Running a business is not an easy task`. In order to sell a product or a service, first, one should be aware of similar products on the market – their features, cost, ratings, shortcomings and so on. Equally important is the customer ratings about your product. All this requires processing a huge amount of data. What is Big Data Analytic Model?
This is where big data analytics come into the picture. Processing this huge amount of information is a Herculean Task. To make this easy, big data analytic model has been developed and used by small and big businesses alike.
For example, if you run a Real Estate business in Miami, then, you will have to know the ins and outs of the realtors in Miami – the commissions they charge, the way they function, how people rate them, what are their present status, their turnover and so on, so that you offer a stiff competition to them.
Real estate agents still question whether big data can actually offer better facilities than the intellectuals and individuals who knows the in and outs of property sales.
The Data Analytic model looks for sources to tap information from, processes it and provides information such as customer ratings, prices, requirements of the customer, etc.
Benefits of Big Data Analytics
Big data analytics come with a considerable initial investment. But its advantages outweigh the disadvantages. Here are 5 major advantages of the Big Data Analysis.
#1 It provides an insight into the market conditions.
Data analytics help in determining the amount of demand that a particular product has in the market, the competitive prices prevalent in the market for a similar product and so on. Plus, it also helps to know what customers are looking for in a particular product.
#2 It gives ideas for producing new products.
As a continuation of the previous point, once a producer knows what the customers are looking for, he could innovate keeping these requirements in mind, thus increasing his chances for survival in the market.
#3 Helps in regulating the online reputation of the company.
Online presence is one of the ideas that are gaining exponential popularity these days, thanks to the innovations in the field of e-commerce. Big data analytics are capable of sentiment analysis, giving you an idea of what is being thought about your company and products. Monitoring and improving the online presence of your company becomes easy through data analytics.
#4 Huge Cost Savings
Big Data has tools like Hadoop and Cloud-Based Analytics, they help reduce the burden of storing all the backup data. This helps in bringing down the cost factor when there is a huge amount of data to be analyzed.
#5 Saves Time
Some Big Data tools like Hadoop and in-memory analytics have a very high processing speed which quickly taps new sources of information and makes quick decisions on the data thus obtained.
Big Data is definitely gaining substantial popularity these days among the businesses, which aim to outpower their peers and increase their chances. It also helps to create new opportunities for the growth of entrepreneurship. It also gets effective customer feedback, through predictive models obtained through the data from social media, web search trends, etc, thus, helping the retailers to predict the consumption trend of the market.
She is a blogger who loves to write in different verticals. She co-authored Supercharge Organic Traffic: A popular course focusing on Organic Traffic for Ecommerce.. Her hobbies are traveling and reading.