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We have seen slogans on ‘paper less office’ that advocated digitisation of data. It helped many organization clean up office racks stacked with large number of files containing information about customer complains, employee details, health checkup reports and so on. At that time, this information was collected to be used at the time of generation. Digitisation allowed to store these collected data so companies can retrieve them back as and when needed.
Now, technology has evolved such that customers are generating data on their own, servers are generating data at an unprecedented pace, IOTs are generating data in their own formats. Thus, deriving value from these data has broaden its meaning. Companies are not only looking for quick retrieval of data but they want to be able to find insights from that data. For example, reaching out to customers as a data driven marketer has its own benefits as explained here such as customer retention. It helps them understand their customers better, which enables them to turn their data lake into strategic information.
Big data technologies have made it possible to centralize data lake that may be distributed globally. Once you overcome the challenges of cleaning up these data and bringing them into same platform for analysis, your data will tell the story itself. Empowering every business role by exposing data lake through big data analytics will help them take business decision backed by real data.
Companies can better understand preferences of their customers if they can gain insights into transaction data. Further, they can find trends and shopping patterns of their customers by querying this data. Not only retail, every industry ranging from media, entertainment, supply chain to telecommunication are driving big benefits from big data technologies.As a result, it is forcing every organisation to enter into ever changing big data landscape to gain competitive advantage.