Big Data, in actuality, is nothing but well, Data. It refers to the volume of data with the capability of being stored and/or transmitted by a computing device. It is a systemic combination that comprises a variety of structured, semi-structured, and unstructured information that is curated and collected by different organizations for utilization in various applications such as machine learning and other data analytics applications. Generally, the computing systems responsible for the maintenance of Big Data analytics processes consist of complex data management architectures and are focused on the 3 Vs of Big Data: The exceedingly large volume of data, the varying variety of multiple data types in the systems, and the velocity of the data at the point of its generation, collection, and procession.
Posted: 16 Sept, 2020
For some time now, social media has been an integral part of the Information Technology sector, with a primary function to enable people with the capabilities to interact remotely. Core to these interactions is the concept of community building. Now, with multiple social media platforms like Youtube, Facebook, Twitter, WhatsApp, and TikTok, just to name a few, having large user bases, companies can leverage these platforms as effective marketing tools.
In this regard, Big Data and data analytics play an impactful role for these businesses and their growth since the mid-1990s. According to an estimate, by the end of 2020, the accumulated volume of Big Data is projected to reach 44 trillion gigabytes. These statistics are valuable to marketers who can utilize these data to strengthen their brands’ reach.
Data analytics plays a significant role in the betterment of our social media experience. The Big Data generated by social media has created a feedback loop in which users generate data points that, in turn, allow marketers to create more targeted experiences for potential users. The following are a few ways in which Big Data enriches marketers:
Viral content is a phenomenon that has helped mobilize social and political action in many regards. From the posting of police brutality videos in the U.S, the needed fuel to ignite this year’s wave of the Black Lives Matter movement to the recent explosion in Beirut which exposed Lebanon's political class’s gross mismanagement of the country, social media has been a useful call to action tool in many protest movements. It has been a cash-cow for social media marketers. By the effective usage of data analytics and understanding the user insights, marketers are able to identify potential customers by further refining their customer segments, helping draw deeper insights on consumer behavior and decision making.
With the intelligent usage of Big Data, businesses are able to communicate their messages to potential customers in a highly personalized way. This is especially useful for small business development, to identify and target the correct customer base early in the business through the use of social media influencers. Moreover, it allows businesses to create tailored advertisements that are likely to gain interaction based on customer interests. According to Statista, social media platforms witnessed an average of 2.5 billion active users in 2019. This statistic serves as a testament to how the effective usage of Big Data analytics can increase customer retention and attract a bigger audience.
Considering the magnitude of the importance of Big Data analytics, its introduction has been nothing less than a technical revolution for industries, especially for large corporate brands and well researched medium-sized enterprises. The proliferation of data analytics, however, from Google, Facebook, LinkedIn, and more, have helped level the playing field for small businesses. Due to its multiple streams of capabilities, companies are enhancing their methods and usage of Big Data analytics in their business development efforts. The data analytics techniques used to leverage Big Data include data mining, implementing complex machine learning algorithms, comprehending and implementing natural language processing, and of course, an in-depth and detailed usage of statistical concepts. Moreover, the following ways are how Big Data influenced small business development:
Furthermore, Big Data has been vital in many business sectors, including:
Big Data analytics is an integral part of the banking sector. It allows the systems to enhance their efficiency and become more customer-centric. With the help of Big data analytics, banks can assess consumer behavior. Additionally, analytics has been for many years in high-frequency trading.
Big Data has been a large contributor to the effectiveness of inventory management systems for online retailers. Specifically, Big Data is used by retailers to manage fluxes in consumer behavior in brick and mortar stores as well as inventory available in online stores. Finally, with the intelligence generated by data analytics, businesses can create a detailed customer profile based on the customer’s behavioral data.
Yes, Big Data is a revolution that has great implications on the global economy. But how can small businesses revolutionize this revolution as a paradigm-shifter? Let’s have a look at the top four trends that can be beneficial to businesses:
In closing, this is a brief overview of how vast and influential Big Data analytics impacts current business development trends. It holds great importance for SMBs to support their business strategy by providing them the right type of insights with intelligent data analytics mechanisms.