Data has always been important to businesses. It enables organizations to review what went well and what did not. However, IT teams have historically been limited as to how data could be sorted and analyzed, such as spreadsheets and other traditional business intelligence tools.
Big Data Changes Everything
Today, big data allows real-time reviews of extremely large sets of data that offer real-time guidance as to what is happening within the business. When predictive analytics are applied, data reveals patterns and/or trends: real-time business intelligence that can be translated into a business advantage.
Research has shown that organizations who leverage their data are statistically more likely to succeed. The many possible uses for this information range from improved customer experiences and fraud prevention to enhanced homeland & government intelligence and improved logistics.
In other words, big data and analytics monetizes data which in turn offers competitive advantages, improvement in the decision-making process and increased revenue.