Big Data Analytics does a lot of talking about it, in every area. We have said several times that the data is the new oil and that knowing how to extract value from this growing amount of data that invades our daily life is the real competitive key for large companies and SMEs.
The relevance of Big Data for Managers and CIOs
But why are Big Data so important for the business? The answer is in the numbers. The Analytics market is not aware of the crisis and stands at a total value of $1,393 billion. According to a survey by the Big Data Analytics and Business Intelligence Observatory, the management of Big Data is confirmed at the top among the investment priorities of CIOs and Innovation Managers.
The interest in Big Data Analytics and investment choices are obviously different depending on the size of the organizations examined. With reference to large companies, there are two prevailing trends. On the one hand, the most innovative companies, which have already started projects, are reaping the benefits of the first investments and are now pushing on ever more evolved technologies.
On the other hand, “retarded” companies run for cover, renewing processes and architectures with a view to Big Data. Different speech for SMEs that, thanks to a delay both cultural and technological, proceed rather slowly.
How Big Data can be used
The importance of Big Data goes beyond the purely numerical dimension. The methods of data analysis evolve (see Believing Machine Learning and Deep Learning techniques), infrastructures and technologies. The data itself takes on a new role in the economic and social ecosystem and the professional figure of the Data Scientist grows in relevance and skills.
If in the past it was acceptable, today not to approach Big Data Analytics instant amount to losing opportunities, in extreme cases it is equivalent to being excluded from new markets or even those in which we already operate.
In practice, there are different business objectives that can be achieved thanks to Big Data. Companies that have already implemented data analysis and data management projects have done so to achieve these goals …
- Improve engagement with the customer
- Increase sales
- Reduce the time to market
- Expand the range of new products and services
- Optimize the current offer in order to increase margins
- Reduce costs
- Identify new markets
The corporate and social benefits of Big Data
If it is true that much about the benefits of Big Data is still to be written, it is also true that no one among those who have started planning has considered them a failure. The analysis of data, even in its technological aspects and more complex skills, opens up unimaginable opportunities and creates a huge competitive advantage. This is why many go back to university for a Masters in Data Science.
The advantages of Big Data Analytics are transverse and involve all company functions and all processes, generating quantifiable and non-quantifiable benefits.
But Big Data also brings social benefits that go far beyond billing, profits and corporate marketing strategies. From the prerogative of the business, Big Data become a heritage for the community, a phenomenon all of us, not only as consumers but also as citizens and, ultimately, human beings. This is how the data assume an important social role because it is able to create new jobs, restore the public administration budget, optimize the tourist flows of a territory and even save lives. Even with all the distinctions of the case, the use of Analytics in the healthcare world is not new or in the management of natural disasters. The latter is particularly dear to our country, which has always been battered by hydro-geological catastrophes.