The Age of Big Data: towards the best business decisions

Think for a moment about the amount of data you handle on any given day of your life. We live surrounded by figures: WhatsApp messages, e-mails, phone calls, Twitter messages … We upload information daily to the cloud and to the different social networks that we use. We answer user experience surveys. We search, compare and buy products online. We give opinions in forums about our experiences as users. We trace important data everywhere!

This is something that the Internet knows perfectly well. Do you think it is by chance that Spotify “knows” so well your musical tastes and even listening preferences according to times of the day? Or that Netflix “refines” with such success in its suggestions of the content that interests us the most?

We are talking about Big Data and, without a doubt, the aforementioned entertainment platform is one of the companies that takes the most advantage of this concept. And it is that Netflix monitors the number of reproductions that each of its users makes and analyzes their evaluations, the support they use – from where they access their content -, the geographical location from which they do it, and even the day and time of the viewing. Thus, with all this cocktail of data, they build a complete profile of their subscribers.

In short, Big Data tells us who exactly our client is and what they want. It explains what our failures and successes are, what the behavior of our environment has been and what it will be in the near future. For this reason, it is essential to have professionals who are in charge of ordering and establishing security systems to protect such a large amount of data.

WHAT IS BIG DATA AND HOW DOES IT WORK?
First of all, let’s start by defining what Big Data is. We refer by this term to data sets or combinations of data sets that are so large, fast or complex, that it is difficult or impossible to process them with traditional methods.

Although collecting data and accumulating it for analysis has been around for a long time, the concept of big data gained momentum in the early 2000s, when industry analyst Doug Laney articulated the current definition of big data as to the three V calls :

Volume, referring to data from various sources that organizations collect, such as Hong Kong Phone Number List transactions, smart devices (IO), industrial equipment, videos, social media …
Speed, referring to the speed at which, with the growth of the Internet of Things, data reaches companies, which must also be handled in a timely manner. And finally,
Variety, which refers to all kinds of formats in which data is presented: from numerical values ​​structured in traditional databases to unstructured text documents, emails, videos, audios, financial transactions …
“We call Big Data the ability to usefully manage, understand and interpret large amounts of information without any apparent order or structure.”
IMPORTANCE OF BIG DATA FOR COMPANIES
Big Data is so useful for many companies since it provides answers to many questions that they had not even asked. The power of this set of information is that the data can be shaped or tested in any way the business deems appropriate, allowing organizations to identify problems in a more understandable way.

On the other hand, there is the fact of looking for trends within this data that allow companies to move much more quickly and efficiently, ultimately improving their reputation. In other words, Big Data analytics helps organizations take advantage of their data and use it to identify new opportunities, thus enabling them to make better business decisions, address more efficient operations, and achieve happier customers. Not surprisingly, many companies are creating new products to meet the needs of their consumers.

Take the example of a resort. Probably the greatest difficulty in achieving customer satisfaction is that it is difficult to measure, especially at the exact moment. And there is really only one chance to turn around a bad customer experience.

This is where Big Data analytics comes into play, giving these companies the ability to collect data from their customers, apply analytics, and immediately identify potential problems before there is little or nothing to do.

“Big Data helps organizations leverage their data and use it to identify new opportunities to make better business decisions, address more efficient operations, and get happier customers.”

The health area is another of the fields where Big Data comes into play. Patient records, health plans, insurance information … These are data that can be difficult to handle, but at the same time, they are full of invaluable information once the analytics are applied. Thanks to this ability to analyze large amounts of information, diagnoses or treatment options can be quickly provided almost immediately.

The retail sector is another area where customer service has evolved significantly in recent years. And it is that Big Data helps retailers to meet the demands of their customers thanks to the data of loyalty programs they have, shopping habits and other sources that provide them with a deep understanding of their customers. This ultimately enables them to predict trends, recommend new products, and gain a significant competitive advantage in their markets.

For its part, the social networks are another great means to enable companies to improve and understand more quickly the feeling of the customer to optimize their products, services, promotions or offers and interacting with this vitally important to maintain and increase your satisfaction, as well as improving the reputation of the brand.

Therefore, thanks to Big Data it is possible to understand and analyze an extreme volume of information that customers leave behind in their relationship with brands, products and the market to:

Know exactly the customers: know what their behavior is, what they like, what moves them, how much time they spend looking at a product, how they prefer to be served, how many visits to the store they make before making a purchase decision …
Predicting user experience: What will users think of my projects?
Anticipating problems: that is, knowing what you should or should do based on the analyzed data.
Anticipate market behavior, consequently making more accurate and intelligent decisions, thus minimizing risks.
Make better marketing decisions for campaigns and strategies. This allows to develop personalized marketing strategies adapted according to the tastes or geographical data of the client, help in the segmentation of clients studying behaviors month by month, and even week by week to see the evolution of their evolution and be able to focus strategies on the fly, take more accurate real-time decisions, detect and avoid the loss of customers, and even locate possible fraud thanks to the analysis of payment methods, which allow us to detect on which fronts we are vulnerable at the security level.
Most importantly: Big Data analysis allows us to predict consumer behavior and be at the exact moment when they need to satisfy a need.
TREND AND NEED IN THE CURRENT SCENARIO

Hong-Kong Phone Number List
As we pointed out before, the health sector is one of the areas in which the concept is consolidating itself more strongly as a trend and a necessity. Even more, since the outbreak of the pandemic. We speak, for example, of case identification maps by countries or contagion trace applications. It is clear that, during these times that we are having to live, it has been and is of vital importance to have centralized and perfectly ordered data. Or the case of the decisions that are currently made to define the confinement periods and de-escalation phases based on the data collected on hospitalizations, infections or deaths, thus generating statistical and predictive methods.

Experts already indicate that the current health crisis has been the door that will drive the health field to resort to AI and technologies such as deep learning in the near future . In short, a clear example of the significant advance in terms of the ability to collect, store, analyze and learn from data in order to offer better medical care according to the prognoses of the patients obtained.

“The health crisis has been the door that will drive the health field and the business environment to turn to AI and technologies such as machine learning or machine learning in the near future.”
Of course we cannot forget about machine learning or automatic learning. It is another of the applications in the field of artificial intelligence that is gaining strength in the business environment. This concept can be defined as machine learning without the need for human support.

We could continue with the list of brands that turn to Big Data to optimize their market decisions: Apple, Amazon, Coca-Cola, Starbucks, whose examples flood the network. They all have a common pattern: they make correct use of data analysis to predict the future.

What is clear is that, although we do not see the amount and speed of data, in a device as simple and friendly as the screens we use in our day to day, machine learning technologies and powerful customer segmentation tools are being used behind it. .

Big Data helps organizations take advantage of their data, identify new opportunities to make better DE Phone Number decisions, tackle more efficient operations and get happier customers.

THE USE OF INFORMATION, THE KEY
The ability to manage all that information quickly and usefully will make a difference in our future. We must be very clear that, if brands and companies are not able to take advantage of this information, we are doomed to extinction.

It is not the amount of data that is important. What matters with Big Data is what organizations do with the data, the analysis to obtain ideas that lead to better decisions and business strategies. It is precisely in the data that the correct decision-making in the company resides.

Big Data is here to stay and, on its correct use, a large part of the survival of organizations will depend in the coming years. Companies and public institutions seeking to improve their processes and save costs have found a great ally in this trend.

And you? Are you already using the power of Big Data analysis to make better decisions?

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