRM. He also have basic knowledge of computer programming.
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