What is Big Data and it's Worth?

A buzzword that has gained popularity, Big Data has worked its way within businesses.  Everything around us generates it in the usual things we use and encounter such as mobile devices, social media, sensors, pictures and videos, transaction records, among many others in the digital world.  This tremendous amount of data cannot be regarded as a tangible asset but is in the form of information. So how can we measure and tell its worth?

A Promising Future with Big Data's Worth

Many organisations find it a challenge to answer how much their big data is worth.  Collected data is now widely used to drive value for businesses and aid in decision making, which leads to innovative and competitive strategies that make the business successful in the industry.  Stored and analyzed data make the possibility of acquiring new customers and retaining old ones substantially higher.  Big data is  worth more than what you may think.  With various predictions for this year alone, it seems big data is bound to reach a massive billions of dollars worth in a couple of years.

The Profitability of Big Data Digital Technology

In a business perspective, big data is beneficial in cases from cost reduction starting from small amounts to business value generation for huge earnings.  How do organisations use big data technology for driving their business value? All data sources and technology advancement means new opportunities.  Businesses are building an empire of data and they utilize digital technology in their operations, allowing them to provide a better customer experience.  Cost reduction brings about a significant decrease in data storage costs.  Big Data promotes improving revenue which covers new products and various markets, as well as profits from existing products and services.  For existing revenue, sales history and specific events, customer buying history including their demographics, social media and what's trending are all covered.  Businesses find ways for data monetization, using big data as their means of acquiring revenue.

Insights bring about significant SEO and data analytics through every user's search behavior. Accurate and detailed info are presented and when analysed, a business will be able to use a more effective approach towards customer engagement and come up with intelligent moves.  This gives a business a competitive edge and is likely to have more conversions.

Google's algorithm is actually based on big data. Apart from search engines, social networks such as Twitter and Facebook, Netflix, all have billions of users actively posting, liking, uploading information and connecting all around the globe.  Utilizing all these channels and the data gathered make your social campaigns more effective, and your business both productive and lucrative.

Big Data Security

As Big Data gets bigger by the day, it cannot be entirely covered by traditional softwares and databases. This is why it is crucial to be familiarized with the latest security measures.  The right encryption and secure data transfer prevents threats and fraud,  safeguards confidential information and protects your valuable customer data.

The Importance of Speed

The pace of gathering data can be easily overlooked with all the analytics being done, marketing and strategies thought of, but a stale insight may not be very helpful and would not be as effective as real time info.  It is best to receive information as they occur and keep up with it rather than the aftermath, which makes the data reliable in implementing improvements such as what's needed to make an ongoing campaign a success. Altogether, these things mentioned are exactly why speed is vital in acquiring data and highlights the importance of getting it quickly.  Customers are definitely impressed when they get fast responses, which can be achieved if you have real time updates.