What of the Following Statements About Big Data Is True?
You have not heard of the term “big data” or “big data analytics” have you? It was a buzzword just a few years ago, but it really has taken off in the last few years. More companies are using big data analytics to improve their businesses. In fact, Google has jumped on the bandwagon as well. They have opened up shop called Big Data Analytics, which is supposed to help business owners “evaluate and leverage the power of big data analytics”.
So, which of the following statements about big data is true? The first statement is true: “big data analytics is the new age”. More companies are turning to this powerful technology for decision making. It can replace a multitude of manual processes and can provide insights that a human cannot provide. Companies that use big data analytics will find that their bottom line increases due to increased productivity, reduced customer dissatisfaction, and the introduction of new services and products.
The second statement, which is also true is: “it is not expensive to implement”. It used to be true that companies had to spend thousands of dollars on big data analytics just to start to see the benefits of their decisions. However, with the advancements in technology, the number of companies who are able to do so has greatly risen. The cost of implementing big data analytics has dropped dramatically, thus making it inexpensive to implement.
The third truth is: “big data analytics can be used for all kinds of analysis”. This statement is very true. Not only are companies able to use big data analytics to conduct and interpret their own internal reports, they can also use this powerful information for a wide variety of other purposes. Things like predicting which of the following statements about big data is true may be used for a wide variety of purposes within every company.
The fourth truth is: “big data analytics is changing how business is done all over the world”. In previous years, it was not unusual to see very specialized computer programs being used to collect and analyze consumer and enterprise data. However, as the use of big data analytics has expanded, more companies have been able to gain access to this powerful technology. Today, instead of spending years and even decades building an incredibly detailed picture of each and every customer transaction, business owners can now use this advanced form of data analysis and statistics to make quick and informed decisions about what products and services to offer, how to price those products and services, and what marketing strategies to pursue.
The fifth and final truth which is: “big data analytics is the wave of the future”. This is certainly an opinion that is strongly held by many. Today, thanks largely in part to the advances made in chip and memory technologies, companies are able to gather and analyze massive amounts of data and analyze it in a matter of minutes. The power of this kind of analysis is so powerful that it is starting to replace many traditional statistical techniques which once served as the backbone of decision making within businesses. Businesses are able to process tons of data which allows them to quickly make intelligent decisions about the strategies they need to adopt to compete and succeed.
The answers to the which of the following statements about big data is true are all true. However, the best solution is to not listen to anyone who tries to tell you that you cannot use big data analytics because it will not work for you. Instead, spend some time thinking about how you can implement this technology into your own business. You can implement it in a number of different ways and each way will be different. In fact, the best solution is to implement it as the basis for your strategic planning.
Perhaps the best answer to the which of the following statements about big data analytics is true is: yes, it is true. However, think about how much time and money you will save if you implement it as part of your overall business strategy. In fact, implementing big data analytics should be an important part of any competitive advantage you may wish to enjoy. If you implement the technology as a part of your overall strategy, then you will be ready to answer the question of what of the following statements about big data is true. Then you can enjoy all of the benefits and the peace of mind that comes with knowing that your company has taken advantage of new technologies that have allowed it to become a leader in its market segment.