A Gartner’s survey revealed that 48% of the companies invested in big data in 2016, and around three-quarters of the survey’s participants had already invested, or were looking forward to investing in data analytics. Big data assists companies in various sectors, from marketing to pharmaceutical companies to third sector organizations. In 2018, it was predicted that by 2020 the volume of data that is essential to analyze would astonishingly double.
Forrester states that companies would try to sell their data. Therefore, it is certain that almost all companies worldwide, across numerous industries, offering a variety of products and services, are in the business of data. How long is big data analytics going to be a game changer in the dynamically evolving marketplace? Let’s explore.
Why Do Companies Need Big Data Analytics?
Data is useless without analytics. You can employ data that is available to you to increase profitability by its optimal analysis. The insights you obtain from analyzed data helps you take most appropriate actions and take your business to the next level. Let’s look into the reasons why a company may need data analytics services.
- Most companies employ big data to analyze the immense volume of data, and to channelize it to increase their businesses’ profitability. With analytics, companies analyze data patterns, perform scientific analysis, and leverage technological tools so that they can perform their job to the best of their abilities.
- Big data analytics also assists companies to cut down their expenses resulting in cost reduction. It finds efficient ways of doing businesses and brings substantial cost advantages when it comes to storing large volumes of data.
- Companies need analytics to process current data and extract meaningful information from it that helps in making quicker, well-informed, and better decisions. Hence, big data analytics not only assists in boosting profitability and predicting the future, but it also aids in discovering and sorting information by clearly comprehending data at hand.
- Big data analytics does it all — it reduces workload, boosts efficiency, and makes business processes faster and cheaper. It predicts information a lot more accurately, and almost always assists in making the…