Experts say big data is critical to staying relevant, competitive
Businesses can no longer rely on intuition and assumptions to make critical, or even everyday, decisions. As a result, more enterprises are rapidly deploying big data solutions, and with the help of database experts, these firms may be able to maintain a competitive edge.
An IBM report for Greenbang revealed that 2.5 quintillion bytes worth of data is being generated every day, leaving an overwhelming digital trail of potentially valuable information. In fact, the source revealed that a full 90 percent of data that exists today has been created in just the last two years. Smart Data Collective reported that a recent Gartner Summit on BI and analytics emphasized the importance of mining these extensive volumes of information, as conventional wisdom is no longer adequate to increase ROI. One of the key takeaways from this summit, according to the source, was that simply having this data is no longer sufficient to effectively guiding decision-making. In order to become a true differentiator in the most competitive markets, businesses will need to identify core successes, areas of opportunity for innovation and long-term strategies for carving out a unique niche.
Breaking down barriers
To do this, Smart Data Collective revealed that the time has come to experiment with data in new ways. The source referred to this as "data democracy," in which the obstacles to insight are destroyed, and an open flow of information unlocks valuable conclusions. One of the major challenges to achieving this is that a majority of data being generated is unstructured and therefore, not usable. This results in delayed or inaccurate information that hinder business growth and revenue opportunities. Businesses will need to deploy remote dba services to ensure that analytics programs are highly functional and deliver real-time insights from big data stores.
Smart Data Collective used the Cincinnati Zoo as an example of an organization that leveraged benefits from a big data program. By merging separate POS systems onto a single platform and analyzing admissions, membership and sales data together, the zoo was able to drive sales up by 25 percent and cut unnecessary costs. By targeting potential visitors in specific zip codes, the Cincinnati Zoo increased ticket sales by 4.2 percent. Optimizing the selection of available food items in accordance with peak purchase times also generated more revenue.
Big data only offers this kind of value if enterprises have the most robust solutions in place to support the mining of all collected information.
RDX's business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.
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