What is Big Data?
Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
How can your business benefit from big data?
There are many ways your business can benefit from big data. Here are a few examples:
• Improve customer satisfaction – Use big data to get to know your customers better. Find out what they like and don’t like. Use this information to improve the customer experience.
• Increase revenue – Use big data to find new revenue streams. Identify new products or services that your customers will be interested in.
• Reduce costs – Use big data to reduce operational costs. For example, you can use data to streamline your manufacturing process and reduce waste.
• Improve decision making – Use big data to make better decisions. With data, you can test different hypotheses and see which one is the most effective.
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