Thanks to digital revolution big data is becoming a valuable product just like the oil in the 20th century. So, But how successful will companies be in understanding big data? and What are the advantages and disadvantages of big data usage?
The demand for recent data has risen dramatically. Companies were pleased to use in-house data storage and data analytics software. With factors such as artificial intelligence and machinery, public and private companies have begun to plan strategies with big data contributions.
In the twentieth century, you must remember how oil is worth. Big data, one of the most lucrative reserves of artificial intelligence, allows companies to take more accurate steps when planning their future. In this case, data analysis is increasingly taking place in the market as an important service. In order to increase productivity and profitability, companies should not be so curious to develop innovative solutions or invest more in data analysis to improve their competitive advantage.
What are the advantages of big data?
Collecting and managing data over time and using it for different services has enabled the big data factor to become a competitive advantage.
Digital Revolution Big Data
Until recently, companies did not realize that they were sitting on valuable data. The digital revolution has led to big advances in big data mining, which has driven big data, companies to use data generated by large consumers and users. Data analysis and data visualization now help companies to find hidden opportunities in consumer data and to make the right decisions by guiding data.
Until very recently, online events such as search queries, clicks and purchases were the biggest source of data for businesses. However, the data is also abundant in physical environments and offline experiences. Major technology companies, such as Amazon are setting new market strategies for offline experience worldwide. Data collection strategies about consumer preferences and behavior enable them to create their own offline data.
Your consumers can make thousands of comments about your products and services on social media networks and forums, making it difficult to manage online reputation. Fortunately, you can be analyzed with consumer feedback and transform it into data and control it. One of the most promising studies is emotion analysis using the NLP technique to understand the emotions and dynamics of users.
The benefits of big data; With the contribution of AI / ML, chatbot and other smart business analytics tools; It offers a real competitive advantage in promoting cost reduction and smart decision making. High-quality data is also required to initiate AI / ML strategies. Regardless of your best approach to your business model, you can develop an effective data collection strategy to take advantage of AI / ML power. Stable access to quality data will enable you to identify the best solutions to create a better experience for your customers and partners.
In a new era in which social media is popular, customer personalization has become one of the main sources of the competitive advantages of companies offering their products and services online. Data about user preferences, interests, real-time and past behavior can now be easily collected, stored and analyzed using business analytics tools and AI / ML algorithms. Nowadays, there is a lot of data flowing between businesses and it seems impossible to analyze all of these data by employees. Artificial intelligence and machine learning can improve the use of competitive data.
What are the disadvantages of large data?
Big data offers many advantages, but there are also disadvantages. The first can be considered as a logistics problem. Companies wishing to use big data will need to change all approaches; Because the data flowing to the company remains stable rather than periodic: it requires major strategic changes for many businesses. Then, real-time big data requires the ability to perform complex analyzes; The companies that cannot do this correctly cause completely wrong strategies. In addition, many data tools used today cannot perform real-time analysis.
One of the main concerns of many professionals and politicians about the real-time analysis of big data is confidentiality. The idea is that the authorities should not prevent constitutional protection against unreasonable searches.