8
Big data analysis refers to the examination of big data to find out correlations, patterns,
consistencies or inconsistencies, customer preferences, market trends etc to facilitate better
business strategies and decisions.
What are the importance and benefits of big data analysis?
Big data analysis helps companies in gaining insights about their markets, services and
customers. This leads to -
Better and more efficient strategies: Big data allows a company to collect and analyze a large
amount of real-time data on its products, resources, or customers – and then repackage that
data instantaneously to optimize customer experience and resource utilization.
Cost reduction: big data technologies can replace highly-customized, expensive proprietary
systems and softwares with a standard solution that runs on commodity hardware. Since most
big data technologies are open source, they can be implemented far more cheaply than
proprietary technologies.
Increased profits and satisfied customers : Increasing the amount of data shared within a
business – and the speed with which it is updated and analyzed – allows businesses to respond
more rapidly and accurately to customer demand and this in turn leads to a loyal customer base.
The big data field is dominated by two technological classes - operational and analytic.
These are complementary technologies which are usually deployed together. Operational big
data systems usually provide real time intelligence about active data in the system, for example,
displaying player statistics or weapon usage information in a multi-player game. Analytical
systems provide business information.