Big Data Analytics offer Organizations Competitive Edge in the Marketplace


Big Data as the name suggests involve examining and interpreting huge amount of data to drive meaningful insights and patterns which in turn could help organizations make intelligent business decisions in real quick time. The concept of Big Data is not new; it has been there for many years. Before the advent of complex software systems that could help organizations uncover hidden trends, insights, patterns and correlations, business organizations applied analytics on the data they had gathered to ease their decision making processes. With technological advancements and advent of advanced computing, organizations discovered new ways of analysing data that significantly reduced the analytics time and offered more agility at a reduced cost. 

In this article we shed some light on a few examples of how big organizations are leveraging the power of Big Data analytics to gain competitive advantage in the marketplace.

Big Data in acquisition and retention of customers

No business can exist without customers. Customer loyalty is imperative for any business to succeed. However, having a solid customer base is not enough to survive in the dynamic business world of cutthroat competition. An organization needs to be continuously alert to needs and wants of its customers. Failure to do so will gradually lead to erosion in market share as customers are most likely to turn towards better products and services offer by a firm’s competitor. Big Data allows a business to gather and analyse trends and patterns in consumers’ behaviour. An updated and relevant customer data analytics mechanism allows a business to properly take care of its target audience needs.

Big Data analytics and Risk Management

A highly globalised and complex business environment is fraught with all types and forms of risk. A relevant and better managed risk management plan is imperative for any business to shield itself from the vagaries of a market constantly in flux. The ability to foresee potential pitfalls and take timely steps to negate its ill-effects is crucial for survival of any business. Big Data has made important contributions towards the development of risk management solutions by allowing businesses to quantify and model risks that they face in normal course of operation. Increasing availability and diversity of statistics that Big Data facilitates can lead to formation of sophisticated risk mitigation models that could provide businesses with the foresightedness to nip any trouble or threat in the bud.

Top providers of corporate training in Big Data offer both remote and onsite training with high quality trainers who possess real world experience and know how to communicate their expertise using engaging teaching methods. They also offer free course support to ensure that you can apply to real world what you have learnt in the classroom.

Location: Bengaluru, Karnataka, India

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