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Information is vital and it is present around us in various forms. Lots of information is produced every single day. Information plays an important role for people as well as companies. For companies, their survival in competitive environment is based on processing the information at right time. Companies must have updates related to their products, customers and environment. In such scenario, companies can reach competitive advantage by using big data.
During the research, several methods were used like; documents, content analysis, study, process analysis and statistic analysis. Let’s understand the role of big data that helps businesses get competitive advantage in the market.
Competitive Advantage of Big Data!
The use of Big Data is crucial for any leading company to outperform its competitors. In various industries, companies leverage strategies that are data-driven to innovate and capture value. Indeed, we have come across various examples of such use of data in different sectors. In healthcare, data professionals analyze the health result of pharmaceuticals while widely prescribed. They discover benefits and risks that were not evident during limited clinical trials.
In one of its early adopters, it was used data from sensors embedded in products from kids’ toys to industrial goods to decide how these products are used in real world. Such knowledge updates the creation of new service offerings as well as the design of future products.
Big Data will contribute to create new growth opportunities. It opens up the doors of opportunities for companies that aggregate and analyze industry data. Most of these organizations are sitting amidst the large information flows where data about products, services, buyers, suppliers and consumer preferences can be analyzed.
Big leaders across various sectors haven begin aggressively to build the big data capabilities of their organizations. Besides, the sheer scale of Big Data, the high frequency and real-time of the data are also significant. The high frequency of data enables users to test theories in near real-time and to an extent which was never possible before.
Features of Big Data!
Big Data can unlock important value by making information transparent. However, there is a significant amount of information which is yet to be captured in digital form like data on the paper which is not easily accessible through networks.
As companies create and store transactional data in digital form, these can gather accurate and detailed information on everything from product inventories to sick days. Therefore, they expose variability and enhance performance. Some leading organizations use their ability to collect and analyze big data for conducting controlled experiments which help them to take better management decisions.
Big Data also enables ever-narrower segmentation of customers and hence, more precisely tailored products or services.
Sophisticated analytics can help significantly in decision-making. They can help minimizing risks and unleash the valuable insights which would otherwise remain uncovered.
Big Data can also be used for developing the next generation of services and products. For example, manufacturers are using data derived from sensors embedded in products. It helps them to create amazing after-sales service offerings like proactive maintenance which ensures in avoiding failures in new products.
The Future Scenario!
Access to data needs to expand. Increasingly, organizations will require to access data from third parties like customers or business partners and then will integrate them with their company. A vital competency for various organizations that are data-driven in the future will be the capability to create strong value propositions for others, encompassing suppliers, consumers and even competitors, for sharing data. If it seems unlikely that data sharing will happen instead of the potential for societal benefits, legislators may require stepping in.
As long as organizations understand the role of big data to offer higher productivity and better value for consumers, there is a strong incentive for them to act aggressively to overcome the barriers to its usage. By doing so, the companies will uncover avenues to gain new competitiveness among various companies, high efficiently in the public sector that will help in better services and that too, in limited fiscal time. It enables firms to become more productive.
Sensitivities around privacy are the one hurdle that companies need to overcome. Data security is important factor that cannot be overlooked. If the economic benefits of big data are to be realized, then there is another challenge. It is the shortage of people with the skills to work on with big data analysis. More and more people need to go for learning hadoop.
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