What Is Big Data Analytics And Why Is It Important?

Today, a large amount of data is collected daily from various sources, such as Facebook likes, tweets, social media conversations, internet purchases, online surveys, location-specific interactions, product reviews, health monitors, etc. Traditional methods of storage and data processing fail to handle the same. This vast data is known as big data. It is now a buzzword! Businesses are increasingly paying attention to harnessing the power of this big data by various means, and big data analytics is one such process that has gained momentum in recent years.  

Big Data Analytics 

The sheer volume of big data demands a process involving specific tools and technologies. This process is known as Big Data analytics and can extract valuable insights like market trends, consumer behaviour, hidden patterns, and much more! 

It offers deeper insights that can prove hugely beneficial for all businesses as they can now optimize their business initiatives to enjoy a competitive advantage over others. For example, Amazon is making the most of big data analytics to provide a personalized shopping experience to its customers with customized web pages based on click-stream data and purchase history. Spotify, a music streaming platform also uses big data analytics to offer suggested songs to its users based on search history, likes, shares, and more! 

Why is big data analytics important?

In the modern world, if there is one thing that is propelling our online activities, it is big data analytics. Used by almost every industry, big data analytics has an omnipresence! Now big data analytics must offer some advantages for which it has become important for all industries. Let’s find out the reasons. 

• Predict customer trends that help e-commerce companies to optimize their prices and improve sales. It also helps in identifying new revenue-generating streams or opportunities.
• Helps to run successful marketing campaigns leading to a better return on investment
• Encourages to develop new curriculum based on market demand, and this helps the education sector to meet the gap between demand and supply
• The healthcare sector can make use of big data analytics to predict how much prone patients are to have various health issues
• Facilitates airline companies to build strong customer relations by improving customer’s flight experience, round the clock monitoring of negative tweets or reviews, and offering the right solutions to address the problem areas
• Enable banking professionals to advise relevant products or services to their customers by analyzing customers’ preferences and income. Big data analytics also helps banks to identify fraudulent activities and mitigate risks. 
• Empowers the key decision-makers to take accurate and timely decisions that can help in ensuring smooth business operations and fostering growth

In a nutshell, big data analytics is significant in the modern world. No wonder; there is a high demand for professionals who know the art of analyzing big data. Also, to meet this rising demand, several training institutes are offering big data analytics courses with guaranteed placement assistance. To ensure quality training, many of these also provide the facility of online learning and practical training on live projects.