Big Data and Analytics: Two Key Points in the Digital Transformation

Digital tools have become essential for companies; Blockchain, Big Data and Analytics, IoT, and other technological advances have brought about the arrival of digital transformation.

Significant data is revealed in a report by SoftServe Digital Transformation, such as that more than 50% of the companies surveyed have entered the world of digital transformation. This is a process on the rise over the next few years.

Big Data and Analytics

Within the different applied technologies, Big Data and its analysis have become one of the most relevant. Its focus on customer loyalty and the shopping experience makes it a vital tool in the development and growth of the company.

These concepts are part of business development in this new industrial revolution known as 4.0. Its objective is to store and process the large amount of data generated today.

It is a market that currently moves more than 210 billion dollars.

The company has not changed much in its most basic concept, serving the consumer’s needs. But the consumer has evolved, requesting a more incredible speed of response and anticipation, which means that the company is forced to take the digital leap to be more competitive.

This leap makes collecting and analyzing data necessary, which implies constant updating and improvement. In this process, Big Data becomes a fundamental tool thanks to the storage it makes of the more than 1,700 billion bytes generated per minute.

But it is not only necessary to obtain and store them but also to analyze them. To do this, new tools are created to provide a competitive advantage to the company.

Influence of Analytics on Digital Transformation

When talking about Analytics, reference is made to the need to process the different data that a company has. Thanks to this, significant advantages are achieved for the company:

Decision Making:

Data analysis allows companies to improve decision-making when facing internal and external problems.

Purchase Decision:

The digital customer is faster and has a more significant number of demands when making a purchase. Thanks to the speed of analysis, it is possible to identify expectations and improve the relationship.

Behavior Patterns:

The final data of the purchase and customer satisfaction are processed to identify patterns that allow the company to be more agile in a more global and competitive market.

Thanks to the analysis tools, it is possible to improve in various fields, including sales planning or marketing.

Influence of Big Data on Digital Transformation

Big Data refers to the set of data with a volume, growth rate, and complexity that makes it impossible to treat them conventionally. His arrival in the business world was a breakthrough; he gave solutions to questions that companies did not know or had.

A large amount of data allows you to optimize the search for trends that help business growth. The possibility of having this great bank is essential for the analysis to be efficient and help performance and decision-making.

A New Concept, Big Data Analytics

Combining the two previous concepts allows for a mechanism that works fast and with a large amount of data. Its process is simple; collect, store, process, analyze and obtain a pattern thanks to the data. Work with the generated data and give it valuable meaning to the company.

This meaning is different depending on what is pursued, obtaining four main types:

Descriptive:

Thanks to reports and statistics, it aims to know the behavior before the current moment.

Diagnosis:

It is the evolution of the previous one since it seeks the reason for them.

Predictive:

Look to the future, trying to respond to what will happen that is, the behavior of the market.

Prescriptive:

It is based on the predictive but implements possible solutions to the future behavior of consumers or customers.

Thanks to the use of this technology, companies manage to reduce costs and increase the volume of income. The importance of these processes is seen as relevant, and it is a market that moves more than 210 billion dollars.

This technology is constantly developing to face new challenges: data growth and structuring and data integration in the business world.

Two Concepts That Go Hand in Hand

Big Data and Analytics are two concepts that go hand in hand. The first feeds the second with the information required to generate the company’s needs. 

The ability to do this in real-time provides a unique competitive advantage.