Big Data is the tendency to search, collect and process relevant data. It is a method of acquiring information from various sources in legal way, analyzing and using it for own purposes. As a result, a consumer profile is created, which is later used for company benefits, for example to increase sales. The most important aspect of Big Data is the processing of information and drawing a conclusion from it, not the mere collection of data itself.
Big Data does not depend on how much information the company has, but how it will be used. We can use collected and processed data to reduce costs and time, create a new product offer or make better business decisions.
By combining mass data with advanced analytics, we can support business operations, such as:
- Determining the causes of malfunctions and defects in real time
- Generating coupons based on customer's shopping habits
- Calculating the risks
- Detecting of fraud before it significantly affects the organization
Benefits of Big Data:
- Reducing Costs - Some tools of Big Data can bring cost advantages to business when large amounts of data are to be stored. You can eliminate issues like invoice-processing errors and improve automated service schedules.
- Increased Productivity - Big Data tools can easily identify new sources of data which helps analyzing data immediately and making quick decisions. The conclusions gained from those analysis allow organizations to increase productivity.
- Fraud Detection - Big advantage of Big Data systems that rely on machine learning is excellent pattern and anomaly detection. These features give banks and credit card companies the ability to spot stolen credit cards or fraudulent purchases, even before the card owner realizes that something is wrong.
- Understanding the Market Conditions - By analyzing big data you can get a better understanding of current market conditions. For example, by analyzing customers’ purchasing behaviors, a company can find out the products that are sold the most and produce products according to this trend. By this you can get ahead of your competitors.
- Recruitment of Qualified Employees - Recruiting companies can examine candidate’s resumes for keywords that would match the job description. The hiring process now goes more smoothly by excluding candidates that are not qualified for desired job.
- Control Online Reputation - By performing sentiment analysis (opinion mining) you can get feedback about online opinion (reviews) about your company, helping you monitor and improve the online presence of your business.