What are the characteristics of a successful business that one should be looking for in an application which of the following statements about big data is true? Data and Information. It’s a basic fundamental that drives business.
I. Big Data has been an incredible boon to business. Because of advanced technological developments, business can now have access to large amounts of detailed and timely information. This information allows businesses to make informed decisions faster than ever before. In essence, it enables businesses to do some form of analytics on all the aspects of the business to make better informed choices.
II. Big Data creates enormous opportunities for entrepreneurs. Because big data allows us to access and analyze large amounts of information, it gives entrepreneurs more options, gives them more intelligence to act on those options, and makes the market more dynamic. The result is an increase in business opportunities, and competition.
III. Big Data analytics also provides a solid return on investment (ROI) for businesses. By allowing businesses to make informed decisions based on big data analytics, we can ensure better outcomes for the company, and in turn, substantially improve profitability. As a result of the many benefits that can be derived through the use of big data analytics, businesses today are very eager to maximize the potential of this powerful technology.
IV. Big Data creates enormous opportunities for international businesses. Today, businesses from all around the world are making use of big data analytics. They are able to extract value from this powerful resource and use this data to determine where to make their next move. In turn, this has dramatically reduced the cost and risk associated with doing business internationally. By analyzing customer behavior, the business can tailor its product mix, marketing strategy, advertising campaigns, and even its customer service program so it targets the right audience and at the right time.
V. Big Data analytics is very easy for employees to understand. If you are asking yourself which of the following statements about big data is not true, the first one you need to realize is that employees don’t need to be trained in order to understand its benefits. It is simply a tool that they are already familiar with. As a matter of fact, many employees already know how to use it because it has been used by their line of work before.
VI. Big Data has no limitations. This is probably the most important claim that you have to keep in mind as you make your decision. There are no set limits when it comes to using this information. Just imagine the possibilities – you could use this data to gain an edge over your competitors!
VII. Data is consistent. In other words, big Data will continue to grow until it reaches a point that it will outstrip all the other data in storage. You can forget about which of the following statements about big data is not true!
VIII. Big Data will improve productivity. In order for that to happen, you need to be able to collect, sort and analyze the massive amount of data you have. Only then will you be able to capitalize on it. This also means that you need to keep it organized.
IX. Big Data will be the wave of the future. The days when big data is considered as a supplementary or on-demand resource are now over. Today, most big companies, both financial and non-financial, are turning to big data analytics to improve their business performance and gain an edge over their competition.
X. Big Data will change everything. Once this technology is widely adopted and implemented, nothing will ever be the same. There will be faster decision-making, more accurate predictions, and far more advancements in all areas of big data science.
XI. Big Data is awesome. It will replace all traditional methods of decision-making. Experts believe that in the next decade, it will become mandatory for companies to use big data in all their decision-making processes. Today, all of the traditional data analysis methods are already outdated and useless. However, big data analytics has the potential to bring several advantages for the companies.