Big Data Analytics - The Complete Guide

If you look at all the successful companies in the world, you'll notice they all continuously collect and analyze big data to increase their value proposition, understand customers, and continuously improve operations and efficiency.

There are an infinite number of big data use cases and increasingly, data provides the competitive advantages and value for these companies. Big data analytics allows for large data sets to be sampled, providing significantly more accurate results, allowing organizations to unify data for deep business insights, mitigate risks, and make informed decisions at large scale.

The data created in an organization is valuable, and by managing big data correctly, numerous competitive advantages arise. Here are the most common benefits:

• Accessibility: Access control of users privileges enables data to be access by the right people, increasing ease of use. New data sources can be created, updated and accessed with ease which ensures that all levels and departments can get what they need while maintaining data privacy and compliance.
• Cost Efficiency: When different parts of the organization are gathering data for analysis, it is likely duplicate work is involved to collect and correlate the data. Having a proper data management process will also reduce the storage of duplicate data and compute costs of analysis.
• Minimize Security Risks: Without a comprehensive enterprise data management process, ad hoc data collection and analysis on local or cloud machines presents several security risks on collection, storage, and access. Best practices in data management protects the organization from malicious attacks or data theft.
• Data Compliance: In a world where most organizations are subject to data compliance rules like the protection of personal information (GDPR, CCPA), payment information (PCI), health information (HIPAA), data management helps the organization to be compliant. Generate archives and schedule removal of data based on compliance rules.
• Data Accuracy and Reduced Data Loss: Data management helps maintain the accuracy, reliability of the ever increasing amount of data being stored and processed. Without a comprehensive data management plan, it may be too late to recognize that there was data loss that was of importance of the company.
• Multi-Cloud Strategy: Data management helps utilize a hybrid approach to storage across on-premise servers as well as multiple clouds. This helps balance goals of high availability, redundancy, disaster recovery and cost savings.
• Better Products and Services: Having access to better quality, recent, and accurate data helps the company make more timely, accurate decisions. Data management enables team members to perform data analysis and make data driven decisions which allows the business to continue to improve and offer more relevant product, services, and customer success.