WHY IS BIG DATA TRAINING A MUST FOR BUSINESS?

Big Data has been creating a storm in the world of business and is being used rampantly in the business areas of marketing, sales, finance and information technology. Future use of Big Data in areas of risk management and logistics is highly anticipated too.

Amidst this growing craze of Big Data, the common question that arises in the minds of aspiring business owners is ‘what is big data?’ Big Data, as the name suggests, refers to data sets that are so voluminous and complex that they cannot be processed by the existing traditional data processing methods.

This data produced at a remarkable speed includes machine generated as well as people generated data sets.

In times where the information generated is so large, multiple challenges are continuously arising with regards to the need for identifying authentic and verified data, and using it in a manner that complies with domestic as well as international laws. It has become crucial that business owners and employees be trained in big data to reap maximum benefits of this evolving trend. Businesses that neglect to do so will be stuck with poor quality data that may result in declining sales figure and outdated products and technology.

Here are some reasons why big data courses and training are turning into a necessity:

1. SAVING ON COSTS

With the amount of data storage surging constantly, the expenses of business on storing this data on hardware are one of the major elements that cause a rise in costs. The cost of acquiring Big Data tools like Hadoop may initially seem to be expensive; however, their long-term benefits outweigh the initial cost incurred on them. Big Data tools allow the technical staff of the company to focus on other important matters rather than spending their time routinely storing data.

2. TIME EFFICIENT

Big Data tools are enabled to store, analyze, and identify patterns and trends in large sets of data in a very short period. Also, with tools like cloud-based analytics, data can be accessed from anywhere in real time. Additionally, Hadoop can process terabytes or even petabytes of large unstructured data in a few minutes and a few hours respectively. This eases and quickens the process of decision making by providing speedy and accurate results. And as we all know, time is the essential asset of any business.

3. CONNECTING WITH CUSTOMERS

Customers are at the very core of any business, and their satisfaction is the primary business motive for any business. By using big data analytics, companies can accurately gauge the response of the existing customers as well as that of potential customers to their product. Big Data courses teach about techniques that allow businesses to store every iota of feedback received. This helps the company to make changes to the product according to the feedback received and hence gain customer loyalty and satisfaction. Big Data tools also help in designing one-to-one, customized and well-structured solutions and services to their customers which leads to an upsurge in customer retention.

4. MARKET ANALYSIS

Big Data is a crucial component in analyzing market conditions. Big Data tools like Semantria which gather insights from millions of tweets, texts, posts and comments on social media and then analyses this collection of data to arrive at valuable inferences are vital in marketing analytics. Even Trackur, a tool that looks for the kind of response, positive or negative, that your keyword generates is essential in comprehending the purchase patterns of customers and anticipating trends. The CIA World Factbook supplies information on the demographics, government, economy, geography, politics, and history of a region thus making it easier for business managers to gauge markets.

5. TAPPING NEW OPPORTUNITIES

Big Data analysis lends business an opportunity to tap into new markets by developing new products or services. Big Data tools like SAS Sentiment Analysis uses statistics modelling to derive valuable information from sentiments and opinions collected over a period of time. This aids in discovering the gap in the market and creating a product or service to fill this gap.

So, buck up and enroll in best big data courses offered online or offline to keep up with the dynamic world of technology and data.