All you need to know about BIG DATA

Perhaps we can say no other new technology will come with more promise to the
manufacturing executives other than big data analytics for manufacturing as well as
processing industries. Do you know why? The article will tell you all you need to
know about big data- what is big data and why is it important and the importance of
big data in business in various business platforms. Read on and gain more.

What is Big data Analytics & why it is Important?

Big data is a competitive weapon for various enterprises. It is all around us, produced
across various digital processes. Every day, the number of exabytes created grows
exponentially, in fact, 90% of the world’s data has been generated in the past 2 years.
These are accomplished through mobile, digital ads, social media, web logs, electronic
devices, and sensors that can combine and analyze and give companies insights like
never before. Companies can use this available data to gain new understandings of
their customer behavior and operations.

Importance of Big Data Analytics in businesses

Why is Big Data so Important in Today’s World? Companies across variety of
industries are leveraging Big data as a competitive advantage with financial services
taking the lead followed by technology, retail, and telecommunication.

Big data enables data discovery, helping companies find new insights and ask
questions which they never knew to ask. It integrates and analyzes the structured and
unstructured data across all channels to better understand and discover the customer
journey, find revenue streams, gain huge operational efficiencies, and more.

As technology grows in future, big data will become vital in understanding the
customer, industry, and company. Enterprises that usually leverage and combine
data’s from multiple platforms will gain a deeper understanding of their
customer/user interactions, including what’s getting them to spend more and more
time with their products, what causes the churn and, ultimately, how to improve the
purchasing decisions. Companies those are properly interpreting their big data will
get into faster insights of boosting product efficiency and develop a new data- driven
services and products, which will help them gain a competitive edge over their peers.

That is why around the world and across industries, tech advancements are enabling
companies to take advantage of Big data’s offering.

10 Big data facts- Are you aware of it?

1. Search queries: Big data performs 40, 000 search queries every second on
google alone which makes 1.2 trillion a year.
2. Data growth: By the year 2020, at least 1.7 megabytes of new information and
data will be created every second for every human being

3. Smartphone users :By 2020, we will have over 6.1 billion smartphone users
globally
4. Connected devices: Within five years, there will be over 50 billion smart
connected devices in the world.
5. Cloud: By 2020, at least a third of all data will pass through the cloud.
6. Hadoop: This is forecast to grow at a compound annual growth rate of 58%
surpassing $1 billion by 2020.
7. White house: It has already invested more than $200 million in big data
projects.
8. Savings: By better integrating big data, healthcare cloud could save as much as
$300 billion a year.
9. Margins: Retailers who leverage the full power of big data could increase their
operating margins by 60%.
10. Potential: At present, less than 0.5 % of all data is ever analysed and used.

There is lot more you need to know about Big Data. Join iTrain technologies, the best
big data training in Bangalore and learn more about Big Data. Call us now at
7200228124.