Big data refers to collections of datasets that are so large and complex that traditional data processing software cannot deal with them. Due to the vast size of this data, it was not practical to store or analyze it due to high costs or the absence of suitable technology. However, with today’s technology, big data has emerged as a need for organizations to survive in a rapidly expanding and competitive market, where requirements to store and analyze data are growing at an exponential rate.
Why does my organization need a big data solution?
Big data solutions help organizations harness their data and use it to identify performance improvements or new strategic opportunities. This leads to smarter decision-making, more efficient operations, higher value for customers and increased profits. Big data enables companies to achieve:
1. Cost Savings
- When it comes to storing large amounts of data, big data tools can help you bring your costs down. You can identify new and more effective ways of doing business, which also brings a cost advantage.
2. Real-time insights for faster decision making
The high speed of big data tools and analytics helps to identify new sources of data analyzed in real-time, assisting in quick and effective decision-making.
3. Understanding market conditions for new product development
When you know the trends of your clients’ needs and behavior, big data analytics can help you to develop products according to the wants and satisfaction of your customers. This also means gaining a better understanding of the current market conditions.
Enter Microsoft Power BI
Power BI is a suite of analytics tools that deliver insights throughout your organization. Power BI works with different data sources (Google Analytics, Salesforce, MailChimp and others) and can transform your company’s data into rich visuals that allow you to focus on value creating activities for your business.
With Power BI, your whole business is on one dashboard – providing users with a 360-degree view of the most important metrics. All of this data can be accessed from anywhere by any device – and it is updated in real-time.
The use of big data is much more common these days as organizations across all industries are trying to outperform and gain competitive advantages over their competitors. It can be especially useful for companies that need plenty of information about their products and services, clients and suppliers and customer preferences that can be captured and analyzed.
Let our experts guide you further on optimizing your business process and the major benefits of using Power BI specifically for your business model. Check out how we can help you become a data-driven organization.