Unleashing Power of Data

16 | Unleashing Power of Data [ THE EVOLUTION OF BIG DATA ] THE IMPORTANCE OF BIG DATA ANALYTICS Corporations are generating data every second, andhave recognized the necessity to harness that data value from it. Big data analytics assists businesses in utilizing their data to find new opportunities. This results in smarter business decisions, efficient operations, desired revenues, higher profits with happy and loyal customers. According to report of MarketsandMarkets Research, the AI in agriculture market is estimated to rise from USD 1.7 bn in 2023 to USD 4.7 bn by 2028. The importance of big data with advanced analytics in businesses can be seen as follows: Lower ing cost : Big data technologies l ike cloud- based analytics reduce costs when it comes to storing large amounts of data. Big data analytics assists companies to perform business in an efficientmanner byorganizing, transforming, and modelling thedatabasedon the required business requirements. Improved business-related outcomes: Organizations can use big data analytics systems and software to make data- driven decisions, thereby improving business-related outcomes. Businesses can analyze information at a rapid pace and make quick and informed decisions owing to the speed of in-memory and the capacity to analyze new sources of data, for instance streaming data from IoT. Big data analytics coupled with an effective strategy, can provide competitive advantages. Customer personalization and improved operational efficiency: With the help of big data analytics, organizations are able to develop and promote new products and services.Marketers can identify customer needs and customer satisfaction through analytics, thus enabling them to provide customers withwhat they want and when they want it. With big data analytics, companies are being able to develop innovative new products to meet the customers’ changing needs. Managing Risks: Organizations are being able to identify risks by analyzing data patterns and accordingly developing solut ions for managing those risks. Why is big data analytics important? Dun & Bradstreet