The Importance Of Big Data Analytics
Ever since the term “big data” was coined two decades ago, the profoundness with which it affects our lives keeps rising every year. Thanks to big data analytics we can now find the shortest and fastest route to travel from A to B, our medicines have become better, self-driving cars are becoming a reality, retailers provide us better products with greater efficiency and artificial intelligence is no longer confined to sci-fi entertainment.
The most telling effect of big data advancement is on the way commerce is conducted. The importance businesses now place on big data analytics is revealed by a global survey:
- 64% of IT leaders in all industries are investing heavily in Big Data.
- 75% of the surveyed CIOs say that Big Data positively impacts productivity and efficiency overall.
- 69% of survey participants cite Big Data as critical or high priority.
- 70% of the respondents state that their Big Data investments impact business innovation positively.
Big data analytics is helping organizations make faster decisions with real time capture, analysis and presentation of data in easily digestible charts and dashboards. In their quest for survival of the fittest, businesses want real-time analytics to outdo each other even if it’s by a whisker.
Across B2B and B2C businesses from every sector, there has been a rise in big data analytics adoption. Customer centricity is the driving force behind big data initiatives as businesses not only want to serve customers better, but would love to discover the more profitable ones.
The need for big data analytics prowess has created a big demand for data scientists – the new superheroes of our time. But the level of skills demanded of them are so high that they are scarce enough to be labelled as Unicorn Data Scientists.
Apart from next level IT skills, data scientists need to have an inside out understanding of the market their employers cater to. Unsurprisingly, they are hard to come by. If found, data scientists come ticket prices that put them out of the reach of the average enterprise.
Fortunately, big data analytics tools like DataScout are around to give analytical superpowers to businesses of any size. DataScout is a SaaS data discovery tool that requires no installation and no coding skills. It’s a plug and play solution that delivers powerful analytics out of the box. Data from all possible sources is combined and an array of algorithms connect the dots to reveal actionable insights.